N-Q

The notes are an integral part of this report.

Transamerica Partners Portfolios

March 31, 2012 Form N-Q

Page 1

N-Q 1 d357028dnq.htm N-Q N-Q

As filed with the SEC on May 30, 2012

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08272

TRANSAMERICA PARTNERS PORTFOLIOS

(Exact Name of Registrant as Specified in Charter)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

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

Dennis P. Gallagher, Esq. P.O. Box 9012, Clearwater, Florida 33758-9771

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2012 – March 31, 2012

Item 1. Schedule of Investments.

The unaudited Schedules of Investment of Registrant as of March 31, 2012 are attached.

Transamerica Partners Portfolios

Quarterly Schedules of Investments

March 31, 2012

Money Market Fund

Transamerica Partners Money Market Portfolio

Bond Funds

Transamerica Partners High Quality Bond Portfolio

Transamerica Partners Inflation-Protected Securities Portfolio

Transamerica Partners Core Bond Portfolio

Transamerica Partners High Yield Bond Portfolio

Balanced Fund

Transamerica Partners Balanced Portfolio

Stock Funds

Transamerica Partners Large Value Portfolio

Transamerica Partners Large Core Portfolio

Transamerica Partners Large Growth Portfolio

Transamerica Partners Mid Value Portfolio

Transamerica Partners Mid Growth Portfolio

Transamerica Partners Small Value Portfolio

Transamerica Partners Small Core Portfolio

Transamerica Partners Small Growth Portfolio

Transamerica Partners International Equity Portfolio

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
COMMERCIAL PAPER p - 20.9%
Commercial Banks - 7.1%
KFW
0.16%, 05/11/2012 - 144A	$	18,700	$	18,697
National Australia Bank
0.22%, 04/13/2012		7,850		7,851
National Australia Funding Delaware, Inc.
0.15%, 05/01/2012 - 144A		19,450		19,446
Royal Bank of Canada
0.13%, 04/19/2012		8,700		8,699
Svenska Handelsbanken, Inc.
0.30%, 05/21/2012 - 144A		11,250		11,245
Diversified Financial Services - 1.6%
Nordea North America, Inc.
0.18%, 05/23/2012		15,100		15,096
Food & Staples Retailing - 1.7%
Wal-Mart Stores, Inc.
0.12%, 04/30/2012 - 144A		15,800		15,798
Household Products - 2.3%
Procter & Gamble Co.
0.10%, 05/07/2012 - 144A		12,950		12,948
0.15%, 06/05/2012 - 144A		8,750		8,748
Metals & Mining - 1.5%
BHP Billiton Finance USA, Ltd.
0.10%, 04/13/2012 - 144A		13,550		13,550
Pharmaceuticals - 6.7%
Johnson & Johnson
0.07%, 04/02/2012 - 144A		24,500		24,501
Novartis Securities Investment, Ltd.
0.11%, 04/12/2012 - 144A		19,350		19,349
Sanofi
0.10%, 04/13/2012 - 144A		18,000		17,999

Total Commercial Paper (cost $193,927)				193,927


CERTIFICATES OF DEPOSIT p - 19.7%
Commercial Banks - 19.7%
Australia & New Zealand Banking Group, Ltd.
0.20%, 06/27/2012		14,250		14,253
Bank of Montreal
0.39%, 09/26/2012		11,100		11,100
Bank of Nova Scotia
0.18%, 04/13/2012		20,200		20,200
Barclays Bank PLC
0.16%, 04/09/2012		15,350		15,350
Commonwealth Bank of Australia
0.28%, 05/21/2012 - 144A		26,800		26,800
HSBC Bank PLC
0.31%, 09/24/2012 - 144A		22,650		22,650
Standard Chartered Bank
0.45%, 05/10/2012		18,000		18,000
Svenska Handelsbanken AB
0.41%, 04/09/2012		16,000		16,000
Toronto-Dominion Bank
0.13%, 04/16/2012		14,750		14,750
Westpac Banking Corp.
0.28%, 05/11/2012		23,400		23,400

Total Certificates of Deposit (cost $182,503)				182,503


CORPORATE DEBT SECURITIES - 6.9%
Commercial Banks - 2.5%
Royal Bank of Canada
1.32%, 06/11/2012 *		7,400		7,417
Wells Fargo & Co.
0.69%, 06/15/2012 *		15,500		15,519


	Principal (000’s)		Value (000’s)
Diversified Financial Services - 4.4%
JPMorgan Chase & Co.
0.70%, 06/15/2012 *	$	28,050	$	28,086
2.20%, 06/15/2012		13,100		13,157

Total Corporate Debt Securities (cost $64,179)				64,179


SHORT-TERM FOREIGN GOVERNMENT OBLIGATION p - 1.1%
Inter-American Development Bank
0.10%, 04/30/2012		10,150		10,149
Total Short-Term Foreign Government Obligation (cost $10,149)

SHORT-TERM U.S. GOVERNMENT OBLIGATIONS p - 16.3%
Fannie Mae
0.03%, 04/02/2012		26,950		26,951
0.06%, 06/25/2012		11,150		11,148
0.07%, 06/18/2012		10,750		10,748
Freddie Mac
0.03%, 04/02/2012		14,000		14,000
0.05%, 05/01/2012		8,650		8,650
0.07%, 04/04/2012		15,700		15,700
0.09%, 05/16/2012		12,700		12,699
0.13%, 08/01/2012		10,400		10,395
0.14%, 04/18/2012		15,350		15,349
U.S. Treasury Bill
0.09%, 04/19/2012		13,000		12,999
0.15%, 09/13/2012		12,300		12,291

Total Short-Term U.S. Government Obligations (cost $150,930)				150,930


FOREIGN GOVERNMENT OBLIGATION - 1.9%
International Bank for Reconstruction & Development
0.80%, 07/13/2012		17,600		17,632
Total Foreign Government Obligation (cost $17,632)

U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%
Fannie Mae
0.23%, 07/26/2012 *		27,200		27,213
0.27%, 10/18/2012 *		7,550		7,556
Freddie Mac
0.18%, 05/01/2012 *		13,400		13,401
0.21%, 04/03/2012 *		27,500		27,500

Total U.S. Government Agency Obligations (cost $75,670)				75,670


U.S. GOVERNMENT OBLIGATIONS - 14.3%
U.S. Treasury Note
0.38%, 08/31/2012		12,950		12,962
0.63%, 06/30/2012 - 07/31/2012		64,050		64,150
1.00%, 04/30/2012		27,250		27,271
1.38%, 05/15/2012 - 09/15/2012		27,750		27,835

Total U.S. Government Obligations (cost $132,218)				132,218


REPURCHASE AGREEMENTS - 7.7%
Barclays Bank PLC 0.08% p, dated 03/30/2012, to be repurchased at $18,200 on 04/02/2012. Collateralized by a U.S. Government Obligation, 1.50%, due 06/30/2016, with a value of $18,564.		18,200		18,200

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS (continued)
Deutsche Bank AG 0.10% p, dated 03/30/2012, to be repurchased at $7,000 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 1.63%, due 10/26/2015, with a value of $7,140.	$	7,000	$	7,000
Goldman Sachs 0.08% p, dated 03/30/2012, to be repurchased at $19,400 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 0.63%, due 12/28/2012, with a value of $19,788.		19,400		19,400
HSBC Bank USA 0.10% p, dated 03/30/2012, to be repurchased at $14,390 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 0.55% - 1.75%, due 12/14/2012 - 12/27/2013, with a total value of $14,680.		14,390		14,390
JPMorgan Chase & Co. 0.05% p, dated 03/30/2012, to be repurchased at $12,100 on 04/02/2012. Collateralized by a U.S. Government Obligation, 1.75%, due 01/31/2014, with a value of $12,345.		12,100		12,100
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $18 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $20.		18		18

Total Repurchase Agreements (cost $71,108)				71,108

Total Investment Securities (cost $898,316)				898,316
Other Assets and Liabilities - Net				27,661

Net Assets			$	925,977

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

*	Floating or variable rate note. Rate is listed as of 03/30/2012.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $898,316.

DEFINITION (all amounts in thousands):

144A

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $211,731, or 22.87%, of the fund’s net assets.

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Certificates of Deposit	$	—	$	182,503	$	—	$	182,503
Commercial Paper		—		193,927		—		193,927
Corporate Debt Securities		—		64,179		—		64,179
Foreign Government Obligations		—		17,632		—		17,632
Repurchase Agreements		—		71,108		—		71,108
Short-Term Foreign Government Obligation		—		10,149		—		10,149
Short-Term U.S. Government Obligations		—		150,930		—		150,930
U.S. Government Agency Obligations		—		75,670		—		75,670
U.S. Government Obligations		—		132,218		—		132,218

Total	$	—	$	898,316	$	—	$	898,316

Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 3.9%
U.S. Treasury Note
0.13%, 12/31/2013	$	500	$	498
0.25%, 01/31/2014		10,000		9,986
0.25%, 02/28/2014 ^		6,000		5,991

Total U.S. Government Obligations (cost $16,467)				16,475

U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.8%
Fannie Mae
2.50%, 05/15/2014		950		992
4.00%, 07/25/2033		11		11
5.50%, 12/01/2022		637		700
6.00%, 07/01/2014 - 09/01/2014		114		118
Freddie Mac
1.00%, 03/27/2013		5,000		5,037
3.38%, 03/15/2018		1,569		1,619
4.00%, 09/15/2017		218		221
5.50%, 04/01/2017		226		245
6.00%, 10/15/2021		507		515
6.50%, 02/01/2013 - 04/01/2013		21		22
Ginnie Mae
5.59%, 11/20/2059		4,091		4,555
5.65%, 06/20/2059		4,935		5,516
5.75%, 12/15/2022		673		754

Total U.S. Government Agency Obligations (cost $19,884)				20,305


FOREIGN GOVERNMENT OBLIGATIONS - 2.1%
Province of Ontario Canada
2.30%, 05/10/2016 ^		4,795		4,966
Province of Quebec Canada
4.88%, 05/05/2014 ^		3,650		3,970

Total Foreign Government Obligations (cost $8,860)				8,936


MORTGAGE-BACKED SECURITIES - 19.1%
CFCRE Commercial Mortgage Trust
Series 2011-C1, Class A2
3.76%, 04/15/2044 - 144A		3,000		3,155
Commercial Mortgage Pass-Through Certificates
Series 2001-J2A, Class B
6.30%, 07/16/2034 - 144A		2,425		2,432
Series 2005-LP5, Class A2
4.63%, 05/10/2043		456		456
Series 2006-C8, Class A3
5.31%, 12/10/2046		5,690		5,905
Series 2012-9W57, Class A
2.37%, 02/10/2029 - 144A		4,050		4,078
Community Program Loan Trust
Series 1987-A, Class A4
4.50%, 10/01/2018		164		164
Credit Suisse Mortgage Capital Certificates
Series 2007-C5, Class A2
5.59%, 09/15/2040		2,720		2,742
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A2
5.17%, 08/15/2048		2,869		2,912


	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
DBUBS Mortgage Trust
Series 2011-LC1A, Class A1
3.74%, 11/10/2046 - 144A	$	4,398	$	4,675
Series 2011-LC3A, Class A2
3.64%, 08/10/2044		1,400		1,497
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A2
4.31%, 08/10/2042		413		413
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A4
4.96%, 08/10/2038		3,348		3,391
Series 2006-GG6, Class A2
5.51%, 04/10/2038 *		491		498
Series 2006-GG6, Class AAB
5.59%, 04/10/2038 *		3,552		3,791
Series 2006-GG8, Class AAB
5.54%, 11/10/2039		4,318		4,571
Series 2007-GG10, Class AAB
5.79%, 08/10/2045 *		5,010		5,325
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2006-LDP7, Class A2
5.86%, 04/15/2045 *		240		240
Series 2007-C1, Class A3
5.79%, 02/15/2051		7,000		7,373
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3
4.56%, 09/15/2027 *		4,532		4,561
Series 2005-C7, Class A2
5.10%, 11/15/2030		482		482
Series 2006-C4, Class AAB
5.84%, 06/15/2032 *		3,381		3,604
Series 2006-C7, Class A2
5.30%, 11/15/2038		1,418		1,420
Series 2007-C2, Class A2
5.30%, 02/15/2040		788		788
Merrill Lynch Mortgage Trust
Series 2005-MKB2, Class A2
4.81%, 09/12/2042		913		915
Series 2006-C1, Class A2
5.62%, 05/12/2039 *		443		457
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class A2
5.93%, 08/12/2049 *		1,773		1,896
Sequoia Mortgage Trust
Series 2012-2, Class A2
3.50%, 04/25/2042 *		1,250		1,282
Wachovia Bank Commercial Mortgage Trust
Series 2003-C9, Class A3
4.61%, 12/15/2035		538		544
Series 2007-C30, Class A3
5.25%, 12/15/2043		1,752		1,781
Series 2007-C30, Class APB
5.29%, 12/15/2043		5,000		5,230
Series 2007-C33, Class A3
5.90%, 02/15/2051 *		4,300		4,534

Total Mortgage-Backed Securities (cost $80,050)				81,112

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES - 28.8%
AmeriCredit Automobile Receivables Trust
Series 2009-1, Class B
9.79%, 04/15/2014	$	1,000	$	1,066
Avis Budget Rental Car Funding AESOP LLC
Series 2010-5A, Class A
3.15%, 03/20/2017 - 144A		2,000		2,062
BMW Vehicle Owner Trust
Series 2010-A, Class A4
2.10%, 10/25/2016		4,000		4,073
Capital One Multi-Asset Execution Trust
Series 2008-A3, Class A3
5.05%, 02/15/2016		4,750		4,970
CarMax Auto Owner Trust
Series 2010-2, Class A3
1.41%, 02/16/2015		3,566		3,585
CenterPoint Energy Transition Bond Co., LLC
Series 2009-1, Class A1
1.83%, 02/15/2016		3,105		3,166
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-4, Class 1A6
4.43%, 10/25/2014 *		991		991
Citibank Credit Card Issuance Trust
Series 2009-A4, Class A4
4.90%, 06/23/2016		2,100		2,293
Citibank Omni Master Trust
Series 2009-A8, Class A8
2.34%, 05/16/2016 - 144A *^		2,850		2,857
CNH Equipment Trust
Series 2009-B, Class A4
5.17%, 10/15/2014		1,355		1,377
Series 2009-C, Class A4
3.00%, 08/17/2015		2,627		2,667
Series 2009-C, Class B
4.98%, 04/15/2016		500		517
Series 2010-A, Class B
4.04%, 09/15/2016		2,175		2,234
Series 2010-B, Class A4
1.74%, 01/17/2017		4,400		4,466
Series 2011-B, Class A4
1.29%, 09/15/2017		3,495		3,487
Discover Card Master Trust
Series 2008-A4, Class A4
5.65%, 12/15/2015 ^		4,500		4,779
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A1
1.00%, 02/01/2016		1,391		1,422
Ford Credit Auto Owner Trust
Series 2010-A, Class A3
1.32%, 06/15/2014		1,472		1,477
Series 2010-B, Class A4
1.58%, 09/15/2015		2,725		2,766
Series 2010-B, Class B
2.54%, 02/15/2016		5,500		5,706
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class A1
1.50%, 09/15/2015		2,000		2,018


	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
GE Capital Credit Card Master Note Trust
Series 2010-3, Class A
2.21%, 06/15/2016	$	3,000	$	3,058
Series 2012-1, Class A
1.03%, 01/15/2018		4,400		4,419
GE Equipment Midticket LLC
Series 2009-1, Class A4
3.13%, 11/16/2020		4,106		4,146
GE Equipment Transportation LLC
Series 2011-1, Class A4
1.33%, 05/20/2019		1,000		1,005
Honda Auto Receivables Owner Trust
Series 2009-2, Class A4
4.43%, 08/15/2012		2,405		2,436
Series 2010-1, Class A3
1.25%, 10/21/2013		911		913
Huntington Auto Trust
Series 2011-1A, Class A4
1.31%, 11/15/2016 - 144A		2,000		2,012
Series 2011-1A, Class B
1.84%, 01/17/2017 - 144A		1,500		1,508
Hyundai Auto Receivables Trust
Series 2010-B, Class A4
1.63%, 03/15/2017		2,000		2,038
Series 2011-A, Class A4
1.78%, 12/15/2015		3,000		3,059
Macquarie Equipment Funding Trust
Series 2011-A, Class A3
1.91%, 04/20/2017 - 144A		1,800		1,821
Massachusetts RRB Special Purpose Trust
Series 2005-1, Class A4
4.40%, 03/15/2015		921		946
MBNA Credit Card Master Note Trust
Series 2004-B1, Class B1
4.45%, 08/15/2016		1,100		1,170
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3
1.42%, 08/15/2014		1,084		1,090
MMAF Equipment Finance LLC
Series 2009-AA, Class A4
3.51%, 01/15/2030 - 144A		5,385		5,565
Series 2011-AA, Class A3
1.27%, 09/15/2015 - 144A		1,350		1,353
North Carolina State Education Assistance Authority
Series 2011-2, Class A1
1.01%, 10/26/2020 *		1,280		1,241
Railcar Leasing LLC
Series 1, Class A2
7.13%, 01/15/2013 - 144A		2,732		2,801
Toyota Auto Receivables Owner Trust
Series 2010-A, Class A3
1.27%, 12/16/2013		1,933		1,938
USAA Auto Owner Trust
Series 2009-2, Class A4
2.53%, 06/17/2013		1,005		1,022
Series 2010-1, Class A3
1.30%, 06/16/2014		990		992

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Volkswagen Auto Loan Enhanced Trust
Series 2010-1, Class A4
2.14%, 08/22/2016	$	1,870	$	1,900
Series 2011-1, Class A3
1.22%, 06/22/2015		3,250		3,277
World Financial Network Credit Card Master Trust
Series 2009-B, Class A
3.79%, 05/15/2016		2,450		2,472
Series 2009-D, Class A
4.66%, 05/15/2017		1,250		1,310
Series 2010-A, Class A
3.96%, 04/15/2019		4,750		5,127
World Omni Auto Receivables Trust
Series 2010-A, Class A4
2.21%, 09/15/2013		2,200		2,238
World Omni Automobile Lease Securitization Trust
Series 2011-A, Class A3
1.49%, 10/15/2014		3,750		3,777

Total Asset-Backed Securities (cost $122,066)				122,613

CORPORATE DEBT SECURITIES - 38.5%
Aerospace & Defense - 0.3%
Lockheed Martin Corp.
2.13%, 09/15/2016		1,320		1,343
Beverages - 3.1%
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 03/26/2013 ^		4,700		4,786
Bottling Group LLC
6.95%, 03/15/2014		4,210		4,720
Diageo Finance BV
5.50%, 04/01/2013		3,320		3,482
Capital Markets - 3.1%
Credit Suisse
5.50%, 05/01/2014		4,230		4,536
Goldman Sachs Group, Inc.
3.63%, 02/07/2016 ^		3,005		3,004
Morgan Stanley
0.88%, 01/09/2014 *		6,100		5,801
Chemicals - 0.7%
Airgas, Inc.
4.50%, 09/15/2014 ^		2,591		2,775
Commercial Banks - 4.8%
Bank of Nova Scotia
1.62%, 01/12/2015 *		3,875		3,932
2.55%, 01/12/2017		3,460		3,547
KFW
1.00%, 01/12/2015		1,250		1,259
PNC Funding Corp.
2.70%, 09/19/2016 ^		4,175		4,302
Wells Fargo Bank NA - Series AI
4.75%, 02/09/2015		5,000		5,364
Westpac Banking Corp.
2.25%, 11/19/2012		2,355		2,380
Consumer Finance - 3.7%
American Express Credit Corp.
1.32%, 06/24/2014 *^		4,345		4,331
2.38%, 03/24/2017		3,305		3,310


	Principal (000’s)		Value (000’s)
Consumer Finance (continued)
Capital One Financial Corp.
2.13%, 07/15/2014	$	2,195	$	2,208
Caterpillar Financial Services Corp.
1.38%, 05/20/2014		1,410		1,431
HSBC Finance Corp.
6.38%, 11/27/2012		1,750		1,808
John Deere Capital Corp.
5.25%, 10/01/2012		2,875		2,945
Diversified Consumer Services - 1.6%
Yale University
2.90%, 10/15/2014		6,250		6,607
Diversified Financial Services - 7.4%
Bank of America Corp.
4.90%, 05/01/2013 ^		3,025		3,115
Citigroup, Inc.
5.50%, 10/15/2014		4,625		4,962
CME Group, Inc.
5.40%, 08/01/2013		2,275		2,410
FUEL Trust
3.98%, 06/15/2016 - 144A		1,750		1,776
4.21%, 04/15/2016 - 144A		2,060		2,114
General Electric Capital Corp.
2.10%, 01/07/2014 ^		5,700		5,819
5.90%, 05/13/2014		2,000		2,198
JPMorgan Chase & Co.
3.45%, 03/01/2016		5,610		5,850
NYSE Euronext
4.80%, 06/28/2013		3,670		3,846
Diversified Telecommunication Services - 1.5%
AT&T, Inc.
4.95%, 01/15/2013		6,375		6,591
Electric Utilities - 1.6%
Hydro Quebec
2.00%, 06/30/2016		4,160		4,279
Public Service Electric & Gas Co.
5.13%, 09/01/2012		2,365		2,408
Food & Staples Retailing - 0.3%
CVS Caremark Corp.
3.25%, 05/18/2015		1,100		1,166
Household Products - 0.9%
Procter & Gamble Co.
1.38%, 08/01/2012 ^		3,870		3,880
Insurance - 3.4%
Berkshire Hathaway, Inc.
3.20%, 02/11/2015		2,465		2,626
Metropolitan Life Global Funding I
2.50%, 09/29/2015 - 144A		7,285		7,505
5.13%, 06/10/2014 - 144A		430		467
New York Life Global Funding
5.38%, 09/15/2013 - 144A		3,745		3,992
Machinery - 0.6%
Caterpillar, Inc.
1.38%, 05/27/2014		2,365		2,403
Media - 0.7%
Comcast Corp.
5.30%, 01/15/2014 ^		2,600		2,797
Office Electronics - 0.8%
Xerox Corp.
8.25%, 05/15/2014		3,005		3,393

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels - 1.8%
Shell International Finance BV
4.00%, 03/21/2014	$	4,025	$	4,295
Total Capital Canada, Ltd.
1.63%, 01/28/2014 ^		3,460		3,475
Pharmaceuticals - 0.5%
Novartis Capital Corp.
4.13%, 02/10/2014		2,015		2,146
Real Estate Investment Trusts - 0.2%
Boston Properties, LP
6.25%, 01/15/2013		776		806
Wireless Telecommunication Services - 1.5%
ALLTEL Corp.
7.00%, 07/01/2012		6,150		6,246

Total Corporate Debt Securities (cost $161,031)				164,436


	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 7.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		33,232,198		33,232
Total Securities Lending Collateral (cost $33,232)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.3%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $9,955 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $10,157.	$	9,955		9,955
Total Repurchase Agreement (cost $9,955)

Total Investment Securities (cost $451,545)				457,064
Other Assets and Liabilities - Net				(31,289	)

Net Assets			$	425,775

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

^	All or a portion of this security is on loan. The value of all securities on loan is $32,552.

*	Floating or variable rate note. Rate is listed as of 03/30/2012.

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is less than $2,801, or 0.66%, of the portfolio’s net assets.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $451,545. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,899 and $1,380, respectively. Net unrealized appreciation for tax purposes is $5,519.

DEFINITION (all amounts in thousands):

144A

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Asset-Backed Securities	$	—	$	122,613	$	—	$	122,613
Corporate Debt Securities		—		164,436		—		164,436
Foreign Government Obligations		—		8,936		—		8,936
Mortgage-Backed Securities		—		81,112		—		81,112
Repurchase Agreement		—		9,955		—		9,955
Securities Lending Collateral		33,232		—		—		33,232
U.S. Government Agency Obligations		—		20,305		—		20,305
U.S. Government Obligations		—		16,475		—		16,475

Total	$	33,232	$	423,832	$	—	$	457,064

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 96.7%
U.S. Treasury Bond 3.13%, 11/15/2041 - 02/15/2042	$	4,595	$	4,407
U.S. Treasury Inflation Indexed Bond 0.75%, 02/15/2042		7,957		7,585
1.75%, 01/15/2028		10,670		12,725
2.00%, 01/15/2026		3,648		4,470
2.13%, 02/15/2040 - 02/15/2041		21,046		27,717
2.38%, 01/15/2025 - 01/15/2027		24,622		31,387
2.50%, 01/15/2029		6,106		8,059
3.38%, 04/15/2032		1,259		1,917
3.63%, 04/15/2028		10,305		15,205
3.88%, 04/15/2029		12,171		18,750
U.S. Treasury Inflation Indexed Note 0.13%, 04/15/2016		41,221		43,539
0.13%, 01/15/2022 ^		10,497		10,747
0.50%, 04/15/2015		19,605		20,783
0.63%, 04/15/2013 - 07/15/2021		13,942		15,071
1.13%, 01/15/2021		2,957		3,329
1.25%, 04/15/2014 a		10,804		11,459
1.38%, 07/15/2018		1,198		1,372
1.38%, 01/15/2020 g		9,800		11,256
1.63%, 01/15/2015 - 01/15/2018		4,889		5,564
1.88%, 07/15/2013 - 07/15/2015		19,356		20,709
1.88%, 07/15/2019 g		3,502		4,162
2.00%, 04/15/2012 - 01/15/2016		21,662		23,392
2.13%, 01/15/2019		5,114		6,120
2.38%, 01/15/2017 g		522		612
2.50%, 07/15/2016		12,257		14,311
2.63%, 07/15/2017		607		730
3.00%, 07/15/2012		15,628		15,979
U.S. Treasury Note 2.00%, 04/30/2016		1,610		1,687

Total U.S. Government Obligations (cost $326,765)				343,044

FOREIGN GOVERNMENT OBLIGATIONS - 2.2%
Deutsche Bundesrepublik Inflation Linked Bond 1.75%, 04/15/2020	EUR	4,636		7,228
European Financial Stability Facility 0.40%, 03/12/2013		87		115
1.00%, 03/12/2014		87		115
European Financial Stability Facility Treasury Bill 0.45%, 09/12/2012 p		16		21
Hellenic Republic Government Bond 0.00%, 10/15/2042 *		366		3
2.00%, 02/24/2023 - 02/24/2042 *		366		101
International Bank for Reconstruction & Development CPI 2.09%, 12/10/2013 *	$	315		313

Total Foreign Government Obligations (cost $7,730)				7,896

MORTGAGE-BACKED SECURITY - 0.0% ¥
GMAC Commercial Mortgage Securities, Inc. Series 2004-C3, Class A4 4.55%, 12/10/2041		154		155
Total Mortgage-Backed Security (cost $147)


	Principal (000’s)		Value (000’s)
STRUCTURED NOTES DEBT - 0.5%
Consumer Finance - 0.3%
SLM Corp. CPI 4.23%, 01/31/2014 *	$	900	$	929
Diversified Financial Services - 0.2%
Bear Stearns Cos., LLC CPI 5.37%, 03/10/2014 *		649		674

Total Structured Notes Debt (cost $1,484)				1,603


	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS - 0.1%
Call Options - 0.1%
30-Year U.S. Treasury Note Future Call Strike $145.00 Expires 05/25/2012	$	59		14
Euro Call Strike $1.38 Expires 06/11/2012	EUR	2,670		16
Euro Call Strike $1.42 Expires 06/11/2012		2,670		4
USD vs. JPY Call Strike $81.00 Expires 04/19/2012	$	3,385		68
USD vs. JPY Call Strike $80.00 Expires 04/30/2012		3,560		109
USD vs. JPY Call Strike $84.00 Expires 05/22/2012		3,385		26
USD vs. JPY Call Strike $83.00 Expires 05/22/2012		3,560		42
USD vs. JPY Call Strike $85.00 Expires 05/22/2012		3,560		18
USD vs. JPY Call Strike $86.00 Expires 05/22/2012		3,385		11
USD vs. JPY Call Strike $100.00 Expires 03/28/2013		3,565		16

Total Purchased Options (cost $319)				324

PURCHASED SWAPTIONS - 0.3%
Call Options - 0.3%
If exercised the Series receives 4.39%, and pays floating 3 month LIBOR, European Style Expires 05/08/2012		5,000		913
Put Options - 0.0% ¥
If exercised the Series receives floating 3 month LIBOR, and pays 2.60%, European Style Expires 09/19/2012		4,400		80

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Notional Amount (000’s)		Value (000’s)
PURCHASED SWAPTIONS (continued)
Put Options (continued)
If exercised the Series receives floating 3 month LIBOR, and pays 3.90%, European Style Expires 09/19/2013	$	3,600	$	52
If exercised the Series receives floating 3 month LIBOR, and pays 4.39%, European Style Expires 05/08/2012		5,000		¿

Total Purchased Swaptions (cost $789)				1,045


	Shares (000’s)		Value (000’s)
SECURITIES LENDING COLLATERAL - 0.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		1,839,200		1,839
Total Securities Lending Collateral (cost $1,839)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $497 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $509.	$	497		497
Total Repurchase Agreement (cost $497)

Total Investment Securities (cost $339,570)				356,403
Other Assets and Liabilities - Net				(1,514	)

Net Assets			$	354,889


	Notional Amount (000’s)			Value (000’s)
WRITTEN OPTIONS - (0.1%)
Call Options - (0.1%)
Euro		EUR	(2,670)	$	(58	)
Call Strike $1.34
Expires 06/11/2012
Euro		(2,670	)		(16	)
Call Strike $1.38
Expires 06/11/2012
Euro		(2,670	)		(4	)
Call Strike $1.42
Expires 06/11/2012
USD vs. JPY	$	(3,560	)		(42	)
Call Strike $83.00
Expires 05/22/2012
USD vs. JPY		(3,385	)		(26	)
Call Strike $84.00
Expires 05/22/2012
USD vs. JPY		(3,385	)		(68	)
Call Strike $81.00
Expires 04/19/2012
USD vs. JPY		(3,560	)		(110	)
Call Strike $80.00
Expires 04/30/2012
Put Options - 0.0% ¥
30-Year U.S. Treasury Note Future		(59	)		(114	)
Put Strike $137.00
Expires 05/25/2012

Total Written Options (premiums: $(475))					(438	)


WRITTEN SWAPTIONS: p
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date		Notional Amount (000’s)			Premiums (Received) (000’s)			Value (000’s)
Call - Interest Rate Swap, European Style	CITI	3-month USD LIBOR	Receive	2.15%		09/09/2013	$	(3,600	)	$	(81	)	$	(54	)
Call - Interest Rate Swap, European Style	DUB	3-month USD LIBOR	Receive	4.78		02/25/2014		(4,000	)		(234	)		(689	)
Put - Interest Rate Swap, European Style	CITI	3-month USD LIBOR	Pay	1.60		07/25/2012		(13,500	)		(51	)		(64	)
Put - Interest Rate Swap, European Style	DUB	3-month USD LIBOR	Pay	1.75		09/04/2012		(8,500	)		(36	)		(41	)
Put - Interest Rate Swap, European Style	CITI	3-month USD LIBOR	Pay	2.00		12/13/2012		(11,300	)		(111	)		(70	)
Put - Interest Rate Swap, European Style	DUB	3-month USD LIBOR	Pay	2.85		09/19/2012		(4,400	)		(74	)		(50	)
Put - Interest Rate Swap, European Style	DUB	3-month USD LIBOR	Pay	4.78		02/25/2014		(4,000	)		(233	)		(46	)

										$	(820	)	$	(1,014	)

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

SWAP AGREEMENTS: p

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:


Floating Rate Index	Fixed Rate	Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (000’s)		Net Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR	0.47%		09/23/2016	DUB	USD	$	400	$	¿		$	¿	$	¿
6-Month EURIBOR	1.00		03/14/2014	DUB	EUR		22,100		(89	)		¿		(89	)
U.S. CPI Urban Consumers NAS	1.00		10/25/2020	MSC	USD		2,495		(35	)		¿		(35	)
U.S. CPI Urban Consumers NAS	1.00		06/23/2021	DUB	USD		4,345		69			¿		69

								$	(55	)	$	¿	$	(55	)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:


Floating Rate Index	Fixed Rate	Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (000’s)		Net Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR	2.05%		02/16/2022	DUB	USD	$	6,000	$	125		$	¿	$	125
3-Month USD-LIBOR	2.13		03/05/2022	DUB	USD		3,900		55			¿		55
3-Month USD-LIBOR	2.42		03/21/2022	DUB	USD		2,200		(26	)		¿		(26	)
3-Month USD-LIBOR	2.85		03/05/2042	DUB	USD		1,000		39			¿		39
U.S. CPI Urban Consumers NAS	1.84		10/25/2015	MSC	USD		4,730		128			¿		128

								$	321		$	¿	$	321

FUTURES CONTRACTS:


Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note		Long		303			06/20/2012	$	(119	)
2-Year U.S. Treasury Note		Short		(77	)		06/29/2012		12
30-Year U.S. Treasury Bond		Short		(184	)		06/20/2012		636
3-Month EURIBOR		Long		117			09/15/2014		(4	)
5-Year U.S. Treasury Note		Long		164			06/29/2012		(19	)
German Euro BOBL		Short		(81	)		06/07/2012		(22	)
German Euro BOBL		Short		(198	)		06/07/2012		6
U.K. Long Gilt Bond		Short		(20	)		06/27/2012		(10	)
Ultra Long U.S. Treasury Bond		Short		(81	)		06/20/2012		444

								$	924

FORWARD FOREIGN CURRENCY CONTRACTS:


Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Euro	DUB		(1,805	)		04/18/2012	$	(2,361	)	$	(47	)
Euro	CITI		(766	)		04/18/2012		(984	)		(38	)
Euro	UBS		2,715			04/18/2012		3,565			56
Euro	DUB		800			04/18/2012		1,059			8
Euro	RBS		(2,600	)		04/18/2012		(3,502	)		34
Euro	UBS		(1,760	)		04/18/2012		(2,316	)		(31	)
Euro	UBS		(1,830	)		04/18/2012		(2,391	)		(50	)
Japanese Yen	CITI		(423,053	)		06/05/2012		(5,216	)		102
Japanese Yen	CITI		203,785			06/05/2012		2,436			27

										$	61

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:


Counterparty	Total Market Value of OTC Derivatives (000’s)	Collateral (Received)/Pledged (000’s)	Net Exposures ⁽¹⁾ (000’s)
CITI	$(97)	$(714)	$(811)
DUB	(692)	707	15
MSC	93	-	93
RBS	34	-	34
UBS	(25)	-	(25)

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

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

^	All or a portion of this security is on loan. The value of all securities on loan is $1,802.

g	A portion of these securities in the amount of $1,382 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

a	A portion of this security in the amount of $707 has been segregated as collateral with the broker for open swaps contracts and/or written swaptions.

p	Securities with an aggregate market value of $714 have been pledged by the broker as collateral for open swap contracts and/or written swaptions.

p	Rate shown reflects the yield at 03/30/2012.

*	Floating or variable rate note. Rate is listed as of 03/30/2012.

¥	Percentage rounds to less than 0.1%.

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $(14), or less than (0.01)%, of the portfolio’s net assets.

Aggregate cost for federal income tax purposes is $339,570. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $18,012 and $1,179, respectively. Net unrealized appreciation for tax purposes is $16,833.

¿	Amount is less than 1.

DEFINITIONS:


CITI		Citibank N.A.
CPI		Consumer Price Index
DUB		Deutsche Bank AG
EURIBOR		Euro InterBank Offered Rate
LIBOR		London Interbank Offered Rate
MSC		Morgan Stanley Capital Services
OTC		Over the Counter
RBS		Royal Bank of Scotland Group
UBS		UBS AG

CURRENCY ABBREVIATIONS:


EUR		Euro
JPY		Japanese Yen
USD		United States Dollar

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 3/31/2012
Foreign Government Obligations	$	—		$	7,896		$	—	$	7,896
Mortgage-Backed Securities		—			155			—		155
Purchased Options		—			324			—		324
Purchased Swaptions		—			1,045			—		1,045
Repurchase Agreement		—			497			—		497
Securities Lending Collateral		1,839			—			—		1,839
Structured Notes Debt		—			1,603			—		1,603
U.S. Government Obligations		—			343,044			—		343,044

Total	$	1,839		$	354,564		$	—	$	356,403


Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Written Options	$	—		$	(438	)	$	—	$	(438	)
Written Swaptions		—			(1,014	)		—		(1,014	)

Total	$	—		$	(1,452	)	$	—	$	(1,452	)


Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	1,098		$	—		$	—	$	1,098
Futures Contracts - Depreciation		(174	)		—			—		(174	)
Forward Foreign Currency Contracts - Appreciation		—			227			—		227
Forward Foreign Currency Contracts - Depreciation		—			(166	)		—		(166	)
Interest Rate Swaps - Appreciation		—			416			—		416
Interest Rate Swaps - Depreciation		—			(150	)		—		(150	)

Total	$	924		$	327		$	—	$	1,251

Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 12.9%
U.S. Treasury Bond
3.13%, 11/15/2041 g a	$	66,475	$	63,764
3.13%, 02/15/2042		5,329		5,108
4.38%, 05/15/2041		300		361
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042		6,203		5,912
2.13%, 02/15/2041		6,695		8,828
U.S. Treasury Note
0.25%, 01/31/2014 a		6,340		6,331
0.25%, 02/15/2015 ^		6,815		6,766
0.38%, 03/15/2015		9,775		9,738
0.88%, 02/28/2017 ^ a		3,660		3,634
1.00%, 03/31/2017		405		404
1.38%, 02/28/2019 ^		24,000		23,659
2.00%, 02/15/2022 ^		66,509		65,231

Total U.S. Government Obligations (cost $203,884)				199,736


U.S. GOVERNMENT AGENCY OBLIGATIONS - 40.0%
Fannie Mae
2.06%, 01/01/2035 *		55		58
2.18%, 08/01/2034 *		27		28
2.57%, 08/01/2035		151		161
2.68%, 10/09/2019 p		5,460		4,222
3.09%, 03/01/2041 *		1,528		1,596
3.15%, 03/01/2041 *		1,953		2,033
3.31%, 12/01/2040 *		3,413		3,586
3.50%, 11/01/2026 - 04/01/2042		27,963		29,034
4.00%, 02/01/2025 - 12/01/2041		74,841		79,212
4.50%, 01/01/2041 - 06/01/2041		103,947		110,840
4.63%, 05/01/2013		10,200		10,647
5.00%, 09/01/2033 - 12/01/2035		26,020		28,169
5.25%, 08/01/2012		5,040		5,120
5.50%, 07/01/2014 - 08/01/2037		10,762		11,808
5.78%, 08/01/2037 *		14		15
6.00%, 02/01/2034 - 10/01/2040		44,052		48,952
6.50%, 09/01/2037 - 10/01/2039		15,918		17,881
7.00%, 01/01/2015 - 09/01/2016		97		104
Fannie Mae, TBA
3.50%		600		625
4.50%		30,900		33,073
5.00%		10,200		11,018
5.50%		24,200		26,367
6.00%		16,700		18,385
Farmer Mac Guaranteed Notes Trust 2007-1
5.13%, 04/19/2017 - 144A		900		1,057
Freddie Mac
2.34%, 02/01/2037 *		69		73
2.37%, 04/01/2037 *		316		338
2.63%, 12/01/2034		36		39
2.87%, 12/25/2021		7,850		7,873
3.05%, 02/01/2041 *		2,407		2,514
3.97%, 01/25/2021 *		3,740		4,073
4.02%, 11/25/2044 - 144A *		680		610
4.76%, 09/01/2035 *		3,827		4,047
5.37%, 05/01/2037 *		172		181
5.50%, 06/15/2015 - 12/01/2016		2,705		2,882
5.55%, 01/01/2038 *		841		901
5.63%, 06/13/2016		9,195		10,463
5.88%, 05/01/2037 *		162		170


	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
5.97%, 09/01/2037 *	$	173	$	188
6.00%, 09/01/2013 - 05/01/2031		1,624		1,811
Freddie Mac, IO
1.60%, 10/25/2018 *		10,667		936
Freddie Mac, TBA
4.50%		1,400		1,482
5.00%		20,400		21,929
5.50%		100		109
Ginnie Mae
6.50%, 12/20/2031		43		49
Ginnie Mae, TBA
4.00%		13,800		14,809
4.50%		25,500		27,743
5.00%		27,500		30,370
5.50%		12,500		13,969
6.00%		11,700		13,203
Resolution Funding Corp., Interest STRIPS
2.23%, 07/15/2018 p		1,200		1,072
2.30%, 10/15/2018 p		1,200		1,063
Tennessee Valley Authority
5.25%, 09/15/2039		7,500		8,993
5.98%, 04/01/2036		440		572
U.S. Small Business Administration
4.50%, 02/01/2014		349		360

Total U.S. Government Agency Obligations (cost $608,936)				616,813


FOREIGN GOVERNMENT OBLIGATIONS - 2.2%
Italy Buoni Poliennali Del Tesoro
5.00%, 03/01/2022	EUR	6,800		8,981
Poland Government International Bond
5.00%, 03/23/2022	$	1,200		1,265
5.13%, 04/21/2021		1,465		1,565
Republic of Brazil
7.13%, 01/20/2037		670		920
Republic of Peru
6.55%, 03/14/2037		380		484
Republic of Poland
6.38%, 07/15/2019		490		570
Republic of South Africa
5.50%, 03/09/2020		1,185		1,321
Republic of Turkey
5.63%, 03/30/2021		1,275		1,330
7.00%, 03/11/2019		1,010		1,154
Russian Federation
7.50%, 03/31/2030		6,108		7,307
Russian Foreign Bond - Eurobond
4.50%, 04/04/2022 - 144A		800		804
South Africa Government International Bond
4.67%, 01/17/2024		1,060		1,084
Turkey Government International Bond
6.25%, 09/26/2022		1,670		1,795
United Mexican States
5.13%, 01/15/2020		3,605		4,137
5.63%, 01/15/2017		1,693		1,958

Total Foreign Government Obligations (cost $33,360)				34,675

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES - 11.8%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.08%, 02/25/2035 *	$	28	$	27
American Home Mortgage Assets LLC
Series 2006-2, Class 2A1
0.43%, 09/25/2046 *		1,167		663
Banc of America Funding Corp.
Series 2005-E, Class 4A1
2.66%, 03/20/2035 *		413		379
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
1.99%, 11/15/2015 - 144A *		5,479		5,123
Series 2010-UB4, Class A4A
5.01%, 12/20/2041 - 144A *		3,510		3,722
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2002-2, Class A3
5.12%, 07/11/2043		1,259		1,260
Series 2006-5, Class AM
5.45%, 09/10/2047		525		508
Series 2007-3, Class A2
5.63%, 06/10/2049 *		1,209		1,228
Series 2007-3, Class A4
5.63%, 06/10/2049 *		4,240		4,708
Banc of America Re-REMIC Trust
Series 2011-07C1, Class A3A
5.38%, 11/15/2016 - 144A		1,000		1,070
Bear Stearns Adjustable Rate Mortgage Trust
Series 2004-8, Class 14A1
5.37%, 11/25/2034 *		2,100		1,955
Series 2005-1, Class 4A1
5.27%, 03/25/2035 *		2,307		2,209
Bear Stearns Alt-A Trust
Series 2004-11, Class 2A2
2.89%, 11/25/2034 *		135		104
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class AM
5.45%, 12/11/2040 *		610		634
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.45%, 12/25/2046 *		1,172		242
Countrywide Alternative Loan Trust
Series 2005-36, Class 2A1A
0.55%, 08/25/2035 *		1,960		943
Series 2005-36, Class 3A1
2.73%, 08/25/2035 *		207		144
Series 2005-38, Class A3
0.59%, 09/25/2035 *		509		310
Series 2005-50CB, Class 1A1
5.50%, 11/25/2035		4,358		3,309
Series 2005-51, Class 3A3A
0.56%, 11/20/2035 *		1,684		980
Series 2005-59, Class 1A1
0.57%, 11/20/2035 *		257		147
Series 2006-OA21, Class A1
0.43%, 03/20/2047 *		4,696		2,516
Series 2007-5CB, Class 1A31
5.50%, 04/25/2037		3,187		2,011


	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-60, Class 1A1
3.17%, 02/25/2034 *	$	239	$	212
Series 2004-23, Class A
2.55%, 11/25/2034 *		124		72
Series 2004-R2, Class 1AF1
0.66%, 11/25/2034 - 144A *		65		51
Series 2005-3, Class 1A2
0.53%, 04/25/2035 *		359		232
Series 2006-OA5, Class 2A1
0.44%, 04/25/2036 *		1,956		1,104
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-C3, Class A5
3.94%, 05/15/2038		13,675		13,947
Series 2004-AR5, Class 7A2
2.57%, 06/25/2034 *		483		465
Credit Suisse Mortgage Capital Certificates
Series 2007-C2, Class A2
5.45%, 01/15/2049 *		766		778
Series 2011-4R, Class 5A1
5.21%, 05/27/2036 - 144A *		4,352		4,131
DBRR Trust
Series 2011-C32, Class A3A
5.74%, 06/17/2049 - 144A *		1,500		1,669
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2006-OA1, Class A1
0.44%, 02/25/2047 *		2,938		1,751
Deutsche Mortgage Securities, Inc.
Series 2005-WF1, Class 1A3
5.25%, 06/26/2035 - 144A *		1,270		1,234
Extended Stay America Trust
Series 2010-ESHA, Class B
4.22%, 11/05/2027 - 144A		6,121		6,189
Series 2010-ESHA, Class C
4.86%, 11/05/2027 - 144A		835		845
Series 2010-ESHA, Class D
5.50%, 11/05/2027 - 144A		360		364
First Horizon Alternative Mortgage Securities
Series 2006-FA8, Class 1A8
0.61%, 02/25/2037 *		475		253
GMAC Commercial Mortgage Securities, Inc.
Series 2006-C1, Class AM
5.29%, 11/10/2045 *		920		939
GMAC Mortgage Corp., Loan Trust
Series 2003-AR2, Class 1A1
3.61%, 12/19/2033 *		35		34
Series 2005-AR1, Class 3A
3.23%, 03/18/2035 *		136		120
Greenpoint Mortgage Funding Trust
Series 2006-AR4, Class A1A
0.35%, 09/25/2046 *		¿		¿
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A3
4.57%, 08/10/2042		11,200		11,510
Series 2006-GG7, Class AJ
5.88%, 07/10/2038 *		1,270		1,082
GS Mortgage Securities Corp. II
Series 2005-GG4, Class A4A
4.75%, 07/10/2039		3,175		3,443

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II (continued)
Series 2007-GG10, Class A4
5.79%, 08/10/2045 *	$	3,430	$	3,806
GSR Mortgage Loan Trust
Series 2005-AR1, Class 2A1
2.76%, 01/25/2035 *		2,757		2,399
Harborview Mortgage Loan Trust
Series 2006-11, Class A1A
0.41%, 12/19/2036 *		5,892		3,182
Impac CMB Trust
Series 2004-6, Class 1A1
1.04%, 10/25/2034 *		70		56
IndyMac INDA Mortgage Loan Trust
Series 2006-AR2, Class 4A1
5.49%, 09/25/2036 *		2,309		1,745
Series 2007-AR7, Class 1A1
5.65%, 09/25/2037 *		703		562
IndyMac Index Mortgage Loan Trust
Series 2005-AR14, Class 2A1A
0.54%, 07/25/2035 *		1,650		1,136
Series 2007-AR15, Class 2A1
4.91%, 08/25/2037 *		1,281		878
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		1,437		1,494
Series 2004-LN2, Class A2
5.12%, 07/15/2041		3,470		3,698
Series 2006-CB14, Class AM
5.45%, 12/12/2044 *		1,420		1,462
Series 2007-CB18, Class A3
5.45%, 06/12/2047		3,549		3,725
Series 2007-LD11, Class ASB
5.82%, 06/15/2049 *		1,946		2,086
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
4.76%, 02/25/2034 *		333		334
Series 2004-A3, Class 1A1
2.54%, 07/25/2034 *		103		105
Series 2006-A2, Class 5A1
2.65%, 11/25/2033 *		217		217
Series 2006-S2, Class 2A2
5.88%, 06/25/2021		551		537
Series 2006-S3, Class 1A12
6.50%, 08/25/2036		1,405		1,286
Series 2007-S1, Class 1A2
5.50%, 03/25/2022		460		426
Series 2007-S1, Class 2A22
5.75%, 03/25/2037		1,619		1,246
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3
4.56%, 09/15/2027 *		7,366		7,412
Series 2006-C4, Class AM
5.89%, 06/15/2038 *		660		700
Series 2006-C7, Class AM
5.38%, 11/15/2038		660		662
Series 2007-C2, Class A3
5.43%, 02/15/2040		9,658		10,679
Series 2007-C6, Class A4
5.86%, 07/15/2040 *		2,355		2,663
Series 2007-C7, Class A3
5.87%, 09/15/2045 *		3,190		3,614


	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
MASTR Adjustable Rate Mortgages Trust
Series 2007-R5, Class A1
2.75%, 11/25/2035 - 144A *	$	886	$	490
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class 2A1
2.58%, 02/25/2034 *		437		424
Series 2004-A3, Class 4A3
5.01%, 05/25/2034 *		309		309
Series 2005-A3, Class A1
0.51%, 04/25/2035 *		90		71
Series 2005-A4, Class 2A2
2.74%, 07/25/2035 *		423		353
Series 2005-A5, Class A3
2.64%, 06/25/2035 *		400		302
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1
0.88%, 10/25/2028 *		99		89
Morgan Stanley Capital I
Series 1998-WF2, Class G
6.34%, 01/15/2013 - 144A *		2,410		2,537
Series 2007-IQ15, Class A2
5.84%, 06/11/2049 *		2,200		2,214
Morgan Stanley Capital I, IO
Series 2012-C4, Class XA
2.90%, 03/15/2045 - 144A *		18,285		2,811
Morgan Stanley Mortgage Loan Trust
Series 2004-8AR, Class 4A2
2.73%, 10/25/2034 *		362		314
Series 2006-3AR, Class 2A3
2.76%, 03/25/2036 *		794		441
Morgan Stanley Re-REMIC Trust
2.00%, 07/27/2049		3,151		3,151
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		4,134		4,155
Nomura Asset Acceptance Corp.
Series 2004-R2, Class A1
6.50%, 10/25/2034 - 144A *		153		150
Prime Mortgage Trust
Series 2006-DR1, Class 2A1
5.50%, 05/25/2035 - 144A		4,449		3,831
Series 2006-DR1, Class 2A2
6.00%, 05/25/2035 - 144A		804		637
RBSCF Trust
Series 2010-RR3, Class WBTA
5.90%, 04/16/2017 - 144A *		8,050		8,980
RBSGC Mortgage Pass-Through Certificates
Series 2007-B, Class 1A4
0.69%, 01/25/2037 *		830		381
Residential Accredit Loans, Inc.
Series 2007-QO1, Class A1
0.39%, 02/25/2047 *		829		481
Series 2007-QO4, Class A1A
0.43%, 05/25/2047 *		1,598		984
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-20, Class 3A1
2.67%, 01/25/2035 *		649		526
Series 2005-15, Class 1A1
2.62%, 07/25/2035 *		941		624
Series 2007-3, Class 3A1
5.20%, 04/25/2047 *		3,154		2,104

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.94%, 01/19/2034 *	$	98	$	83
Voyager BRSTN Delaware Trust, IO
Series 2009-1, Class UAU7
0.49%, 12/26/2036 - 144A *		736		572
WaMu Alternative Mortgage Pass-Through Certificates
Series 2006-AR3, Class A1A
1.13%, 05/25/2046 *		2,166		1,183
WaMu Mortgage Pass-Through Certificates
Series 2005-AR8, Class 2A1A
0.53%, 07/25/2045 *		105		84
Series 2006-AR14, Class 1A3
2.28%, 11/25/2036 *		1,861		1,313
Series 2007-OA4, Class 1A
0.93%, 05/25/2047 *		2,185		1,455
Series 2007-OA6, Class 1A1B
0.97%, 07/25/2047 *		2,165		761

Total Mortgage-Backed Securities (cost $191,094)				182,537


ASSET-BACKED SECURITIES - 7.1%
321 Henderson Receivables I LLC
Series 2010-1A, Class A
5.56%, 07/15/2059 - 144A		5,508		5,991
Series 2010-2A, Class A
4.07%, 01/15/2048 - 144A		1,746		1,778
Series 2010-3A, Class A
3.82%, 12/15/2048 - 144A		3,560		3,558
Series 2012-1A, Class A
4.21%, 02/16/2065 - 144A		1,955		1,973
AEP Texas Central Transition Funding LLC
Series 2012-1, Class A3
2.85%, 03/01/2026		4,525		4,470
AH Mortgage Advance Trust
Series SART-3, Class 1A1
2.98%, 03/13/2043 - 144A		2,555		2,555
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		1,650		1,683
Amortizing Residential Collateral Trust
Series 2002-BC5, Class M1
1.28%, 07/25/2032 *		330		252
CarMax Auto Owner Trust
Series 2012-1, Class B
1.76%, 08/15/2017		855		851
Series 2012-1, Class C
2.20%, 10/16/2017		510		508
Series 2012-1, Class D
3.09%, 08/15/2018		640		637
CenterPoint Energy Transition Bond Co., LLC
Series 2012-1, Class A3
3.03%, 10/15/2025		4,560		4,590
Chase Funding Mortgage Loan Asset- Backed Certificates
Series 2003-4, Class 1A5
5.42%, 05/25/2033 *		1,052		1,012
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.68%, 12/01/2033 *		940		991
Series 2002-2, Class A2
6.03%, 03/01/2033 *		1,276		1,332


	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Countrywide Home Equity Loan Trust
Series 2006-RES, Class 4Q1B
0.54%, 12/15/2033 - 144A *	$	313	$	206
DT Auto Owner Trust
Series 2011-3A, Class C
4.03%, 02/15/2017 - 144A		1,010		1,010
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class C
2.07%, 09/15/2015 - 144A		1,260		1,269
Series 2010-5, Class D
2.41%, 09/15/2015 - 144A		670		675
Series 2011-2, Class C
2.37%, 09/15/2015		1,600		1,603
Series 2011-2, Class D
2.86%, 09/15/2015		1,110		1,112
Series 2012-1, Class B
1.14%, 01/15/2016 *		750		750
Series 2012-1, Class C
1.74%, 01/15/2016 *		1,955		1,955
Series 2012-1, Class D
2.34%, 01/15/2016 *		1,830		1,830
Series 2012-2, Class B
2.32%, 01/15/2019		1,000		994
Series 2012-2, Class C
2.86%, 01/15/2019		455		452
Series 2012-2, Class D
3.51%, 01/15/2019		815		810
Globaldrive BV
Series 2008-2, Class A
4.00%, 10/20/2016		924		1,243
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		2,235		2,229
Lehman XS Trust
Series 2007-2N, Class 3A1
0.34%, 02/25/2037 *		¿		¿
Merrill Lynch Mortgage Investors, Inc.
Series 2007-SD1, Class A1
0.69%, 02/25/2047 *		1,323		588
Nelnet Student Loan Trust
Series 2006-1, Class A5
0.60%, 08/23/2027 *		2,230		2,113
Series 2008-3, Class A4
2.14%, 11/25/2024 *		2,500		2,577
PFS Financing Corp.
Series 2012-AA, Class A
1.44%, 02/15/2016 - 144A *		1,970		1,970
RAAC Series
Series 2007-RP4, Class A
0.59%, 06/25/2037 - 144A *		1,318		661
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6
5.88%, 06/25/2037 *		1,486		653
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B
1.66%, 08/15/2016 - 144A		2,326		2,307
Series 2011-S1A, Class C
2.01%, 08/15/2016 - 144A		1,810		1,794
Series 2011-WO, Class C
3.19%, 10/15/2015 - 144A		2,490		2,486

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust
Series 2010-2, Class B
2.24%, 12/15/2014	$	3,840	$	3,855
Series 2010-2, Class C
3.89%, 07/17/2017		4,520		4,619
Series 2010-B, Class B
2.10%, 09/15/2014 - 144A		3,100		3,116
Series 2010-B, Class C
3.02%, 10/17/2016 - 144A		3,285		3,265
Series 2011-1, Class D
4.01%, 02/15/2017		2,500		2,508
Series 2011-S1A, Class B
1.48%, 07/15/2013 - 144A		1,658		1,654
Series 2011-S1A, Class D
3.10%, 03/15/2013 - 144A		1,533		1,530
Series 2012-1, Class B
2.72%, 05/16/2016		1,000		1,017
Series 2012-1, Class C
3.78%, 11/15/2017		1,345		1,376
Series 2012-2, Class C
3.20%, 02/15/2018		4,455		4,465
Series 2012-2, Class D
3.87%, 02/15/2018		2,740		2,749
Scholar Funding Trust
Series 2011-A, Class A
1.45%, 10/28/2043 - 144A *		2,305		2,217
Securitized Asset Backed Receivables LLC
Series 2007-BR3, Class A2B
0.46%, 04/25/2037 *		2,652		992
SLC Student Loan Trust
Series 2008-1, Class A4A
2.07%, 12/15/2032 *		400		410
SLM Student Loan Trust
Series 2004-B, Class A2
0.67%, 06/15/2021 *		850		814
Series 2008-5, Class A3
1.86%, 01/25/2018 *		2,070		2,114
Series 2008-5, Class A4
2.26%, 07/25/2023 *		2,445		2,532
Series 2012-A, Class A1
1.64%, 08/15/2025 - 144A *		1,457		1,460
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		1,385		1,380
Structured Asset Securities Corp.
Series 2003-AL2, Class A
3.36%, 01/25/2031 - 144A		2,694		2,471
Series 2007-TC1, Class A
0.54%, 04/25/2031 - 144A *		1,609		1,225
U.S. Small Business Administration
Series 2002-P10B, Class 1
5.20%, 08/10/2012		336		341

Total Asset-Backed Securities (cost $113,069)				109,578


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		1,670		1,873
5.50%, 06/15/2043		2,000		2,270

Total Municipal Government Obligations (cost $3,617)				4,143


	Principal (000’s)		Value (000’s)
PREFERRED CORPORATE DEBT SECURITIES - 0.1%
Capital Markets - 0.0% ¥
Lehman Brothers Holdings Capital Trust VII
5.86%, 05/31/2012 ‡§	$	1,945	$	¿
State Street Capital Trust IV
1.47%, 06/15/2037 *		290		213
Diversified Financial Services - 0.1%
JPMorgan Chase Capital XXV - Series Y
6.80%, 10/01/2037		875		880

Total Preferred Corporate Debt Securities (cost $3,033)				1,093


CORPORATE DEBT SECURITIES - 32.1%
Auto Components - 0.1%
BorgWarner, Inc.
4.63%, 09/15/2020		1,185		1,267
Capital Markets - 1.0%
BP Capital Markets PLC
3.13%, 10/01/2015		1,370		1,448
Credit Suisse
5.40%, 01/14/2020		925		952
Goldman Sachs Group, Inc.
5.75%, 01/24/2022		8,900		9,156
Morgan Stanley
5.50%, 07/28/2021		4,200		4,105
Chemicals - 0.6%
CF Industries, Inc.
7.13%, 05/01/2020		4,340		5,170
Dow Chemical Co.
4.13%, 11/15/2021		1,460		1,502
Lyondell Chemical Co.
11.00%, 05/01/2018		1,967		2,173
Westlake Chemical Corp.
6.63%, 01/15/2016		44		45
Commercial Banks - 3.6%
ABN Amro Bank NV
6.38%, 04/27/2021	EUR	380		510
Bank of Scotland PLC
5.25%, 02/21/2017 - 144A	$	100		109
Barclays Bank PLC
5.93%, 12/15/2016 - 144A *		630		583
Capital One Capital V
10.25%, 08/15/2039		875		899
Capital One Capital VI
8.88%, 05/15/2040		2,810		2,829
CIT Group, Inc.
6.63%, 04/01/2018 - 144A ^		761		825
Commerzbank AG
6.38%, 03/22/2019	EUR	1,000		1,135
Discover Bank
7.00%, 04/15/2020 ^	$	330		379
8.70%, 11/18/2019		1,490		1,854
DNB Boligkreditt AS
2.90%, 03/29/2016 - 144A		10,975		11,339
Eksportfinans ASA
5.50%, 05/25/2016		1,770		1,733
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		2,125		2,114
Glitnir Banki HF
6.33%, 07/28/2011 - 144A ‡		290		78
6.69%, 06/15/2016 - 144A ‡		800		¿

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A	$	5,850	$	5,894
HSBC Bank PLC
3.10%, 05/24/2016 - 144A		2,900		2,954
HSBC Holdings PLC
6.10%, 01/14/2042		1,275		1,483
KFW
1.38%, 07/15/2013		3,000		3,035
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A ‡		320		14
Russian Agricultural Bank OJSC Via RSHB
Capital SA
6.30%, 05/15/2017 - 144A		170		180
Sparebank 1 Boligkreditt AS
1.25%, 10/25/2013 - 144A		6,990		7,029
2.30%, 06/30/2017 - 144A		2,495		2,486
UBS AG
2.25%, 03/30/2017 - 144A		3,240		3,232
Wells Fargo & Co.
3.50%, 03/08/2022		4,360		4,292
Construction Materials - 0.0% ¥
Lafarge SA
7.13%, 07/15/2036 ^		579		534
Consumer Finance - 0.4%
Capital One Financial Corp.
4.75%, 07/15/2021 ^		3,160		3,325
SLM Corp.
6.25%, 01/25/2016		2,845		2,959
Diversified Consumer Services - 0.0% ¥
Service Corp., International
7.50%, 04/01/2027		55		56
7.63%, 10/01/2018		50		57
Diversified Financial Services - 3.1%
Bank of America Corp.
3.88%, 03/22/2017		2,225		2,237
5.70%, 01/24/2022		1,025		1,085
6.50%, 08/01/2016		1,215		1,336
7.63%, 06/01/2019		1,350		1,557
Citigroup, Inc.
4.59%, 12/15/2015		9,890		10,416
5.00%, 09/15/2014		1,210		1,253
Credit Suisse AG
1.63%, 03/06/2015 - 144A ^		3,315		3,326
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		1,740		1,928
General Electric Capital Corp.
0.70%, 04/10/2012 *		4,255		4,255
General Electric Capital Corp. - Series A
6.88%, 01/10/2039		2,130		2,630
JPMorgan Chase & Co.
3.15%, 07/05/2016 ^		4,256		4,387
JPMorgan Chase Bank NA
6.00%, 07/05/2017 - 10/01/2017		8,320		9,435
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A ‡		200		¿
Northern Rock Asset Management PLC
5.63%, 06/22/2017 - 144A		1,335		1,430
Swiss Re Capital I LP
6.85%, 05/25/2016 - 144A *		2,285		2,157


	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Woodside Finance, Ltd.
4.60%, 05/10/2021 - 144A	$	855	$	889
Diversified Telecommunication Services - 0.9%
Frontier Communications Corp.
7.13%, 03/15/2019 ^		75		75
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 ^		1,412		1,484
Level 3 Financing, Inc.
8.13%, 07/01/2019 - 144A ^		2,053		2,120
8.75%, 02/15/2017 ^		377		394
Sprint Capital Corp.
6.88%, 11/15/2028		822		629
8.75%, 03/15/2032		80		69
Verizon Communications, Inc.
3.50%, 11/01/2021		2,080		2,128
6.10%, 04/15/2018		2,223		2,676
6.40%, 02/15/2038		1,004		1,216
8.95%, 03/01/2039		210		325
Virgin Media Secured Finance PLC
6.50%, 01/15/2018 ^		2,160		2,346
Electric Utilities - 2.4%
Alabama Power Co.
3.95%, 06/01/2021		1,905		2,030
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		468		503
8.88%, 11/15/2018		459		606
Duke Energy Carolinas LLC
4.25%, 12/15/2041		1,560		1,557
Energy Future Intermediate Holding Co., LLC
/ EFIH Finance, Inc.
10.00%, 12/01/2020 ^		6,135		6,687
Florida Power Corp.
6.40%, 06/15/2038		1,000		1,301
Georgia Power Co.
3.00%, 04/15/2016		3,370		3,564
Hydro Quebec
8.05%, 07/07/2024		8,200		11,803
8.40%, 01/15/2022		3,065		4,325
9.40%, 02/01/2021		1,695		2,484
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		1,025		1,283
Trans-Allegheny Interstate Line Co.
4.00%, 01/15/2015 - 144A		1,050		1,108
Energy Equipment & Services - 1.7%
Cie Generale de Geophysique-Veritas
7.75%, 05/15/2017 ^		105		109
El Paso Pipeline Partners Operating Co., LLC
6.50%, 04/01/2020		2,440		2,727
Ensco PLC
3.25%, 03/15/2016		700		730
4.70%, 03/15/2021		1,459		1,574
Enterprise Products Operating LLC
6.13%, 10/15/2039		2,030		2,286
Noble Holding International, Ltd.
5.25%, 03/15/2042		1,425		1,416
Pride International, Inc.
6.88%, 08/15/2020		995		1,213
Rockies Express Pipeline LLC
3.90%, 04/15/2015 - 144A		3,949		3,633
Transocean, Inc.
5.05%, 12/15/2016		3,600		3,855

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Energy Equipment & Services (continued)
Transocean, Inc. (continued)
6.38%, 12/15/2021 ^	$	6,475	$	7,286
6.50%, 11/15/2020		1,500		1,677
Food Products - 0.3%
Kraft Foods, Inc.
6.50%, 08/11/2017 - 02/09/2040		3,480		4,255
Health Care Equipment & Supplies - 0.4%
Boston Scientific Corp.
6.25%, 11/15/2015		5,230		5,775
Health Care Providers & Services - 0.9%
Fresenius Medical Care U.S. Finance, Inc.
6.88%, 07/15/2017		280		310
HCA, Inc.
6.50%, 02/15/2020		3,408		3,578
7.25%, 09/15/2020 ^		4,395		4,785
Tenet Healthcare Corp.
6.25%, 11/01/2018 - 144A		2,010		2,075
8.88%, 07/01/2019		2,855		3,198
UnitedHealth Group, Inc.
3.38%, 11/15/2021 ^		665		683
Hotels, Restaurants & Leisure - 0.6%
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018 ^		1,685		1,302
Inn of the Mountain Gods Resort & Casino
1.25%, 11/30/2020 - 144A		40		28
MGM Resorts International
10.38%, 05/15/2014		1,710		1,939
11.13%, 11/15/2017		2,240		2,534
Wyndham Worldwide Corp.
4.25%, 03/01/2022 ^		2,815		2,759
Household Products - 0.3%
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		2,320		2,401
7.88%, 08/15/2019 - 144A		2,595		2,790
Independent Power Producers & Energy Traders - 0.1%
Constellation Energy Group, Inc.
7.60%, 04/01/2032		675		878
Insurance - 3.6%
Allianz Finance II BV
5.75%, 07/08/2041 *		EUR2,400		3,028
American International Group, Inc.
3.80%, 03/22/2017	$	3,465		3,509
5.45%, 05/18/2017		1,555		1,672
8.18%, 05/15/2058 *		805		852
AXA SA
5.25%, 04/16/2040 *		EUR1,800		2,054
Fairfax Financial Holdings, Ltd.
5.80%, 05/15/2021 - 144A	$	2,219		2,118
Hartford Financial Services Group, Inc.
6.00%, 01/15/2019		1,470		1,606
ING Verzekeringen NV
2.69%, 06/21/2021 *		EUR380		471
Lincoln National Corp.
7.00%, 06/15/2040	$	1,450		1,703
Manulife Financial Corp.
3.40%, 09/17/2015		3,480		3,582
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A		2,480		2,716
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A ^		17,330		17,510
2.88%, 09/17/2012 - 144A		1,525		1,539


	Principal (000’s)		Value (000’s)
Insurance (continued)
Muenchener Rueckversicherungs AG
6.00%, 05/26/2041 *		EUR1,400	$	1,850
Prudential Financial, Inc.
4.50%, 11/15/2020 ^	$	1,000		1,061
4.75%, 09/17/2015		3,595		3,902
5.38%, 06/21/2020		1,500		1,680
7.38%, 06/15/2019 ^		1,630		2,015
XL Group PLC
6.50%, 04/15/2017 *		2,410		2,030
Machinery - 0.1%
Joy Global, Inc.
5.13%, 10/15/2021		900		975
Media - 2.7%
CBS Corp.
4.63%, 05/15/2018 ^		670		730
5.75%, 04/15/2020		1,060		1,219
8.88%, 05/15/2019		1,460		1,918
CCH II LLC
13.50%, 11/30/2016		5,880		6,703
Clear Channel Worldwide Holdings, Inc. - Series B
9.25%, 12/15/2017		950		1,041
Comcast Corp.
5.88%, 02/15/2018		2,709		3,206
6.95%, 08/15/2037		2,935		3,716
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		3,525		4,963
CSC Holdings LLC
8.50%, 04/15/2014		1,166		1,297
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
5.15%, 03/15/2042 - 144A ^		840		818
6.38%, 03/01/2041		1,910		2,156
DISH DBS Corp.
7.00%, 10/01/2013		115		123
NBCUniversal Media LLC
4.38%, 04/01/2021		575		616
5.15%, 04/30/2020		5,746		6,503
News America, Inc.
6.65%, 11/15/2037		40		47
7.63%, 11/30/2028		1,070		1,234
Time Warner Cable, Inc.
5.50%, 09/01/2041		2,070		2,168
5.88%, 11/15/2040		2,045		2,203
Time Warner, Inc.
4.70%, 01/15/2021		950		1,038
6.10%, 07/15/2040		630		705
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc.
2.15%, 03/01/2017		735		728
Newcrest Finance Pty, Ltd.
4.45%, 11/15/2021 - 144A		1,555		1,571
Novelis, Inc.
8.75%, 12/15/2020 ^		2,735		2,995
Old AII, Inc.
9.00%, 12/15/2014 ‡		560		¿
Steel Dynamics, Inc.
6.75%, 04/01/2015		105		107
Multiline Retail - 0.7%
Dollar General Corp.
11.88%, 07/15/2017 *		3,630		3,939
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		3,455		3,964

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Multiline Retail (continued)
Macy’s Retail Holdings, Inc. (continued)
7.45%, 07/15/2017	$	2,484	$	3,016
Multi-Utilities - 0.4%
Dominion Resources, Inc.
1.95%, 08/15/2016		2,650		2,686
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037 ^		2,560		2,990
Oil, Gas & Consumable Fuels - 4.5%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		5,445		6,279
6.38%, 09/15/2017		3,763		4,471
Consol Energy, Inc.
8.00%, 04/01/2017		2,610		2,721
8.25%, 04/01/2020		365		381
Enterprise Products Operating LLC
6.30%, 09/15/2017		4,150		4,893
KeySpan Gas East Corp.
5.82%, 04/01/2041 - 144A		2,100		2,510
Kinder Morgan Energy Partners, LP
5.95%, 02/15/2018		2,150		2,511
6.38%, 03/01/2041		660		724
6.55%, 09/15/2040		470		526
Kinder Morgan Finance Co., ULC
5.70%, 01/05/2016		2,125		2,242
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A ^		2,820		2,735
Marathon Petroleum Corp.
6.50%, 03/01/2041		3,154		3,407
MEG Energy Corp.
6.50%, 03/15/2021 - 144A		4,030		4,221
Mirant Mid Atlantic Pass-Through Trust - Series C
10.06%, 12/30/2028		312		321
Nexen, Inc.
6.40%, 05/15/2037		1,670		1,836
7.50%, 07/30/2039		2,660		3,266
OGX Austria GmbH
8.50%, 06/01/2018 - 144A		635		660
Peabody Energy Corp.
6.25%, 11/15/2021 - 144A		3,240		3,175
Petrobras International Finance Co.
3.88%, 01/27/2016		5,825		6,132
5.75%, 01/20/2020		7,340		8,132
Plains Exploration & Production Co.
10.00%, 03/01/2016		455		503
Range Resources Corp.
5.75%, 06/01/2021		450		473
7.25%, 05/01/2018		3,480		3,671
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 144A		125		¿
Western Gas Partners, LP
5.38%, 06/01/2021		3,010		3,227
Paper & Forest Products - 0.3%
International Paper Co.
4.75%, 02/15/2022 ^		1,750		1,844
6.00%, 11/15/2041 ^		1,830		1,986
7.50%, 08/15/2021		275		347
Pharmaceuticals - 0.3%
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 ^		850		860
Teva Pharmaceutical Finance II BV
3.00%, 06/15/2015		2,330		2,453


	Principal (000’s)		Value (000’s)
Pharmaceuticals (continued)
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021	$	2,050	$	2,075
Real Estate Investment Trusts - 0.7%
ERP Operating, LP
4.63%, 12/15/2021		2,100		2,211
Hospitality Properties Trust
5.63%, 03/15/2017		1,507		1,607
Ventas Realty, LP
4.75%, 06/01/2021		1,155		1,165
Vornado Realty, LP
5.00%, 01/15/2022		5,145		5,258
WEA Finance LLC
4.63%, 05/10/2021 - 144A		1,280		1,295
Real Estate Management & Development - 0.1%
Forest City Enterprises, Inc.
6.50%, 02/01/2017		30		28
7.63%, 06/01/2015		35		35
Realogy Corp.
7.88%, 02/15/2019 - 144A ^		2,020		2,020
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC
5.75%, 05/01/2040		4,680		5,343
Software - 0.2%
First Data Corp.
7.38%, 06/15/2019 - 144A ^		1,060		1,080
8.25%, 01/15/2021 - 144A ^		175		171
Oracle Corp.
5.38%, 07/15/2040 ^		1,690		1,954
Specialty Retail - 0.1%
QVC, Inc.
7.50%, 10/01/2019 - 144A		1,730		1,899
Wireless Telecommunication Services - 1.3%
America Movil SAB de CV
2.38%, 09/08/2016		3,420		3,462
Cricket Communications, Inc.
7.75%, 05/15/2016		2,093		2,208
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		7,340		8,158
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 ^		117		123
SBA Tower Trust
5.10%, 04/15/2017 - 144A		1,570		1,694
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A ^		3,740		4,105

Total Corporate Debt Securities (cost $477,844)				495,236


	Shares		Value (000’s)
PREFERRED STOCKS - 0.1%
Consumer Finance - 0.0% ¥
Ally Financial, Inc., 7.00% - 144A		341		284
Diversified Financial Services - 0.1%
Citigroup Capital XIII, 7.88% * ^		63,052		1,715
U.S. Government Agency Obligations - 0.0% ¥
Fannie Mae, 0.00% *		1,300		2
Fannie Mae, 0.00% *		81,175		112
Freddie Mac, 8.38% *		93,300		130

Total Preferred Stocks (cost $3,819)				2,243

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCK - 0.0% ¥
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. - Class A ‡^		323	$	9
Total Common Stock (cost $8)
WARRANT - 0.0% ¥
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		340		2
Total Warrant (cost$¿)
	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS - 0.0% ¥
Put Options - 0.0% ¥
Eurodollar, Mid-Curve 2-Year Future	$	2,220		239
Put Strike $99.00
Expires 05/11/2012
Total Purchased Options (cost $163)
PURCHASED SWAPTIONS - 0.1%
Call Options - 0.0% ¥
If exercised the Series receives 2.65%, and pays floating 3 month LIBOR,
European Style		14,500		17
Expires 05/01/2012
If exercised the Series receives floating
3 month LIBOR, and pays 2.95%,
European Style		5,400		259
Expires 06/14/2012
Put Options - 0.1%
If exercised the Series receives floating
3 month LIBOR, and pays 2.13%,
European Style		25,000		223
Expires 03/21/2013
If exercised the Series receives floating
3 month LIBOR, and pays 4.5%,
European Style		8,700		417

Expires 03/20/2017
Total Purchased Swaptions (cost $1,306)				916


	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 8.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		122,956,368		122,956
Total Securities Lending Collateral (cost $122,956)


	Principal (000’s)			Value (000’s)
REPURCHASE AGREEMENT - 7.1%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $109,645 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 3.00%, due 12/01/2026, and with a value of $111,838.	$	109,645		$	109,645
Total Repurchase Agreement (cost $109,645)
Total Investment Securities (cost 1,879,821)					1,879,821
Other Assets and Liabilities - Net					(336,947	)

Net Assets				$	1,542,874


	Principal (000’s)			Value (000’s)
SECURITIES SOLD SHORT - (11.5%)
U.S. Government Agency Obligations - (11.5%)
Fannie Mae, TBA
3.50%	$	(4,000	)	$	(4,108	)
4.00%		(52,665	)		(55,309	)
4.50%		(69,400	)		(73,799	)
5.00%		(5,500	)		(5,931	)
5.50%		(34,800	)		(37,856	)

Total Securities Sold Short (proceeds $(176,588))				$	(177,003	)

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

WRITTEN SWAPTIONS:


Description	Counterparty		Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount (000’s)			Premiums (Received) (000’s)			Value (000’s)
Call - Interest Rate Swap, European Style		CITI	3-month USD LIBOR	Receive		1.97	%		01/27/2014	$	(9,900	)	$	(209	)	$	(162	)
Call - Interest Rate Swap, European Style		DUB	3-month USD LIBOR	Receive		2.09			01/03/2014		(17,300	)		(414	)		(345	)
Call - Interest Rate Swap, European Style		DUB	3-month USD LIBOR	Receive		3.65			03/27/2017		(4,000	)		(286	)		(275	)
Put - Interest Rate Swap, European Style		BOA	3-month USD LIBOR	Pay		1.62			06/28/2012		(12,000	)		(40	)		(38	)
Put - Interest Rate Swap, European Style		BOA	3-month USD LIBOR	Pay		1.70			08/10/2012		(15,700	)		(62	)		(67	)
Put - Interest Rate Swap, European Style		MSC	3-month USD LIBOR	Pay		1.72			06/22/2012		(26,300	)		(102	)		(51	)
Put - Interest Rate Swap, European Style		DUB	3-month USD LIBOR	Pay		1.85			08/15/2012		(75,200	)		(451	)		(225	)
Put - Interest Rate Swap, European Style		CITI	3-month USD LIBOR	Pay		1.97			01/27/2014		(9,900	)		(209	)		(271	)
Put - Interest Rate Swap, European Style		DUB	3-month USD LIBOR	Pay		2.09			01/03/2014		(17,300	)		(414	)		(408	)
Put - Interest Rate Swap, European Style		CITI	3-month USD LIBOR	Pay		2.90			01/09/2013		(24,700	)		(446	)		(513	)
Put - Interest Rate Swap, European Style		DUB	3-month USD LIBOR	Pay		3.65			03/27/2017		(4,000	)		(287	)		(277	)
Put - Interest Rate Swap, European Style		DUB	3-month USD LIBOR	Pay		6.00			03/20/2017		(17,400	)		(416	)		(448	)

													$	(3,336	)	$	(3,080	)

SWAP AGREEMENTS:

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


Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Implied Credit Spread (BP) at 03/31/2012⁽²⁾		Notional Amount (000’s)⁽³⁾		Market Value (000’s)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (000’s)
MetLife, Inc., 5.00%, 06/15/2015		1.00	%		03/20/2017		CITI		204.96	$	1,685	$	(84	)	$	(102	)	$	18
MetLife, Inc., 5.00%, 06/15/2015		1.00			03/20/2017		UBS		204.96		1,190		(60	)		(72	)		12
MetLife, Inc., 5.00%, 06/15/2015		1.00			03/20/2017		BOA		204.96		2,600		(130	)		(157	)		27
Spain, 1.00%		1.00			03/20/2016		MSC		413.29		8,000		880			447			433
Spain, 1.00%		1.00			03/20/2016		DUB		413.29		8,000		880			445			435

												$	1,486		$	561		$	925

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


Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty		Implied Credit Spread (BP) at03/31/2012⁽²⁾		Notional Amount (000’s)⁽³⁾		Market Value (000’s)			Premiums (Received) (000’s)			Unrealized Appreciation (000’s)
Aviva USA Corp.		1.00	%		05/25/2012		DUB		68.29	$	4,800	$	(3	)	$	(6	)	$	3
MetLife, Inc., 5.00%, 06/15/2015		1.00			09/20/2016		BOA		196.14		470		(20	)		(35	)		15
MetLife, Inc., 5.00%, 06/15/2015		1.00			09/20/2016		DUB		196.14		1,560		(66	)		(117	)		51
MetLife, Inc., 5.00%, 06/15/2015		1.00			09/20/2016		MSC		196.14		1,180		(50	)		(78	)		28
MetLife, Inc., 5.00%, 06/15/2015		1.00			09/20/2016		GSC		196.14		1,200		(51	)		(88	)		37
MetLife, Inc., 5.00%, 06/15/2015		1.00			09/20/2016		MSC		196.14		1,960		(84	)		(144	)		60
MetLife, Inc., 5.00%, 06/15/2015		1.00			12/20/2016		CITI		200.82		1,175		(54	)		(88	)		34
MetLife, Inc., 5.00%, 06/15/2015		1.00			12/20/2016		CITI		200.82		1,225		(57	)		(84	)		27

												$	(385	)	$	(640	)	$	255

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


Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)⁽³⁾		Market Value (000’s)⁽⁵⁾			Premiums Paid (Received) (000’s)		Unrealized (Depreciation) (000’s)
Dow Jones North America Investment Grade Index - Series 5, 1.00%		1.00	%		12/20/2016		MSC		USD	$	16,340	$	(89	)	$	176	$	(265	)

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

SWAP AGREEMENTS: (continued)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION⁽¹⁾ (continued):


Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)⁽³⁾		Market Value (000’s)⁽⁵⁾			Premiums Paid (Received) (000’s)			Unrealized (Depreciation) (000’s)
Emerging Markets Index - Series 14, 5.00%		5.00	%		12/20/2015		MSC		USD	$	4,380	$	(437	)	$	(411	)	$	(26	)

												$	(526	)	$	(235	)	$	(291	)

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


Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)⁽³⁾		Market Value (000’s)⁽⁵⁾			Premiums (Received) (000’s)			Unrealized Appreciation (000’s)
CMBX.NA.3.AAA		0.08	%		12/13/2049		MSC		USD	$	2,215	$	(150	)	$	(255	)	$	105
CMBX.NA.4.AAA		0.35			02/17/2051		MSC		USD		2,215		(155	)		(263	)		108
North America High Yield Index - Series 17, 1.00%		5.00			12/20/2016		CITI		USD		14,550		(288	)		(1,315	)		1,027
North America High Yield Index - Series 17, 2.00%		5.00			12/20/2016		DUB		USD		3,153		(63	)		(226	)		163

												$	(656	)	$	(2,059	)	$	1,403

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:


Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)		Market Value (000’s)			Premiums (Received) (000’s)		Net Unrealized (Depreciation) (000’s)
3-Month USD-LIBOR		1.74	%		03/30/2018		DUB		USD	$	4,300	$	(3	)	$	¿	$	(3	)
3-Month USD-LIBOR		2.18			10/06/2021		BOA		USD		7,810		(269	)		¿		(269	)
3-Month USD-LIBOR		2.29			04/03/2022		DUB		USD		4,200		¿			¿		¿

												$	(272	)	$	¿	$	(272	)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:


Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)		Market Value (000’s)			Premiums (Received) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR		1.39	%		03/19/2017		DUB		USD	$	52,200	$	(317	)	$	¿		$	(317	)
3-Month USD-LIBOR		1.39			03/19/2017		DUB		USD		22,600		(137	)		¿			(137	)
3-Month USD-LIBOR		3.27			05/16/2021		DUB		USD		3,650		(339	)		¿			(339	)
3-Month USD-LIBOR		4.02			02/06/2022		UBS		USD		2,100		(331	)		(352	)		21
3-Month USD-LIBOR		2.46			03/22/2022		GSC		USD		14,800		(230	)		¿			(230	)
3-Month USD-LIBOR		2.70			01/11/2042		DUB		USD		4,100		287			¿			287
3-Month USD-LIBOR		2.85			02/09/2042		BOA		USD		2,200		88			¿			88

												$	(979	)	$	(352	)	$	(627	)

FUTURES CONTRACTS:


Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note		Short		(736	)		06/20/2012	$	(332	)
2-Year U.S. Treasury Note		Long		582			06/29/2012		(39	)
30-Year U.S. Treasury Bond		Long		506			06/20/2012		(771	)
5-Year U.S. Treasury Note		Long		1,100			06/29/2012		336
90-Day Eurodollar		Short		(345	)		03/16/2015		105
90-Day Eurodollar		Short		(345	)		06/15/2015		118
90-Day Eurodollar		Short		(345	)		09/14/2015		130
90-Day Eurodollar		Short		(345	)		12/14/2015		139
German Euro Bund		Short		(48	)		06/07/2012		1
German Euro BOBL		Short		(4	)		06/07/2012		¿
U.K. Long Gilt Bond		Short		(1	)		06/27/2012		2
Ultra Long U.S. Treasury Bond		Short		(185	)		06/20/2012		815

								$	504

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:


Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized (Depreciation) (000’s)
Euro	CITI		(10,993	)		04/18/2012	$	(14,120	)	$	(541	)
Euro	DUB		7,509			04/18/2012		10,099			(84	)
Euro	DUB		(283	)		04/18/2012		(372	)		(5	)
Euro	CITI		(6,439	)		04/18/2012		(8,424	)		(165	)

										$	(795	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:


Counterparty	Total Market Value of OTC Derivatives (000’s)	Collateral (Received)/Pledged (000’s)	Net Exposures ⁽¹⁾ (000’s)
BOA	$(436)	$221	$(215)
CITI	(2,135)	1,522	(613)
DUB	(1,828)	1,161	(667)
GSC	(281)	—	(281)
MSC	(136)	—	(136)
UBS	(391)	745	354

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

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

^	All or a portion of this security is on loan. The value of all securities on loan is $120,456.

*	Floating or variable rate note. Rate is listed as of 03/30/2012.

p	Rate shown reflects the yield at 03/30/2012.

In default.

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

g	A portion of this security in the amount of $3,005 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

a	A portion of these securities in the amount of $3,649 have been pledged as collateral with the broker for open swaps contracts and/or for swaptions.

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

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

¥	Percentage rounds to less than 0.1%.

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

‡	Non-income producing security.

Aggregate cost for federal income tax purposes is $1,872,734. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $41,126 and $34,039, respectively. Net unrealized appreciation for tax purposes is $7,087.

¿	Amount is less than 1.

(1)

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

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

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

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

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

(4)

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

(5)

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

DEFINITIONS (all amounts in thousands):

144A

BOA

Bank of America

BP	Basis Point

CITI

Citigroup, Inc.

CMBX

Commercial Mortgage-Backed Index

DUB

Deutsche Bank AG

GSC

Goldman Sachs & Co

IO	Interest Only

LIBOR

London Interbank Offered Rate

MSC

Morgan Stanley

OJSC

Open Joint Stock Company

OTC

Over The Counter

REMIC

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

STRIPS

Separate Trading of Registered Interest and Principal of Securities

TBA

To Be Announced

UBS

UBS Warburg LLC

CURRENCY ABBREVIATIONS:

EUR

Euro

USD

United States Dollar

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Asset-Backed Securities	$	—	$	109,578	$	—	$	109,578
Common Stocks		9		—		—		9
Corporate Debt Securities		—		495,236		¿		495,236
Foreign Government Obligations		—		34,675		—		34,675
Mortgage-Backed Securities		—		182,537		—		182,537
Municipal Government Obligations		—		4,143		—		4,143
Preferred Corporate Debt Securities		—		1,093		—		1,093
Preferred Stocks		2,243		—		—		2,243
Purchased Options		239		—		—		239
Purchased Swaptions		916		—		—		916
Repurchase Agreement		—		109,645		—		109,645
Securities Lending Collateral		122,956		—		—		122,956
U.S. Government Agency Obligations		—		616,813		—		616,813
U.S. Government Obligations		—		199,736		—		199,736
Warrant		2		—		—		2

Total	$	126,365	$	1,753,456	$	¿	$	1,879,821


Securities Sold Short	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
U.S. Government Agency Obligations	$	—	$	(177,003	)	$	—	$	(177,003	)


Other Financial Instruments	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Written Swaptions	$	—	$	(3,080	)	$	—	$	(3,080	)


Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	1,646		$	—		$	—	$	1,646
Futures Contracts - Depreciation		(1,142	)		—			—		(1,142	)
Credit Default Swap - Appreciation		—			2,583			—		2,583
Credit Default Swap - Depreciation		—			(291	)		—		(291	)
Forward Foreign Currency Contracts - Depreciation		—			(795	)		—		(795	)
Interest Rate Swaps - Appreciation		—			396			—		396
Interest Rate Swaps - Depreciation		—			(1,295	)		—		(1,295	)

Total	$	504		$	598		$	—	$	1,102

Level 3 Rollforward - Investment Securities



Securities	Beginning Balance at 12/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)			Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 03/31/2012		Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 03/31/2012 ƒ
Corporate Debt Securities	$	¿	$	—	$	—	$	(7	)	$	—	$	7	$	—	$	—	$	¿	$	7

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

ƒ	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 3/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

¿	Amount rounds to less than 1.

Total aggregate market value of Level 3 is less than 0.01% of the fund’s net assets.

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
PREFERRED CORPORATE DEBT SECURITY - 0.0% ¥
Hotels, Restaurants & Leisure - 0.0% ¥
Fontainebleau Resorts 12.50%, 06/30/2012 - 144A ‡	$	3,827	$	¿
Total Preferred Corporate Debt Security (cost $3,759)
CORPORATE DEBT SECURITIES - 88.2%
Aerospace & Defense - 1.0%
Huntington Ingalls Industries, Inc.
6.88%, 03/15/2018		650		689
7.13%, 03/15/2021		1,465		1,569
TransDigm, Inc.
7.75%, 12/15/2018		4,880		5,283
Air Freight & Logistics - 0.3%
AMGH Merger Sub, Inc.
9.25%, 11/01/2018 - 144A		2,025		2,106
Auto Components - 1.3%
Affinia Group, Inc.
10.75%, 08/15/2016 - 144A		1,062		1,163
Allison Transmission, Inc.
7.13%, 05/15/2019 - 144A		850		880
American Axle & Manufacturing Holdings, Inc.
9.25%, 01/15/2017 - 144A		1,917		2,142
Tomkins LLC / Tomkins, Inc.
9.00%, 10/01/2018		1,630		1,805
Tower Automotive Holdings USA LLC
10.63%, 09/01/2017 - 144A		2,212		2,400
UCI International, Inc.
8.63%, 02/15/2019		905		930
Visteon Corp.
6.75%, 04/15/2019		545		553
Automobiles - 1.0%
Chrysler Group LLC/CG Co-Issuer, Inc.
8.25%, 06/15/2021		2,815		2,843
Ford Motor Co.
7.45%, 07/16/2031		3,995		4,884
Biotechnology - 0.6%
STHI Holding Corp.
8.00%, 03/15/2018 - 144A		1,115		1,182
Warner Chilcott Co. LLC
7.75%, 09/15/2018		2,988		3,115
Building Products - 0.3%
Building Materials Corp., of America
6.75%, 05/01/2021 - 144A		2,185		2,319
Capital Markets - 0.5%
E*Trade Financial Corp.
12.50%, 11/30/2017		3,070		3,573
PBF Holding Co. LLC / PBF Finance Corp.
8.25%, 02/15/2020 - 144A		100		102
Chemicals - 3.5%
Celanese US Holdings LLC
5.88%, 06/15/2021		765		807
6.63%, 10/15/2018		655		698
CF Industries, Inc.
6.88%, 05/01/2018		2,180		2,515
7.13%, 05/01/2020		1,625		1,936
Chemtura Corp.
7.88%, 09/01/2018		1,520		1,634
Ineos Finance PLC
8.38%, 02/15/2019 - 144A		2,090		2,210
Kraton Polymers LLC
6.75%, 03/01/2019		750		774


	Principal (000’s)		Value (000’s)
Chemicals (continued)
Lyondell Chemical Co.
11.00%, 05/01/2018	$	819	$	904
LyondellBasell Industries NV
5.00%, 04/15/2019 - 144A		4,655		4,655
5.75%, 04/15/2024 - 144A		3,590		3,581
NOVA Chemicals Corp.
8.38%, 11/01/2016		1,390		1,543
PolyOne Corp.
7.38%, 09/15/2020		440		466
Rain CII Carbon LLC / CII Carbon Corp.
8.00%, 12/01/2018 - 144A		2,040		2,137
Scotts Miracle-Gro Co.
7.25%, 01/15/2018		460		496
Solutia, Inc.
8.75%, 11/01/2017		1,225		1,389
Taminco Global Chemical Corp.
9.75%, 03/31/2020 - 144A		440		458
Vertellus Specialties, Inc.
9.38%, 10/01/2015 - 144A		890		676
Commercial Banks - 0.9%
CIT Group, Inc.
4.75%, 02/15/2015 - 144A		4,140		4,177
5.25%, 04/01/2014 - 144A		2,080		2,124
5.25%, 03/15/2018		995		1,015
Commercial Services & Supplies - 3.2%
ACCO Brands Corp.
10.63%, 03/15/2015		1,490		1,626
ARAMARK Holdings Corp.
8.63%, 05/01/2016 - 144A		815		835
Casella Waste Systems, Inc.
7.75%, 02/15/2019		810		802
Covanta Holding Corp.
6.38%, 10/01/2022		1,700		1,727
Express LLC
8.75%, 03/01/2018		5,145		5,699
Interface, Inc.
7.63%, 12/01/2018		730		790
International Lease Finance Corp.
8.63%, 09/15/2015		200		220
8.75%, 03/15/2017		2,455		2,731
Koppers, Inc.
7.88%, 12/01/2019		550		587
Polymer Group, Inc.
7.75%, 02/01/2019		1,265		1,331
RBS Global, Inc. / Rexnord LLC
11.75%, 08/01/2016		870		922
RSC Equipment Rental, Inc./RSC Holdings III LLC
8.25%, 02/01/2021		290		309
Rural/Metro Corp.
10.13%, 07/15/2019 - 144A		925		870
UR Financing Escrow Corp.
7.38%, 05/15/2020 - 144A		3,550		3,630
7.63%, 04/15/2022 - 144A		2,400		2,466
Communications Equipment - 1.4%
Avaya, Inc.
7.00%, 04/01/2019 - 144A		890		892
9.75%, 11/01/2015		3,195		3,147
10.13%, 11/01/2015		4,687		4,641
Brocade Communications Systems, Inc.
6.63%, 01/15/2018		565		593
6.88%, 01/15/2020		565		623

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Communications Equipment (continued)
CommScope, Inc.
8.25%, 01/15/2019 - 144A	$	1,065	$	1,134
Computers & Peripherals - 0.4%
Seagate HDD Cayman
7.00%, 11/01/2021 - 144A		2,720		2,924
Construction Materials - 0.0% ¥
RathGibson, Inc.
11.25%, 02/15/2014 ‡		2,145		¿
Consumer Finance - 1.2%
Ally Financial, Inc.
5.50%, 02/15/2017		1,700		1,702
6.25%, 12/01/2017		3,830		3,944
8.00%, 11/01/2031		3,055		3,368
Containers & Packaging - 0.7%
Ball Corp.
5.00%, 03/15/2022		1,015		1,018
BWAY Holding Co.
10.00%, 06/15/2018		455		499
Sealed Air Corp.
8.38%, 09/15/2021 - 144A		3,360		3,776
Diversified Consumer Services - 3.1%
Education Management LLC
8.75%, 06/01/2014		3,530		3,389
Laureate Education, Inc.
11.00%, 08/15/2015 - 144A		5,805		5,950
11.25%, 08/15/2015 - 144A *		10,035		10,385
12.75%, 08/15/2017 - 144A		2,690		2,872
ServiceMaster Co.
8.00%, 02/15/2020 - 144A		1,025		1,092
Stewart Enterprises, Inc.
6.50%, 04/15/2019		440		459
Diversified Financial Services - 5.7%
AWAS Aviation Capital, Ltd.
7.00%, 10/17/2016 - 144A		145		151
Bank of America NA
5.30%, 03/15/2017		1,450		1,513
CEVA Group PLC
8.38%, 12/01/2017 - 144A		1,845		1,827
11.63%, 10/01/2016 - 144A		1,715		1,818
CNH Capital LLC
6.25%, 11/01/2016 - 144A		1,640		1,759
DPL, Inc.
6.50%, 10/15/2016 - 144A		1,620		1,742
7.25%, 10/15/2021 - 144A		3,290		3,652
Ford Motor Credit Co., LLC
5.75%, 02/01/2021		1,945		2,099
5.88%, 08/02/2021		1,585		1,710
8.00%, 12/15/2016		3,595		4,167
8.13%, 01/15/2020		2,175		2,629
12.00%, 05/15/2015		1,150		1,420
General Motors Financial Co., Inc.
6.75%, 06/01/2018		1,075		1,148
International Lease Finance Corp.
5.65%, 06/01/2014		1,775		1,806
5.88%, 05/01/2013		550		562
6.25%, 05/15/2019		1,630		1,609
8.25%, 12/15/2020		2,775		3,053
8.63%, 01/15/2022		2,105		2,340
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.
5.63%, 03/15/2020 - 144A		3,535		3,562


	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services - 5.8%
CenturyLink, Inc.
6.45%, 06/15/2021	$	4,320	$	4,435
GCI, Inc.
6.75%, 06/01/2021		550		553
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		2,725		2,848
Intelsat Jackson Holdings SA
9.50%, 06/15/2016		2,056		2,149
11.25%, 06/15/2016		2,580		2,715
Intelsat Luxembourg SA
11.50%, 02/04/2017		4,695		4,883
11.50%, 02/04/2017 - 144A		3,335		3,435
Telesat Canada
11.00%, 11/01/2015		4,500		4,804
12.50%, 11/01/2017		3,065		3,425
UPCB Finance V, Ltd.
7.25%, 11/15/2021 - 144A		3,015		3,188
UPCB Finance VI, Ltd.
6.88%, 01/15/2022 - 144A		1,620		1,673
Wind Acquisition Holdings Finance SA
12.25%, 07/15/2017 - 144A		3,825		3,282
Windstream Corp.
7.50%, 06/01/2022		1,495		1,562
7.75%, 10/01/2021		4,675		5,002
8.13%, 09/01/2018		615		658
Electric Utilities - 0.5%
Calpine Construction Finance Co., LP / CCFC Finance Corp.
8.00%, 06/01/2016 - 144A		1,520		1,653
Texas Competitive Electric Holdings Co., LLC / TCEH Finance, Inc.
11.50%, 10/01/2020 - 144A		2,900		1,892
Electrical Equipment - 0.1%
Polypore International, Inc.
7.50%, 11/15/2017		555		586
Energy Equipment & Services - 1.9%
Atwood Oceanics, Inc.
6.50%, 02/01/2020		1,035		1,087
Basic Energy Services, Inc.
7.75%, 02/15/2019		545		559
Calfrac Holdings, LP
7.50%, 12/01/2020 - 144A		690		693
Frac Tech Services LLC
7.63%, 11/15/2018 - 144A		3,300		3,448
Holly Energy Partners, LP/Holly Energy Finance Corp.
6.50%, 03/01/2020 - 144A		505		513
Oil States International, Inc.
6.50%, 06/01/2019		2,110		2,215
Precision Drilling Corp.
6.50%, 12/15/2021 - 144A		1,835		1,918
6.63%, 11/15/2020		835		875
SESI LLC
6.38%, 05/01/2019		2,745		2,909
6.88%, 06/01/2014		290		291
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
6.38%, 08/01/2022 - 144A		525		533
Food & Staples Retailing - 0.1%
Pantry, Inc.
7.75%, 02/15/2014		855		854

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Food Products - 1.1%
American Seafoods Group LLC
10.75%, 05/15/2016 - 144A §D	$	4,515	$	4,121
ASG Consolidated LLC / ASG Finance, Inc.
15.00%, 05/15/2017 - 144A §		1,576		1,128
Michael Foods, Inc.
9.75%, 07/15/2018		2,210		2,428
Pinnacle Foods Finance LLC
9.25%, 04/01/2015		745		765
Post Holdings, Inc.
7.38%, 02/15/2022 - 144A		170		178
Gas Utilities - 0.8%
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/2020		2,065		2,096
7.00%, 05/20/2022		2,585		2,637
AmeriGas Partners, LP/AmeriGas Finance Corp.
6.25%, 08/20/2019		1,220		1,218
Health Care Equipment & Supplies - 2.3%
Accellent, Inc.
8.38%, 02/01/2017		2,950		2,965
Alere, Inc.
7.88%, 02/01/2016		1,815		1,892
American Renal Holdings Co., Inc.
8.38%, 05/15/2018		435		463
Bausch & Lomb, Inc.
9.88%, 11/01/2015		1,485		1,563
Biomet, Inc.
10.00%, 10/15/2017		200		215
ConvaTec Healthcare E SA
10.50%, 12/15/2018 - 144A		4,905		5,039
DJO Finance LLC / DJO Finance Corp.
8.75%, 03/15/2018 - 144A		400		404
Kinetic Concepts, Inc./KCI USA, Inc.
10.50%, 11/01/2018 - 144A		1,645		1,709
12.50%, 11/01/2019 - 144A		1,525		1,434
Physio-Control International, Inc.
9.88%, 01/15/2019 - 144A		1,300		1,365
Teleflex, Inc.
6.88%, 06/01/2019		435		469
Health Care Providers & Services - 2.2%
Fresenius Medical Care U.S. Finance II, Inc.
5.63%, 07/31/2019 - 144A		1,300		1,339
5.88%, 01/31/2022 - 144A		1,085		1,115
GCB U.S. Oncology, Inc. (Escrow Shares)
08/15/2017		1,110		22
HCA Holdings, Inc.
7.75%, 05/15/2021		630		651
HCA, Inc.
6.50%, 02/15/2020		2,380		2,499
7.50%, 02/15/2022		3,410		3,633
9.88%, 02/15/2017		372		405
Multiplan, Inc.
9.88%, 09/01/2018 - 144A		2,885		3,116
PSS World Medical, Inc.
6.38%, 03/01/2022 - 144A		1,115		1,146
ResCare, Inc.
10.75%, 01/15/2019		1,975		2,182
USPI Finance Corp.
9.00%, 04/01/2020 - 144A		1,180		1,215


	Principal (000’s)		Value (000’s)
Hotels, Restaurants & Leisure - 7.6%
Buffalo Thunder Development Authority
9.38%, 12/15/2014 - 144A ‡	$	3,095	$	1,083
Caesars Entertainment Operating Co., Inc.
5.38%, 12/15/2013		900		815
5.63%, 06/01/2015		6,260		4,790
8.50%, 02/15/2020 - 144A		3,195		3,251
10.00%, 12/15/2015		1,355		1,247
11.25%, 06/01/2017		2,045		2,229
12.75%, 04/15/2018		1,860		1,614
Cinemark USA, Inc.
7.38%, 06/15/2021		540		579
Fontainebleau Las Vegas Holdings LLC
10.25%, 06/15/2015 - 144A ‡		5,645		4
Greektown Holdings LLC (Escrow Shares)
10.75%, 12/01/2013 - 144A		1,495		¿
Inn of the Mountain Gods Resort & Casino
8.75%, 11/30/2020 - 144A §		439		429
Mandalay Resort Group
7.63%, 07/15/2013		690		700
MCE Finance, Ltd.
10.25%, 05/15/2018		1,725		1,936
MGM Resorts International
5.88%, 02/27/2014		945		973
6.75%, 09/01/2012 - 04/01/2013		2,500		2,577
7.75%, 03/15/2022		3,780		3,847
9.00%, 03/15/2020		555		617
10.38%, 05/15/2014		1,175		1,332
11.13%, 11/15/2017		1,215		1,374
Mohegan Tribal Gaming Authority
10.50%, 12/15/2016 - 144A		2,050		1,768
11.00%, 09/15/2018 - 144A		4,565		3,332
11.50%, 11/01/2017 - 144A §		1,385		1,416
NCL Corp., Ltd.
9.50%, 11/15/2018 - 144A		1,515		1,632
9.50%, 11/15/2018		660		711
11.75%, 11/15/2016		2,135		2,471
NPC International, Inc. / NPC Operating Co. A, Inc. / NPC Operating Co. B, Inc.
10.50%, 01/15/2020 - 144A		2,725		2,970
Peninsula Gaming LLC
8.38%, 08/15/2015		990		1,044
10.75%, 08/15/2017		2,400		2,652
Royal Caribbean Cruises, Ltd.
6.88%, 12/01/2013		365		385
7.25%, 06/15/2016 - 03/15/2018		970		1,043
Seven Seas Cruises S. DE R.L., LLC
9.13%, 05/15/2019 - 144A		1,820		1,847
Sugarhouse HSP Gaming Prop Mezz, LP/Sugarhouse HSP Gaming Finance Corp.
8.63%, 04/15/2016 - 144A		595		631
Tunica-Biloxi Gaming Authority
9.00%, 11/15/2015 - 144A §		2,435		2,435
Vail Resorts, Inc.
6.50%, 05/01/2019		555		583
Waterford Gaming LLC
8.63%, 09/15/2014 - 144A §		2,143		1,235
Wynn Las Vegas LLC
7.75%, 08/15/2020		2,730		3,000

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Household Durables - 0.6%
Libbey Glass, Inc.
10.00%, 02/15/2015	$	1,566	$	1,674
Sealy Mattress Co.
10.88%, 04/15/2016 - 144A		2,398		2,602
Household Products - 1.7%
Amscan Holdings, Inc.
8.75%, 05/01/2014		5,060		5,079
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		3,150		3,260
7.13%, 04/15/2019 - 144A		1,885		1,965
8.75%, 10/15/2016 - 144A		1,615		1,708
9.00%, 04/15/2019 - 144A		670		660
9.88%, 08/15/2019 - 144A		3,395		3,471
Spectrum Brands, Inc.
6.75%, 03/15/2020 - 144A		2,190		2,212
9.50%, 06/15/2018 - 144A		870		981
Independent Power Producers & Energy Traders - 2.1%
AES Corp.
7.38%, 07/01/2021 - 144A		1,075		1,188
Calpine Corp.
7.50%, 02/15/2021 - 144A		5,090		5,433
Edison Mission Energy
7.50%, 06/15/2013		2,750		2,255
GenOn Energy, Inc.
7.88%, 06/15/2017		3,235		2,823
NRG Energy, Inc.
7.88%, 05/15/2021		1,665		1,598
8.25%, 09/01/2020		2,960		2,916
Industrial Conglomerates - 0.3%
Amsted Industries, Inc.
8.13%, 03/15/2018 - 144A		2,360		2,525
Insurance - 0.3%
Alliant Holdings I, Inc.
11.00%, 05/01/2015 - 144A		1,325		1,390
USI Holdings Corp.
4.38%, 11/15/2014 - 144A *		640		598
Internet & Catalog Retail - 0.1%
Checkout Holding Corp.
Zero Coupon, 11/15/2015 - 144A		2,305		957
Internet Software & Services - 0.2%
Equinix, Inc.
7.00%, 07/15/2021		1,100		1,207
IT Services - 0.6%
Alliance Data Systems Corp.
6.38%, 04/01/2020 - 144A		1,000		1,018
Fidelity National Information Services, Inc.
7.63%, 07/15/2017 - 144A		1,095		1,194
SunGard Data Systems, Inc.
10.63%, 05/15/2015		2,600		2,737
Life Sciences Tools & Services - 0.7%
Patheon, Inc.
8.63%, 04/15/2017 - 144A		880		757
Pharmaceutical Product Development, Inc.
9.50%, 12/01/2019 - 144A		4,070		4,416
Machinery - 1.6%
American Railcar Industries, Inc.
7.50%, 03/01/2014		1,000		1,010
Commercial Vehicle Group, Inc.
7.88%, 04/15/2019 - 144A		760		768
JMC Steel Group
8.25%, 03/15/2018 - 144A		1,535		1,596


	Principal (000’s)		Value (000’s)
Machinery (continued)
Manitowoc Co., Inc.
9.50%, 02/15/2018	$	490	$	541
Meritor, Inc.
8.13%, 09/15/2015		1,075		1,134
10.63%, 03/15/2018		1,690		1,817
Navistar International Corp.
8.25%, 11/01/2021		1,980		2,158
Terex Corp.
10.88%, 06/01/2016		2,820		3,208
Media - 6.4%
Adelphia Communications Corp. (Escrow Certificates)
9.25%, 10/01/2049		1,305		7
10.25%, 06/15/2049 - 11/01/2049		1,460		7
AMC Entertainment, Inc.
8.75%, 06/01/2019		535		560
AMC Networks, Inc.
7.75%, 07/15/2021 - 144A		890		992
Cablevision Systems Corp.
7.75%, 04/15/2018		805		841
8.63%, 09/15/2017		1,000		1,089
Catalina Marketing Corp.
10.50%, 10/01/2015 - 144A		2,384		2,277
11.63%, 10/01/2017 - 144A *§		2,828		2,531
CCO Holdings LLC / CCO Holdings Capital Corp.
7.00%, 01/15/2019		1,140		1,208
7.25%, 10/30/2017		1,010		1,083
7.38%, 06/01/2020		1,755		1,904
7.88%, 04/30/2018		1,125		1,215
8.13%, 04/30/2020		100		111
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/2020 - 144A		1,980		1,935
Clear Channel Worldwide Holdings, Inc. - Series B
9.25%, 12/15/2017		1,270		1,392
Crown Media Holdings, Inc.
10.50%, 07/15/2019		770		841
CSC Holdings LLC
6.75%, 11/15/2021 - 144A		2,210		2,301
Cumulus Media Holdings, Inc.
7.75%, 05/01/2019 - 144A		1,090		1,030
DISH DBS Corp.
6.75%, 06/01/2021		2,630		2,834
LBI Media Holdings, Inc.
11.00%, 10/15/2013 *		360		320
LBI Media, Inc.
9.25%, 04/15/2019 - 144A		1,490		1,267
MDC Partners, Inc.
11.00%, 11/01/2016		2,240		2,442
MediaCom LLC
9.13%, 08/15/2019		935		1,016
NAI Entertainment Holdings LLC
8.25%, 12/15/2017 - 144A		690		757
National CineMedia LLC
7.88%, 07/15/2021		3,010		3,205
Nielsen Finance LLC
11.50%, 05/01/2016		798		920
11.63%, 02/01/2014		644		744
Regal Cinemas Corp.
8.63%, 07/15/2019		1,330		1,453

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Media (continued)
Regal Entertainment Group
9.13%, 08/15/2018	$	1,340	$	1,467
Sirius XM Radio, Inc.
8.75%, 04/01/2015 - 144A		1,390		1,578
Sitel LLC
11.50%, 04/01/2018		680		490
WMG Acquisition Corp.
9.50%, 06/15/2016 - 144A		490		534
9.50%, 06/15/2016		2,865		3,123
11.50%, 10/01/2018 - 144A		2,995		3,205
XM Satellite Radio, Inc.
13.00%, 08/01/2013 - 144A		2,715		3,071

Metals & Mining - 2.1%
FMG Resources August 2006 Pty, Ltd.
7.00%, 11/01/2015 - 144A		4,955		5,055
8.25%, 11/01/2019 - 144A		2,615		2,746
Novelis, Inc.
8.38%, 12/15/2017		1,145		1,242
8.75%, 12/15/2020		2,205		2,414
Quadra FNX Mining, Ltd.
7.75%, 06/15/2019 - 144A		2,985		3,395
SunCoke Energy, Inc.
7.63%, 08/01/2019		1,085		1,115

Oil, Gas & Consumable Fuels - 8.5%
Anadarko Petroleum Corp.
6.38%, 09/15/2017		1,855		2,204
Arch Coal, Inc.
8.75%, 08/01/2016		655		688
Berry Petroleum Co.
6.38%, 09/15/2022		2,745		2,820
10.25%, 06/01/2014		1,695		1,958
Bill Barrett Corp.
7.63%, 10/01/2019		1,405		1,426
9.88%, 07/15/2016		340		374
Chesapeake Oilfield Operating LLC
6.63%, 11/15/2019 - 144A		875		868
Cloud Peak Energy Resources LLC
8.50%, 12/15/2019		2,735		2,851
Coffeyville Resources LLC
9.00%, 04/01/2015 - 144A		4,082		4,368
Concho Resources, Inc.
6.50%, 01/15/2022		1,070		1,129
7.00%, 01/15/2021		1,325		1,421
Consol Energy, Inc.
8.00%, 04/01/2017		1,335		1,392
Continental Resources, Inc.
5.00%, 09/15/2022 - 144A		2,005		2,015
7.13%, 04/01/2021		545		605
7.38%, 10/01/2020		230		255
Denbury Resources, Inc.
8.25%, 02/15/2020		1,360		1,520
9.75%, 03/01/2016		3,875		4,253
Frontier Oil Corp.
6.88%, 11/15/2018		445		463
Harvest Operations Corp.
6.88%, 10/01/2017 - 144A		645		684
HollyFrontier Corp.
9.88%, 06/15/2017		1,510		1,684
Kodiak Oil & Gas Corp.
8.13%, 12/01/2019 - 144A		2,175		2,300
Oasis Petroleum, Inc.
6.50%, 11/01/2021		755		759


	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
OGX Austria GmbH
8.50%, 06/01/2018 - 144A	$	4,325	$	4,493
Peabody Energy Corp.
6.00%, 11/15/2018 - 144A		3,815		3,739
6.25%, 11/15/2021 - 144A		3,270		3,205
PetroBakken Energy, Ltd.
8.63%, 02/01/2020 - 144A		2,455		2,559
Petroleum Development Corp.
12.00%, 02/15/2018		1,170		1,269
Quicksilver Resources, Inc.
11.75%, 01/01/2016		3,590		3,796
Range Resources Corp.
6.75%, 08/01/2020		1,320		1,432
Rosetta Resources, Inc.
9.50%, 04/15/2018		825		908
Samson Investment Co.
9.75%, 02/15/2020 - 144A		2,205		2,233
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049		2,985		¿
Venoco, Inc.
8.88%, 02/15/2019		2,995		2,740
11.50%, 10/01/2017		430		447
WPX Energy, Inc.
5.25%, 01/15/2017 - 144A		1,305		1,298
6.00%, 01/15/2022 - 144A		2,725		2,725

Paper & Forest Products - 1.0%
Boise Paper Holdings LLC
8.00%, 04/01/2020		445		490
9.00%, 11/01/2017		1,835		2,023
Domtar Corp.
10.75%, 06/01/2017		1,540		1,990
Longview Fibre Paper & Packaging, Inc.
8.00%, 06/01/2016 - 144A		215		219
Sappi Papier Holding GmbH
6.63%, 04/15/2021 - 144A		2,995		2,800

Personal Products - 0.3%
Revlon Consumer Products Corp.
9.75%, 11/15/2015		2,150		2,311

Pharmaceuticals - 0.3%
Endo Pharmaceuticals Holdings, Inc.
7.00%, 07/15/2019 - 12/15/2020		2,030		2,169
7.25%, 01/15/2022		450		482

Professional Services - 1.0%
Emergency Medical Services Corp.
8.13%, 06/01/2019		1,035		1,063
TransUnion Holding Co., Inc.
9.63%, 06/15/2018 - 144A		3,195		3,363
TransUnion LLC/TransUnion Financing Corp.
11.38%, 06/15/2018		3,035		3,559

Real Estate Investment Trusts - 0.2%
American Tower Corp.
5.05%, 09/01/2020		1,790		1,850

Real Estate Management & Development - 1.3%
CBRE Services, Inc.
6.63%, 10/15/2020		2,470		2,624
11.63%, 06/15/2017		4,465		5,068
Toys “R” Us Property Co., I LLC
10.75%, 07/15/2017		2,000		2,190

Road & Rail - 1.4%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
9.63%, 03/15/2018		2,480		2,691

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Road & Rail (continued)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (continued)
9.75%, 03/15/2020	$	2,165	$	2,365
Hertz Corp.
7.50%, 10/15/2018		735		780
Kansas City Southern de Mexico SA de CV
6.13%, 06/15/2021		600		646
RSC Equipment Rental, Inc./RSC Holdings III LLC
10.00%, 07/15/2017 - 144A		2,835		3,288
10.25%, 11/15/2019		1,075		1,204
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Micro Devices, Inc.
7.75%, 08/01/2020		1,115		1,227
8.13%, 12/15/2017		840		924
Software - 1.2%
First Data Corp.
7.38%, 06/15/2019 - 144A		2,535		2,583
Lawson Software, Inc.
9.38%, 04/01/2019 - 144A		1,170		1,185
Sophia, LP / Sophia Finance, Inc.
9.75%, 01/15/2019 - 144A		1,075		1,148
SSI Investments II, Ltd./SSI Co-Issuer LLC
11.13%, 06/01/2018		4,165		4,622
Specialty Retail - 3.1%
Academy, Ltd.
9.25%, 08/01/2019 - 144A		2,170		2,227
Ltd. Brands, Inc.
5.63%, 02/15/2022		3,365		3,394
6.63%, 04/01/2021		4,135		4,482
8.50%, 06/15/2019		2,650		3,134
Michaels Stores, Inc.
7.75%, 11/01/2018		495		527
11.38%, 11/01/2016		1,010		1,073
Petco Animal Supplies, Inc.
9.25%, 12/01/2018 - 144A		3,325		3,649
Sally Holdings LLC / Sally Capital, Inc.
6.88%, 11/15/2019 - 144A		260		277
Toys “R” Us - Delaware, Inc.
7.38%, 09/01/2016 - 144A		1,440		1,476
Toys “R” Us, Inc.
7.88%, 04/15/2013		3,510		3,633
Textiles, Apparel & Luxury Goods - 0.7%
Oxford Industries, Inc.
11.38%, 07/15/2015		840		908
Perry Ellis International, Inc.
7.88%, 04/01/2019		1,490		1,483
PVH Corp.
7.75%, 11/15/2023		2,795		3,186
Trading Companies & Distributors - 0.4%
Aircastle, Ltd.
6.75%, 04/15/2017 - 144A		970		970
7.63%, 04/15/2020 - 144A		485		485
United Rentals North America, Inc.
10.88%, 06/15/2016		1,570		1,778
Transportation Infrastructure - 0.2%
CHC Helicopter SA
9.25%, 10/15/2020 - 144A		1,700		1,687
Wireless Telecommunication Services - 4.1%
Digicel, Ltd.
8.25%, 09/01/2017 - 144A		2,705		2,861
12.00%, 04/01/2014 - 144A		1,445		1,615


	Principal (000’s)		Value (000’s)
Wireless Telecommunication Services (continued)
iPCS, Inc.
3.80%, 05/01/2014	$	880	$	827
Nextel Communications, Inc. - Series C
5.95%, 03/15/2014		3,540		3,539
Nextel Communications, Inc. - Series D
7.38%, 08/01/2015		2,515		2,427
Nextel Communications, Inc. - Series E
6.88%, 10/31/2013		3,840		3,839
NII Capital Corp.
8.88%, 12/15/2019		2,685		2,813
SBA Telecommunications, Inc.
8.00%, 08/15/2016		967		1,040
8.25%, 08/15/2019		660		728
Sprint Nextel Corp.
6.00%, 12/01/2016		1,530		1,366
8.38%, 08/15/2017		1,500		1,448
9.00%, 11/15/2018 - 144A		7,165		7,863
9.13%, 03/01/2017 - 144A		995		990

Total Corporate Debt Securities (cost $661,685)				681,898

CONVERTIBLE BOND - 0.0% ¥
Independent Power Producers & Energy Traders - 0.0% ¥
Mirant Corp. (Escrow Certificates)
2.50%, 06/15/2021		1,220		¿
Total Convertible Bond (cost $¿)
LOAN ASSIGNMENTS - 5.0%
Automobiles - 0.2%
DaimlerChrysler Group LLC, Tranche B
6.00%, 05/24/2017 *		1,390		1,410
Building Products - 0.4%
Panolam Industries International, Inc., 1st Lien
8.25%, 12/31/2013 *		2,232		2,105
Panolam Industries International, Inc., 2nd Lien
10.00%, 06/30/2014 *		886		811
Chemicals - 0.2%
Petrologistics, LP, Tranche B
0.00%, 03/23/2017		1,260		1,260
Diversified Financial Services - 0.5%
CEVA Group PLC Extended Letter of Credit
5.58%, 08/31/2016 *		535		497
CEVA Group PLC Extended, Tranche B
5.55%, 08/31/2016 *		1,493		1,386
Nuveen Investments, Inc,. New 2nd Lien
5.82%, 03/14/2019		2,000		2,030
Electric Utilities - 0.4%
Texas Competitive Electric Holdings Co LLC,
Non-Extended
3.74%, 10/10/2014 *		4,791		2,925
Food Products - 0.4%
Del Monte Foods Co.
4.50%, 03/08/2018 *		2,779		2,769
Hotels, Restaurants & Leisure - 0.3%
Cannery Casino Resorts, 2nd Lien
4.49%, 05/16/2014 *		860		787
CCM Merger, Inc., Tranche B
7.00%, 03/01/2017 *		946		948
NPC International, Inc., Tranche B
0.00%, 12/28/2018 *		400		403
Household Products - 0.4%
Amscan Holdings, Inc., Tranche B
6.75%, 12/04/2017 *		3,250		3,250

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Insurance - 0.6%
Asurion Corp., Tranche B
11.00%, 08/16/2019	$	3,100	$	3,135
Asurion Corp., Second Lien
9.00%, 05/24/2019 *		1,800		1,820
Personal Products - 0.5%
Revlon Consumer Products Corp., Tranche B
4.75%, 11/17/2017 *		3,820		3,810
Pharmaceuticals - 0.6%
Axcan Intermediate Holdings, Inc., Tranche B
5.50%, 02/10/2017 *		2,370		2,362
Quintiles Transnational Corp.
7.50%, 02/22/2017		3,400		3,402
Software - 0.2%
First Data Corp., Tranche B2
2.99%, 09/24/2014		1,314		1,265
Specialty Retail - 0.3%
Academy, Ltd.
6.00%, 08/03/2018 *		1,496		1,501
Burlington Coat Factory Warehouse Corp.,
Tranche B
6.25%, 02/23/2017 *		1,134		1,137

Total Loan Assignments (cost $39,679)				39,013


	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCKS - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Chesapeake Energy Corp., 4.50%		18,815		1,724
Chesapeake Energy Corp., 5.00%		2,304		192

Total Convertible Preferred Stocks (cost $2,091)				1,916

PREFERRED STOCK - 0.3%
Diversified Financial Services - 0.3%
GMAC Capital Trust I, 8.13% *		87,120		2,013
Total Preferred Stock (cost $2,200)
COMMON STOCKS - 0.8%
Airlines - 0.0% ¥
Delta Air Lines, Inc. ‡		13,451		133
Building Products - 0.2%
Panolam Holdings Co. ‡ §D		1,803		1,540
Construction Materials - 0.6%
RathGibson, Inc. (Escrow Certificates) ‡ §D		95,700		4,163
Hotels, Restaurants & Leisure - 0.0% ¥
Greektown Superholdings, Inc. ‡		1,131		58
Independent Power Producers & Energy Traders - 0.0% ¥
Mirant Corp. (Escrow Certificates) ‡		550,000		¿
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. - Class A ‡		7,723		225

Total Common Stocks (cost $4,305)				6,119

INVESTMENT COMPANY - 0.0% ¥
Diversified Financial Services - 0.0% ¥
Adelphia Recovery Trust		2,697,805		¿
Total Investment Company (cost $2,641)
RIGHT - 0.0% ¥
Hotels, Restaurants & Leisure - 0.0% ¥
BLB Contingent Value Rights ‡§D		2,010		8
Total Right (cost $2,010)


	Shares		Value (000’s)
WARRANTS - 0.0% ¥
Food Products - 0.0% ¥
American Seafoods Group LLC ‡
Expiration: 05/15/2018
Exercise Price: $0.01		1,265	$	89
Media - 0.0% ¥
Reader’s Digest Association, Inc. ‡ §D
Expiration: 02/19/2014
Exercise Price: $47.35		13,112	¿
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		8,130		59

Total Warrants (cost $¿)				148


	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 4.6%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $35,748 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $36,468.	$	35,748		35,748
Total Repurchase Agreement (cost $35,748)

Total Investment Securities (cost $754,118)				766,863
Other Assets and Liabilities - Net				6,946

Net Assets			$	773,809

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

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

In default.

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $6,938, or 0.90% of the portfolio’s net assets.

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

*	Floating or variable rate note. Rate is listed as of 03/30/2012.

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

¥	Percentage rounds to less than 0.1%.

‡	Non-income producing security.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $754,118. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $41,969 and $29,224, respectively. Net unrealized appreciation for tax purposes is $12,745.

¿	Amount is less than 1.

§	Illiquid. Total aggregate market value of illiquid securities is $19,006, or 2.46%, of the portfolio’s net assets.

D	Restricted. At 03/31/2012, the portfolio owned the respective securities (representing 1.27% of the portfolio’s net assets) which were restricted as to public resale:

Description

Date of Acquisition

Principal

Cost

Value

Price*

American Seafoods Group LLC

05/07/2010

4,515

4,418

4,121

91.25

Description

Date of Acquisition

Shares*

Cost

Value

Price*

Panolam Holdings Co.

12/29/2009

1,803

3,080

1,540

854.04

RathGibson, Inc. (Escrow Certificates)

06/14/2010

95,700

508

4,163

43.50

BLB Contingent Value Rights

11/22/2010

2,010

4.00

Reader’s Digest Association, Inc.

05/18/2010

13,112

Amount not rounded to thousands.

Price rounds to less than $0.01.

DEFINITIONS (all amounts in thousands):

144A

BP	Basis Point

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	416	$	—	$	5,703	$	6,119
Convertible Bond		—		—		¿		¿
Convertible Preferred Stocks		1,916		—		—		1,916
Corporate Debt Securities		—		680,663		1,235		681,898
Investment Company		—		¿		—		¿
Loan Assignments		—		39,013		—		39,013
Preferred Corporate Debt Security		—		—		¿		¿
Preferred Stocks		2,013		—		—		2,013
Repurchase Agreement		—		35,748		—		35,748
Right		—		8		—		8
Warrants		148		—				148

Total	$	4,493	$	755,432	$	6,938	$	766,863

See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

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

Level 3 Rollforward - Investment Securities


Securities	Beginning Balance at 12/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)			Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 03/31/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2012 ƒ
Common Stocks	$	4,497	$	—	$	—		$	—		$	—	$	1,206		$	—	$	—		$	5,703	$	1,206
Convertible Bonds	¿			—		—			—			—		—			—		—		¿			—
Corporate Debt Securities		1,355		—		(210	)		(13	)		3		100			—		—			1,235		124
Loan		7,411		838		(7,438	)		5		¿			(5	)		—		(811	)		—		—
Assignments
Preferred
Corporate Debt Securities	¿			—		—			—			—		—			—		—		¿			—
Warrants	¿			—		—			—			—		—			—		—		¿			—

Total	$	13,263	$	838	$	(7,648	)	$	(8	)	$	3	$	1,301		$	—	$	(811	)	$	6,938	$	1,330

Transfers between levels are considered to have occurred at the end of the reporting period. As of period end 03/31/2012, securities with an aggregate market value of $811 transferred from Level 3 to Level 2 due to availability of observable inputs. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

ƒ	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 3/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

¿	Amount is less than 1.

Total aggregate market value of Level 3 is 0.90% of the fund’s net assets.

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 4.1%
U.S. Treasury Bond
3.13%, 11/15/2041 - 02/15/2042	$	532	$	510
4.75%, 02/15/2041		165		210
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042		175		167
2.13%, 02/15/2041		111		147
U.S. Treasury Note
0.25%, 02/15/2015		70		69
0.38%, 03/15/2015		485		483
0.50%, 08/15/2014		95		95
0.63%, 06/30/2012 g		80		80
0.88%, 02/28/2017		280		278
1.00%, 03/31/2017		130		130
1.38%, 02/28/2019		680		670
2.00%, 02/15/2022		1,825		1,791

Total U.S. Government Obligations (cost $4,624)				4,630


U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.9%
Fannie Mae
2.68%, 10/09/2019 p		280		217
3.09%, 03/01/2041 *		80		84
3.15%, 03/01/2041 *		76		79
3.31%, 12/01/2040 *		91		96
3.50%, 11/01/2026 - 03/01/2042		667		696
4.00%, 02/01/2025 - 12/01/2041		2,177		2,303
4.50%, 01/01/2041 - 06/01/2041		2,825		3,013
5.00%, 09/01/2033 - 12/01/2035		689		745
5.50%, 09/01/2034 - 08/01/2037		670		736
6.00%, 05/01/2038 - 09/01/2039		609		673
6.50%, 07/01/2037 - 10/01/2039		494		554
Fannie Mae, TBA
3.50%		200		205
4.50%		800		856
5.00%		300		324
5.50%		400		436
6.00%		1,000		1,101
Farmer Mac Guaranteed Notes Trust 2007-1
5.13%, 04/19/2017 - 144A		350		411
Freddie Mac
2.87%, 12/25/2021		220		221
3.05%, 02/01/2041 *		83		87
3.97%, 01/25/2021 *		120		131
4.02%, 11/25/2044 - 144A *		20		18
Freddie Mac, IO
1.60%, 10/25/2018 *		290		25
Freddie Mac, TBA
4.50%		100		106
5.00%		700		752
Ginnie Mae
1.40%, 11/20/2059 *		465		475
Ginnie Mae, TBA
4.00%		400		429
4.50%		800		870
5.00%		800		884
5.50%		400		447
6.00%		300		339
Resolution Funding Corp., Interest STRIPS
2.23%, 07/15/2018 p		250		223
2.30%, 10/15/2018 p		250		221


	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Tennessee Valley Authority
5.25%, 09/15/2039	$	60	$	72

Total U.S. Government Agency Obligations (cost $17,530)				17,829


FOREIGN GOVERNMENT OBLIGATIONS - 0.8%
Italy Buoni Poliennali Del Tesoro
5.00%, 03/01/2022	EUR	200		264
Poland Government International Bond
5.00%, 03/23/2022	$	40		42
Republic of Brazil
7.13%, 01/20/2037		25		34
Republic of South Africa
5.50%, 03/09/2020		100		112
Russian Federation
7.50%, 03/31/2030 Reg S		230		274
United Mexican States
5.13%, 01/15/2020 ^		180		207

Total Foreign Government Obligations (cost $902)				933


MORTGAGE-BACKED SECURITIES – 5.4%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.08%, 02/25/2035 *		71		69
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
1.99%, 11/15/2015 - 144A *		118		111
Series 2010-UB4, Class A4A
5.01%, 12/20/2041 - 144A *		100		106
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2005-5, Class A4
5.12%, 10/10/2045 *		250		277
Series 2007-3, Class A4
5.63%, 06/10/2049 *		60		67
Bear Stearns Commercial Mortgage Securities
Series 2007-PW17, Class A3
5.74%, 06/11/2050		115		120
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.45%, 12/25/2046 *		1,042		215
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class AM
5.82%, 06/15/2038 *		40		42
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 - 144A *		90		100
Series 2010-RR2, Class 2A
5.79%, 09/15/2039 - 144A *		120		133
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A4
5.22%, 08/15/2048		200		219
Extended Stay America Trust
Series 2010-ESHA, Class B
4.22%, 11/05/2027 - 144A		140		142
GE Capital Commercial Mortgage Corp.
Series 2007-C1, Class AAB
5.48%, 12/10/2049		100		104
GMAC Mortgage Corp., Loan Trust
Series 2005-AR1, Class 3A
3.23%, 03/18/2035 *		408		358
Greenwich Capital Commercial Funding Corp.
Series 2006-GG7, Class AJ
5.88%, 07/10/2038 *		40		34

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Impac CMB Trust
Series 2004-6, Class 1A1
1.04%, 10/25/2034 *	$	164	$	130
IndyMac INDA Mortgage Loan Trust
Series 2007-AR7, Class 1A1
5.65%, 09/25/2037 *		306		245
IndyMac Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.91%, 08/25/2037 *		379		260
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		195		203
Series 2004-LN2, Class A2
5.12%, 07/15/2041		90		96
Series 2006-CB14, Class AM
5.45%, 12/12/2044 *		50		51
Series 2007-CB18, Class A3
5.45%, 06/12/2047		93		97
Series 2008-C2, Class ASB
6.13%, 02/12/2051 *		190		205
JPMorgan Mortgage Trust
Series 2004-A3, Class 1A1
2.54%, 07/25/2034 *		258		263
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A3, Class 4A3
5.01%, 05/25/2034 *		124		124
Series 2005-A5, Class A3
2.64%, 06/25/2035 *		1,300		980
Merrill Lynch Mortgage Trust
Series 2004-KEY2, Class A4
4.86%, 08/12/2039 *		60		64
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049		200		219
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1
0.88%, 10/25/2028 *		134		122
Morgan Stanley Capital I
Series 2007-HQ12, Class A2FX
5.60%, 04/12/2049 *		81		84
Morgan Stanley Capital I, IO
Series 2012-C4, Class XA
2.90%, 03/15/2045 - 144A *		510		78
Morgan Stanley Re-REMIC Trust
2.00%, 07/27/2049		98		98
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		106		107
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.94%, 01/19/2034 *		232		197
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class A4
5.90%, 02/15/2051 *		240		266

Total Mortgage-Backed Securities (cost $7,223)				5,986


ASSET-BACKED SECURITIES - 2.6%
AEP Texas Central Transition Funding LLC
Series 2012-1, Class A3
2.85%, 03/01/2026		125		123


	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
AH Mortgage Advance Trust
Series SART-3, Class 1A1
2.98%, 03/13/2043 - 144A	$	100	$	100
AmeriCredit Automobile Receivables Trust
Series 2011-2, Class C
3.19%, 10/12/2016		115		119
Series 2011-5, Class C
3.44%, 10/08/2017		40		41
Avis Budget Rental Car Funding AESOP LLC
Series 2010-3A, Class A
4.64%, 05/20/2016 - 144A		100		108
CarMax Auto Owner Trust
Series 2012-1, Class B
1.76%, 08/15/2017		25		25
Series 2012-1, Class C
2.20%, 10/16/2017		15		15
Series 2012-1, Class D
3.09%, 08/15/2018		15		15
CenterPoint Energy Transition Bond Co., LLC
Series 2012-1, Class A3
3.03%, 10/15/2025		120		121
Education Funding Capital Trust I
Series 2003-3, Class A7
2.43%, 12/15/2042 *		150		123
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class C
2.07%, 09/15/2015 - 144A		35		35
Series 2010-5, Class D
2.41%, 09/15/2015 - 144A		15		15
Series 2011-2, Class C
2.37%, 09/15/2015		40		40
Series 2011-2, Class D
2.86%, 09/15/2015		30		30
Series 2012-1, Class C
1.74%, 01/15/2016 *		100		100
Series 2012-1, Class D
2.34%, 01/15/2016 *		100		100
Hertz Corp.
Series 2009-2A, Class A2
5.29%, 03/25/2016 - 144A		120		132
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		30		30
Nelnet Student Loan Trust
Series 2008-3, Class A4
2.14%, 11/25/2024 *		100		103
PFS Financing Corp.
Series 2012-AA, Class A
1.44%, 02/15/2016 - 144A *		100		100
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B
1.66%, 08/15/2016 - 144A		209		207
Series 2011-S1A, Class C
2.01%, 08/15/2016 - 144A		219		217
Series 2011-WO, Class C
3.19%, 10/15/2015 - 144A		70		70
Santander Drive Auto Receivables Trust
Series 2010-2, Class B
2.24%, 12/15/2014		110		110
Series 2010-2, Class C
3.89%, 07/17/2017		130		133
Series 2011-1, Class D
4.01%, 02/15/2017		100		100

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2011-S1A, Class B
1.48%, 07/15/2013 - 144A	$	146	$	145
Series 2011-S1A, Class D
3.10%, 03/15/2013 - 144A		60		60
Series 2012-1, Class B
2.72%, 05/16/2016		25		25
Series 2012-1, Class C
3.78%, 11/15/2017		35		36
Scholar Funding Trust
Series 2011-A, Class A
1.45%, 10/28/2043 - 144A *		138		133
SLM Student Loan Trust
Series 2004-B, Class A2
0.67%, 06/15/2021 *		187		179

Total Asset-Backed Securities (cost $2,887)				2,890

MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		45		50
5.50%, 06/15/2043		55		63

Total Municipal Government Obligations (cost $99)				113

PREFERRED CORPORATE DEBT SECURITIES - 0.0% ¥
Capital Markets - 0.0% ¥
Lehman Brothers Holdings Capital Trust VII
5.86%, 05/31/2012 ‡ §		200		¿
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/2065 ‡		120		¿
State Street Capital Trust IV
1.47%, 06/15/2037 *		10		7
Diversified Financial Services - 0.0% ¥
JPMorgan Chase Capital XXV - Series Y
6.80%, 10/01/2037		25		26

Total Preferred Corporate Debt Securities (cost $301)				33
CORPORATE DEBT SECURITIES - 12.1%
Auto Components - 0.0% ¥
BorgWarner, Inc.
4.63%, 09/15/2020		30		32
Automobiles - 0.0% ¥
General Motors Corp. (Escrow Shares)
8.25%, 07/15/2023		453		¿
Capital Markets - 0.5%
BP Capital Markets PLC
3.13%, 10/01/2015		40		42
3.88%, 03/10/2015 ^		100		107
Credit Suisse
5.40%, 01/14/2020 ^		25		26
Goldman Sachs Group, Inc.
5.75%, 01/24/2022 ^		320		330
Lehman Brothers Holdings, Inc.
5.25%, 02/06/2012 ‡		100		29
Lehman Brothers Holdings, Inc. - Series I
6.75%, 12/28/2017 ‡		480		¿
Morgan Stanley
5.50%, 07/28/2021 ^		40		39
Chemicals - 0.1%
Dow Chemical Co.
4.13%, 11/15/2021 ^		40		41
Lyondell Chemical Co.
11.00%, 05/01/2018		50		56


	Principal (000’s)		Value (000’s)
Chemicals (continued)
Westlake Chemical Corp.
6.63%, 01/15/2016	$	17	$	17
Commercial Banks - 1.2%
Capital One Capital V
10.25%, 08/15/2039 ^		25		26
Capital One Capital VI
8.88%, 05/15/2040		70		70
DNB Boligkreditt AS
2.90%, 03/29/2016 - 144A		325		335
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		65		65
Glitnir Banki HF
6.33%, 07/28/2011 - 144A ‡		160		43
6.69%, 06/15/2016 - 144A ‡		380		¿
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A		200		202
HSBC Bank PLC
3.10%, 05/24/2016 - 144A ^		150		153
HSBC Holdings PLC
6.10%, 01/14/2042		35		41
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A ‡		140		6
Sparebank 1 Boligkreditt AS
2.30%, 06/30/2017 - 144A		200		199
Wells Fargo & Co.
3.50%, 03/08/2022		120		118
Construction Materials - 0.0% ¥
Lafarge SA
7.13%, 07/15/2036 ^		17		16
Consumer Finance - 0.3%
Ally Financial, Inc.
1.75%, 10/30/2012		150		151
Capital One Financial Corp.
4.75%, 07/15/2021 ^		90		95
SLM Corp.
6.25%, 01/25/2016 ^		78		81
Containers & Packaging - 0.0% ¥
Ball Corp.
6.75%, 09/15/2020 ^		50		55
Diversified Consumer Services - 0.0% ¥
Service Corp., International
7.50%, 04/01/2027		35		35
Diversified Financial Services - 1.4%
Bank of America Corp.
3.88%, 03/22/2017 ^		60		60
5.70%, 01/24/2022		35		37
6.50%, 08/01/2016		40		44
7.63%, 06/01/2019		25		29
Citigroup, Inc.
4.59%, 12/15/2015		345		363
5.00%, 09/15/2014		40		41
Credit Suisse AG
1.63%, 03/06/2015 - 144A ^		230		231
JPMorgan Chase & Co.
3.15%, 07/05/2016 ^		51		53
JPMorgan Chase Bank NA
6.00%, 10/01/2017		250		286
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A ‡		130		¿
Kaupthing Bank Hf - Series 1
7.63%, 02/28/2015 - 144A ‡		710		188

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Swiss Re Capital I LP
6.85%, 05/25/2016 - 144A *	$	70	$	66
Woodside Finance, Ltd.
4.60%, 05/10/2021 - 144A ^		25		26
Diversified Telecommunication Services - 0.4%
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 ^		44		46
8.50%, 11/01/2019		50		55
Level 3 Financing, Inc.
8.13%, 07/01/2019 - 144A		64		67
8.75%, 02/15/2017 ^		11		11
Sprint Capital Corp.
6.88%, 11/15/2028		24		18
8.75%, 03/15/2032		60		51
Verizon Communications, Inc.
3.50%, 11/01/2021 ^		50		51
6.10%, 04/15/2018		63		77
6.40%, 02/15/2038		37		45
8.95%, 03/01/2039		10		15
Electric Utilities - 1.1%
Alabama Power Co.
3.95%, 06/01/2021		55		59
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036 ^		37		40
8.88%, 11/15/2018		7		9
Duke Energy Carolinas LLC
4.25%, 12/15/2041 ^		50		50
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
10.00%, 12/01/2020		336		366
Georgia Power Co.
3.00%, 04/15/2016 ^		100		106
Hydro Quebec
8.05%, 07/07/2024		240		345
8.40%, 01/15/2022		95		134
9.40%, 02/01/2021		50		73
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		30		38
Trans-Allegheny Interstate Line Co.
4.00%, 01/15/2015 - 144A		30		32
Energy Equipment & Services - 0.6%
Cie Generale de Geophysique-Veritas
7.75%, 05/15/2017 ^		40		42
El Paso Pipeline Partners Operating Co., LLC
6.50%, 04/01/2020		75		84
Ensco PLC
3.25%, 03/15/2016		20		21
4.70%, 03/15/2021 ^		45		49
Noble Holding International, Ltd.
5.25%, 03/15/2042		50		50
Pride International, Inc.
6.88%, 08/15/2020		30		37
Rockies Express Pipeline LLC
3.90%, 04/15/2015 - 144A		15		14
Transocean, Inc.
5.05%, 12/15/2016		90		95
6.38%, 12/15/2021 ^		175		196
6.50%, 11/15/2020		50		56
Food Products - 0.1%
Kraft Foods, Inc.
6.50%, 08/11/2017 - 02/09/2040 ^		105		128


	Principal (000’s)		Value (000’s)
Health Care Equipment & Supplies - 0.1%
Boston Scientific Corp.
6.25%, 11/15/2015	$	138	$	152
Health Care Providers & Services - 0.3%
Fresenius Medical Care U.S. Finance, Inc.
6.88%, 07/15/2017 ^		120		132
HCA, Inc.
6.30%, 10/01/2012		6		6
6.50%, 02/15/2020		50		53
Tenet Healthcare Corp.
6.25%, 11/01/2018 - 144A ^		55		57
10.00%, 05/01/2018 ^		45		52
UnitedHealth Group, Inc.
3.38%, 11/15/2021 ^		15		15
Hotels, Restaurants & Leisure - 0.4%
Boyd Gaming Corp.
6.75%, 04/15/2014		25		25
7.13%, 02/01/2016 ^		80		77
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018		50		39
Inn of the Mountain Gods Resort & Casino
1.25%, 11/30/2020 - 144A		20		14
MGM Resorts International
10.38%, 05/15/2014		50		57
11.13%, 11/15/2017		120		136
Mohegan Tribal Gaming Authority
10.50%, 12/15/2016 - 144A ^		15		13
Station Casinos, Inc.
6.88%, 03/01/2016 ‡		10		¿
Wyndham Worldwide Corp.
4.25%, 03/01/2022		80		78
Household Products - 0.2%
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		210		217
Independent Power Producers & Energy Traders - 0.0% ¥
Constellation Energy Group, Inc.
7.60%, 04/01/2032		25		33
Insurance - 1.1%
Allianz Finance II BV
5.75%, 07/08/2041 *		EUR100		126
American International Group, Inc.
3.80%, 03/22/2017 ^	$	106		107
5.45%, 05/18/2017		45		48
8.18%, 05/15/2058 *^		25		26
AXA SA
5.25%, 04/16/2040 *		EUR50		57
Hartford Financial Services Group, Inc.
6.00%, 01/15/2019	$	40		44
Lincoln National Corp.
7.00%, 06/15/2040		50		59
Manulife Financial Corp.
3.40%, 09/17/2015		110		113
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A		100		110
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		200		202
5.13%, 06/10/2014 - 144A		100		109
Prudential Financial, Inc.
4.75%, 09/17/2015 ^		140		152
XL Group PLC
6.50%, 04/15/2017 *Ž^		60		51

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Machinery - 0.0% ¥
Joy Global, Inc.
5.13%, 10/15/2021	$	25	$	27
Media - 0.8%
CBS Corp.
4.63%, 05/15/2018 ^		20		22
5.75%, 04/15/2020 ^		30		34
8.88%, 05/15/2019		30		39
Clear Channel Worldwide Holdings, Inc. - Series B
9.25%, 12/15/2017		30		33
Comcast Corp.
5.88%, 02/15/2018		99		117
6.45%, 03/15/2037		50		60
COX Communications, Inc.
8.38%, 03/01/2039 - 144A ^		95		135
CSC Holdings LLC
8.50%, 04/15/2014		31		34
8.63%, 02/15/2019 ^		5		6
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.15%, 03/15/2042 - 144A ^		25		24
6.38%, 03/01/2041		55		62
DISH DBS Corp.
7.00%, 10/01/2013 ^		30		32
NBCUniversal Media LLC
4.38%, 04/01/2021		97		104
News America, Inc.
6.40%, 12/15/2035 ^		5		6
6.65%, 11/15/2037		10		12
Time Warner Cable, Inc.
5.50%, 09/01/2041 ^		60		63
5.88%, 11/15/2040		55		59
Time Warner, Inc.
4.70%, 01/15/2021 ^		30		33
6.10%, 07/15/2040		20		22
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc.
2.15%, 03/01/2017 ^		20		20
Newcrest Finance Pty, Ltd.
4.45%, 11/15/2021 - 144A		45		45
Novelis, Inc.
8.75%, 12/15/2020 ^		80		88
Steel Dynamics, Inc.
6.75%, 04/01/2015		65		66
Multiline Retail - 0.2%
JC Penney Corp., Inc.
7.40%, 04/01/2037		20		20
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		95		109
7.45%, 07/15/2017		75		91
Multi-Utilities - 0.1%
Dominion Resources, Inc.
1.95%, 08/15/2016		70		71
Oil, Gas & Consumable Fuels - 2.0%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		163		187
6.38%, 09/15/2017		85		101
Consol Energy, Inc.
8.25%, 04/01/2020		10		10
Enterprise Products Operating LLC
6.30%, 09/15/2017		150		177
KeySpan Gas East Corp.
5.82%, 04/01/2041 - 144A		50		60


	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners, LP
5.95%, 02/15/2018	$	100	$	117
6.38%, 03/01/2041 ^		20		22
6.55%, 09/15/2040		15		17
Kinder Morgan Finance Co., ULC
5.70%, 01/05/2016 ^		185		194
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A ^		80		78
Marathon Petroleum Corp.
6.50%, 03/01/2041		132		143
MEG Energy Corp.
6.50%, 03/15/2021 - 144A		110		115
Nexen, Inc.
7.50%, 07/30/2039		135		166
Peabody Energy Corp.
6.25%, 11/15/2021 - 144A ^		90		88
Petrobras International Finance Co.
3.88%, 01/27/2016		160		168
5.75%, 01/20/2020		150		166
Plains Exploration & Production Co.
10.00%, 03/01/2016 ^		10		11
Range Resources Corp.
5.75%, 06/01/2021		10		11
7.25%, 05/01/2018		90		95
SandRidge Energy, Inc.
8.75%, 01/15/2020		60		62
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049		25		¿
Western Gas Partners, LP
5.38%, 06/01/2021		95		102
Paper & Forest Products - 0.1%
International Paper Co.
4.75%, 02/15/2022 ^		50		53
6.00%, 11/15/2041		60		65
Pharmaceuticals - 0.1%
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 ^		25		25
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021		50		51
Real Estate Investment Trusts - 0.2%
ERP Operating, LP
4.63%, 12/15/2021 ^		55		58
Ventas Realty, LP
4.75%, 06/01/2021		35		35
Vornado Realty, LP
5.00%, 01/15/2022		135		139
WEA Finance LLC
4.63%, 05/10/2021 - 144A		35		35
Real Estate Management & Development - 0.1%
Realogy Corp.
7.88%, 02/15/2019 - 144A ^		55		55
11.50%, 04/15/2017		105		99
Road & Rail - 0.1%
Burlington Northern Santa Fe LLC
5.75%, 05/01/2040		135		154
Software - 0.1%
First Data Corp.
7.38%, 06/15/2019 - 144A ^		35		36
8.25%, 01/15/2021 - 144A ^		5		5
Oracle Corp.
5.38%, 07/15/2040 ^		35		40

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
Specialty Retail - 0.0% ¥
QVC, Inc.
7.50%, 10/01/2019 - 144A	$	45	$	49
Wireless Telecommunication Services - 0.3%
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		200		222
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 ^		4		4
SBA Tower Trust
5.10%, 04/15/2017 - 144A		40		43
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A		100		110

Total Corporate Debt Securities (cost $14,908)				13,456


	Shares		Value (000’s)

PREFERRED STOCKS - 0.1%
Diversified Financial Services - 0.1%
Citigroup Capital XIII, 7.88% *		1,692		46
U.S. Government Agency Obligation - 0.0% ¥
Fannie Mae, 0.00% *		600		1
Fannie Mae, 8.25% *		10,800		15
Freddie Mac, 8.38% *		14,925		21

Total Preferred Stocks (cost $720)				83


COMMON STOCKS - 61.0%
Aerospace & Defense - 1.2%
General Dynamics Corp.		919		67
Honeywell International, Inc.		3,043		186
Textron, Inc.		1,174		33
United Technologies Corp. ^		12,642		1,048
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. - Class B		4,245		343
Auto Components - 0.3%
Johnson Controls, Inc. ^		9,712		315
Automobiles - 0.4%
General Motors Co. ‡^		15,401		395
Beverages - 1.5%
Coca-Cola Co.		13,997		1,035
Coca-Cola Enterprises, Inc.		3,919		112
Constellation Brands, Inc. - Class A ‡^		1,487		35
Dr. Pepper Snapple Group, Inc. ^		3,795		153
PepsiCo, Inc.		5,193		345
Biotechnology - 1.2%
Alexion Pharmaceuticals, Inc. ‡		864		80
Biogen Idec, Inc. ‡^		3,908		492
Celgene Corp. ‡		8,195		636
Onyx Pharmaceuticals, Inc. ‡		712		27
Vertex Pharmaceuticals, Inc. ‡		2,099		86
Building Products - 0.1%
Masco Corp. ^		10,232		137
Capital Markets - 1.4%
Ameriprise Financial, Inc.		1,855		106
Goldman Sachs Group, Inc.		2,906		361
Invesco, Ltd.		12,327		329
Morgan Stanley ^		11,672		229
State Street Corp.		10,969		500
TD Ameritrade Holding Corp. ^		3,721		73
Chemicals - 1.4%
Air Products & Chemicals, Inc. ^		6,054		556


	Shares		Value (000’s)
Chemicals (continued)
Dow Chemical Co. ^		2,182	$	76
E.I. du Pont de Nemours & Co.		16,017		847
Monsanto Co.		820		65
Commercial Banks - 1.7%
Comerica, Inc. ^		2,148		70
Huntington Bancshares, Inc.		11,040		71
KeyCorp		10,278		87
SunTrust Banks, Inc.		5,165		125
U.S. Bancorp ^		4,503		143
Wells Fargo & Co.		41,228		1,407
Communications Equipment - 1.4%
Cisco Systems, Inc.		37,215		786
Juniper Networks, Inc. ‡^		2,740		63
QUALCOMM, Inc.		10,860		739
Computers & Peripherals - 3.9%
Apple, Inc. ‡		6,089		3,651
EMC Corp. ‡^		5,453		163
Hewlett-Packard Co.		10,572		252
NetApp, Inc. ‡^		4,128		185
SanDisk Corp. ‡^		4,039		200
Construction & Engineering - 0.5%
Fluor Corp.		8,764		526
Consumer Finance - 1.0%
American Express Co.		6,840		396
Capital One Financial Corp.		11,726		653
Discover Financial Services		864		29
Containers & Packaging - 0.2%
Crown Holdings, Inc. ‡		1,757		65
Sealed Air Corp.		5,566		107
Diversified Financial Services - 1.8%
Bank of America Corp. ^		70,194		672
Citigroup, Inc. ^		22,951		839
CME Group, Inc. - Class A		835		242
IntercontinentalExchange, Inc. ‡		1,625		223
NYSE Euronext ^		2,541		76
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		10,823		338
Verizon Communications, Inc. ^		26,672		1,020
Electric Utilities - 0.9%
FirstEnergy Corp. ^		2,400		109
NextEra Energy, Inc. ^		6,599		404
Northeast Utilities ^		2,482		92
NV Energy, Inc.		14,460		233
PPL Corp.		4,782		135
Electrical Equipment - 0.6%
Emerson Electric Co. ^		13,708		715
Energy Equipment & Services - 1.6%
Baker Hughes, Inc.		11,891		500
Ensco PLC ADR		3,973		210
Halliburton Co. ^		4,202		139
Nabors Industries, Ltd. ‡		3,359		59
National Oilwell Varco, Inc. ^		5,013		398
Schlumberger, Ltd.		6,484		453
Weatherford International, Ltd. ‡		4,184		63
Food & Staples Retailing - 1.0%
CVS Caremark Corp.		12,042		540
Kroger Co.		3,392		82
Sysco Corp. ^		3,662		109
Wal-Mart Stores, Inc.		5,561		340
Food Products - 1.4%
Archer-Daniels-Midland Co.		6,895		218
General Mills, Inc.		5,117		202
Kellogg Co. ^		1,748		94
Kraft Foods, Inc. - Class A		20,949		797
Ralcorp Holdings, Inc. ‡		2,232		165
Tyson Foods, Inc. - Class A		4,510		86

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Gas Utilities - 0.4%
AGL Resources, Inc.		5,222	$	204
Atmos Energy Corp.		2,148		68
EQT Corp. ^		2,552		123
Health Care Equipment & Supplies - 0.8%
Becton Dickinson and Co. ^		2,673		208
CareFusion Corp. ‡		1,190		31
Covidien PLC		12,797		699
Health Care Providers & Services - 1.3%
CIGNA Corp.		2,895		143
Express Scripts, Inc. ‡^		2,414		131
Humana, Inc. ^		3,089		286
McKesson Corp.		2,610		229
UnitedHealth Group, Inc.		10,537		620
Hotels, Restaurants & Leisure - 0.7%
Carnival Corp. ^		10,954		352
Marriott International, Inc. - Class A ^		56		2
McDonald’s Corp.		1,410		138
Royal Caribbean Cruises, Ltd. ^		1,072		32
Yum! Brands, Inc.		2,882		205
Household Durables - 0.3%
D.R. Horton, Inc. ^		7,783		118
NVR, Inc. ‡^		89		65
PulteGroup, Inc. ‡^		9,704		86
Ryland Group, Inc. ^		2,089		40
Toll Brothers, Inc. ‡		2,238		54
Household Products - 1.3%
Kimberly-Clark Corp. ^		1,729		128
Procter & Gamble Co.		19,752		1,327
Industrial Conglomerates - 1.4%
3M Co.		3,430		306
General Electric Co.		40,673		816
Tyco International, Ltd.		8,473		476
Insurance - 1.6%
ACE, Ltd. ^		3,293		241
Allstate Corp.		6,199		204
Axis Capital Holdings, Ltd.		942		31
Berkshire Hathaway, Inc. - Class B ‡		2,726		221
Everest RE Group, Ltd.		1,789		166
MetLife, Inc.		14,929		557
PartnerRe, Ltd. ^		444		30
Prudential Financial, Inc. ^		4,884		310
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. ‡		2,291		464
Expedia, Inc. ^		4,396		147
TripAdvisor, Inc. ‡^		461		16
Internet Software & Services - 0.9%
eBay, Inc. ‡		3,897		144
Google, Inc. - Class A ‡		1,280		821
IT Services - 1.9%
Accenture PLC - Class A		6,362		410
Cognizant Technology Solutions Corp. - Class A ‡	‡	4,772		367
Fidelity National Information Services, Inc. ^		1,307		43
Genpact, Ltd. ‡		12,049		196
International Business Machines Corp.		3,879		810
Mastercard, Inc. - Class A		601		253
Western Union Co. ^		3,269		58
Life Sciences Tools & Services - 0.1%
PerkinElmer, Inc. ^		2,163		60
Machinery - 1.1%
Cummins, Inc.		318		38
Ingersoll-Rand PLC ^		4,898		203
Kennametal, Inc.		1,586		71
PACCAR, Inc. ^		9,328		436
Parker Hannifin Corp. ^		1,165		99
SPX Corp.		3,286		254
Timken Co.		1,459		74


	Shares		Value (000’s)
Media - 2.7%
CBS Corp. - Class B		24,878	$	844
Comcast Corp. - Class A ^		32,239		967
DIRECTV - Class A ‡		5,148		254
Discovery Communications, Inc. ‡^		2,805		142
Time Warner, Inc.		18,530		700
Walt Disney Co. ^		3,152		138
Metals & Mining - 0.5%
Alcoa, Inc. ^		17,783		177
Freeport-McMoRan Copper & Gold, Inc.		3,089		118
Newmont Mining Corp.		2,592		133
U.S. Steel Corp. ^		2,511		74
Walter Energy, Inc.		516		31
Multiline Retail - 0.8%
Kohl’s Corp. ^		2,927		146
Macy’s, Inc. ^		6,514		259
Target Corp. ^		7,817		456
Multi-Utilities - 0.9%
CenterPoint Energy, Inc.		13,736		271
DTE Energy Co.		3,879		213
OGE Energy Corp.		245		13
PG&E Corp. ^		11,764		511
Oil, Gas & Consumable Fuels - 4.9%
Anadarko Petroleum Corp.		2,094		164
Apache Corp.		2,037		205
Chevron Corp.		13,113		1,406
ConocoPhillips ^		7,039		535
Devon Energy Corp.		3,333		237
Exxon Mobil Corp. ^		19,037		1,652
Marathon Petroleum Corp. ^		1,553		67
Occidental Petroleum Corp.		4,315		411
Peabody Energy Corp.		2,156		62
Pioneer Natural Resources Co. ^		984		110
Range Resources Corp.		4,103		239
SemGroup Corp. - Class A ‡^		64		2
Sunoco, Inc.		496		19
Valero Energy Corp.		5,100		131
Williams Cos., Inc.		12,197		376
Pharmaceuticals - 3.5%
Abbott Laboratories		11,519		706
Allergan, Inc. ^		3,106		296
Johnson & Johnson		4,485		296
Merck & Co., Inc.		32,263		1,239
Mylan, Inc. ‡		13,560		318
Pfizer, Inc.		46,330		1,050
Real Estate Investment Trusts - 1.1%
Alexandria Real Estate Equities, Inc. ^		2,644		192
Colonial Properties Trust		3,024		66
Cousins Properties, Inc.		4,229		32
Duke Realty Corp. ^		3,789		54
Equity Lifestyle Properties, Inc. ^		870		61
Equity Residential ^		1,675		105
Highwoods Properties, Inc. ^		1,824		61
Mack-Cali Realty Corp. ^		3,099		89
Mid-America Apartment Communities, Inc. ^		1,065		71
Pebblebrook Hotel Trust ^		1,579		36
Post Properties, Inc. ^		1,497		70
Senior Housing Properties Trust		3,472		77
UDR, Inc. ^		2,568		69
Vornado Realty Trust		1,706		144
Weyerhaeuser Co. ^		5,888		129
Real Estate Management & Development - 0.0% ¥
Howard Hughes Corp. ‡		458		29
Road & Rail - 1.7%
CSX Corp.		29,823		642
Norfolk Southern Corp.		5,200		342
Union Pacific Corp.		8,679		933

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Semiconductors & Semiconductor Equipment - 1.2%
Altera Corp.		7,889	$	314
Intel Corp.		3,551		100
KLA-Tencor Corp.		878		48
LAM Research Corp. ‡^		7,225		322
MagnaChip Semiconductor Corp. ‡		149		2
Marvell Technology Group, Ltd. ‡		4,306		68
ON Semiconductor Corp. ‡		8,150		73
Texas Instruments, Inc.		3,005		101
Xilinx, Inc. ^		10,087		368
Software - 2.6%
Adobe Systems, Inc. ‡		5,715		196
Citrix Systems, Inc. ‡		1,630		129
Microsoft Corp.		48,426		1,562
Oracle Corp.		34,825		1,015
Specialty Retail - 1.7%
AutoZone, Inc. ‡		910		338
Home Depot, Inc.		12,289		619
Lowe’s Cos., Inc.		17,902		562
Staples, Inc. ^		2,520		41
Tiffany & Co. ^		701		48
TJX Cos., Inc.		7,732		307
Textiles, Apparel & Luxury Goods - 0.8%
NIKE, Inc. - Class B		3,804		413
V.F. Corp. ^		3,565		520
Tobacco - 1.1%
Altria Group, Inc.		8,214		254
Philip Morris International, Inc.		10,794		956
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. ‡^		1,512		81

Total Common Stocks (cost $59,933)				68,156

WARRANTS - 0.0% ¥
Automobiles - 0.0% ¥
General Motors Co. ‡
Expiration: 07/10/2016
Exercise Price: $10.00		1,742		30
General Motors Co. ‡
Expiration: 07/10/2019
Exercise Price: $18.33		1,742		19
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. ‡^
Expiration: 11/30/2014
Exercise Price: $25.00		68	¿

Total Warrants (cost $174)				49


	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTION - 0.0% ¥
Put Option - 0.0% ¥
Eurodollar, Mid-Curve 2-Year Future	$	63		7
Put Strike $99.00
Expires 05/11/2012
Total Purchased Option (cost $5)
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 18.2%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.31% p		20,409,182		20,409
Total Securities Lending Collateral (cost $20,409)


	Principal (000’s)			Value (000’s)
REPURCHASE AGREEMENT - 4.0%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $4,522 on 04/02/2012. Collateralized by a U.S. Government Agency Obligations, 4.00%, due 12/25/2038, and with a total value of $4,617.	$	4,522		$	4,522
Total Repurchase Agreement (cost $4,522)

Total Investment Securities (cost $134,237)				$	139,096
Other Assets and Liabilities - Net					(27,232	)

Net Assets				$	111,864


	Principal (000’s)			Value (000’s)
SECURITIES SOLD SHORT - (4.9%)
U.S. Government Agency Obligations - (4.9%)
Fannie Mae, TBA
4.00%	$	(1,610	)	$	(1,691	)
4.50%		(2,100	)		(2,233	)
5.00%		(400	)		(431	)
5.50%		(1,000	)		(1,088	)

Total Securities Sold Short (proceeds $(5,430))				$	(5,443	)

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


FUTURES CONTRACTS:
Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note		Short		(22	)		06/20/2012	$	(11	)
2-Year U.S. Treasury Note		Long		20			06/29/2012		(2	)
30-Year U.S. Treasury Bond		Long		9			06/20/2012		(2	)
5-Year U.S. Treasury Note		Long		8			06/29/2012		(1	)
90-Day Eurodollar		Short		(9	)		03/16/2015		3
90-Day Eurodollar		Short		(9	)		06/15/2015		3
90-Day Eurodollar		Short		(9	)		09/14/2015		3
90-Day Eurodollar		Short		(9	)		12/14/2015		4
German Euro BOBL		Short		(1	)		06/07/2012		¿
S&P 500 E-Mini Index		Long		7			06/15/2012		21
Ultra Long U.S. Treasury Bond		Long		7			06/20/2012		(26	)

								$	(8	)


FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized (Depreciation) (000’s)
Euro		DUB		(266	)		04/18/2012	$	(344	)	$	(10	)
Euro		DUB		173			04/18/2012		233			(2	)
Euro		CITI		(191	)		04/18/2012		(250	)		(5	)

											$	(17	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:


Counterparty	Total Market Value of OTC Derivatives (000’s)	Collateral (Received)/Pledged (000’s)	Net Exposures ⁽¹⁾ (000’s)
CITI	$(5)	$—	$(5)
DUB	(12)	—	(12)

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

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

g	This security, in the amount of $80, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

Cash in the amount of $97 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

p	Rate shown reflects the yield at 03/30/2012.

*	Floating or variable rate note. Rate is listed as of 03/30/2012.

^	All or a portion of this security is on loan. The value of all securities on loan is $19,733.

In default.

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

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

‡	Non-income producing security.

¥	Percentage rounds to less than 0.1%.

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

Aggregate cost for federal income tax purposes is $134,237. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,858 and $4,999, respectively. Net unrealized appreciation for tax purposes is $4,859.

¿	Amount is less than 1.

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

DEFINITIONS (all amounts in thousands):


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $6,115 or 5.47% of the portfolio’s net assets.
ADR		American Depositary Receipt
CITI		Citigroup, Inc.
DUB		Deutsche Bank AG
IO		Interest Only
REMIC		Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS		Separate Trading of Registered Interest and Principal of Securities
TBA		To Be Announced

CURRENCY ABBREVIATION:


EUR		Euro

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at 03/31/2012
Asset-Backed Securities	$—	$2,890	$—	$2,890
Common Stocks	67,946	210	—	68,156
Corporate Debt Securities	—	13,456	¿	13,456
Foreign Government Obligations	—	933	—	933
Mortgage-Backed Securities	—	5,986	—	5,986
Municipal Government Obligations	—	113	—	113
Preferred Corporate Debt Securities	—	33	—	33
Preferred Stocks	83	—	—	83
Purchased Options	7	—	—	7
Repurchase Agreement	—	4,522	—	4,522
Securities Lending Collateral	20,409	—	—	20,409
U.S. Government Agency Obligations	—	17,829	—	17,829
U.S. Government Obligations	—	4,630	—	4,630
Warrants	49	—	—	49

Total	$88,494	$50,602	$¿	$139,096


Securities Sold Short	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at 03/31/2012
U.S. Government Agency Obligations	$—	$(5,443)	$—	$(5,443)


Other Financial Instruments	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at 03/31/2012
Futures Contracts - Appreciation	$34	$–	$–	$34
Futures Contracts - Depreciation	(42)	–	–	(42)
Forward Foreign Currency Contracts - Depreciation	–	(17)	–	(17)

Total	$(8)	$(17)	$–	$(25)

Level 3 Rollforward - Investment Securities

Securities

Beginning
Balance at
12/31/2011

Purchases

Sales

Accrued
Discounts/
(Premiums)

Total
Realized
Gain/(Loss)

Net Change in
Unrealized
Appreciation/
(Depreciation) ƒ

Transfers
into
Level 3

Transfers
out of
Level 3

Ending
Balance at
03/31/2012

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2012 ƒ

Corporate Debt Securities

—

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

ƒ	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 03/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

¿	Amount rounds to less than 1.

Total aggregate market value of Level 3 is less than 0.01% of the fund’s net assets.

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 91.7%
Aerospace & Defense - 2.9%
Lockheed Martin Corp.		80,500	$	7,234
Northrop Grumman Corp. ^		154,200		9,418
Raytheon Co.		138,100		7,289
Textron, Inc.		141,500		3,938
Airlines - 0.6%
Delta Air Lines, Inc. ‡		615,000		6,095
Automobiles - 0.4%
General Motors Co. ‡		157,800		4,048
Biotechnology - 1.4%
Amgen, Inc.		52,700		3,583
Gilead Sciences, Inc. ‡		204,200		9,975
Capital Markets - 0.5%
Ameriprise Financial, Inc.		83,000		4,742
Chemicals - 2.0%
Agrium, Inc. ^		97,400		8,413
CF Industries Holdings, Inc.		20,400		3,726
Eastman Chemical Co.		67,700		3,499
Huntsman Corp. ^		243,100		3,406
Commercial Banks - 9.5%
Fifth Third Bancorp		773,000		10,861
Huntington Bancshares, Inc.		1,311,200		8,457
KeyCorp		1,056,300		8,979
PNC Financial Services Group, Inc.		155,400		10,022
Regions Financial Corp.		1,288,800		8,493
U.S. Bancorp		404,700		12,821
Wells Fargo & Co.		891,500		30,435
Communications Equipment - 1.7%
Cisco Systems, Inc.		744,400		15,744
Computers & Peripherals - 0.9%
Apple, Inc. ‡		14,000		8,393
Construction & Engineering - 1.0%
KBR, Inc.		255,600		9,087
Consumer Finance - 2.0%
American Express Co.		128,000		7,406
Discover Financial Services		357,400		11,916
Diversified Consumer Services - 0.7%
Apollo Group, Inc. - Class A ‡		161,600		6,244
Diversified Financial Services - 6.2%
Bank of America Corp.		1,092,300		10,453
Citigroup, Inc.		434,900		15,896
JPMorgan Chase & Co.		706,300		32,476
Diversified Telecommunication Services - 4.1%
AT&T, Inc.		597,400		18,657
Verizon Communications, Inc.		534,700		20,441
Electric Utilities - 3.0%
Edison International		255,400		10,856
Entergy Corp.		143,000		9,610
Exelon Corp.		90,200		3,537
NV Energy, Inc.		271,000		4,369
Food & Staples Retailing - 2.6%
CVS Caremark Corp.		230,200		10,313
Kroger Co.		451,600		10,942
Safeway, Inc. ^		169,900		3,434
Food Products - 0.5%
Bunge, Ltd. ^		67,900		4,647
Health Care Providers & Services - 6.9%
Aetna, Inc.		293,200		14,706
AmerisourceBergen Corp. - Class A		203,200		8,063
Cardinal Health, Inc.		220,100		9,489
Health Net, Inc. ‡		246,000		9,770
Humana, Inc.		83,800		7,750
McKesson Corp.		70,100		6,153
UnitedHealth Group, Inc.		98,200		5,788
WellPoint, Inc.		51,200		3,779
Hotels, Restaurants & Leisure - 0.6%
Wyndham Worldwide Corp. ^		120,700		5,614


	Shares		Value (000’s)
Household Durables - 0.6%
Whirlpool Corp.		75,900	$	5,834
Industrial Conglomerates - 1.8%
General Electric Co.		869,100		17,443
Insurance - 5.9%
ACE, Ltd.		155,500		11,382
Aflac, Inc.		73,800		3,394
Assurant, Inc. ^		237,500		9,619
Chubb Corp.		95,300		6,586
Lincoln National Corp. ^		129,900		3,424
Prudential Financial, Inc.		138,500		8,780
Reinsurance Group of America, Inc. - Class A		62,500		3,717
Torchmark Corp. ^		69,600		3,470
Travelers Cos., Inc.		98,200		5,813
IT Services - 1.3%
Amdocs, Ltd. ‡		118,600		3,745
Visa, Inc. - Class A		72,700		8,579
Machinery - 0.5%
Timken Co.		98,900		5,018
Media - 3.5%
CBS Corp. - Class B		376,200		12,757
Comcast Corp. - Class A		159,300		4,781
DIRECTV - Class A ‡		227,200		11,210
Interpublic Group of Cos., Inc.		11,400		130
Time Warner Cable, Inc.		58,200		4,743
Multiline Retail - 0.4%
Macy’s, Inc.		102,300		4,064
Multi-Utilities - 2.8%
Ameren Corp.		80,400		2,619
DTE Energy Co.		68,500		3,770
Public Service Enterprise Group, Inc.		309,900		9,486
Sempra Energy		175,100		10,499
Oil, Gas & Consumable Fuels - 11.4%
Chevron Corp.		260,400		27,924
ConocoPhillips		286,600		21,783
Exxon Mobil Corp.		174,300		15,117
Hess Corp.		59,300		3,496
Marathon Oil Corp.		131,100		4,156
Marathon Petroleum Corp.		135,000		5,854
Murphy Oil Corp.		196,500		11,057
Tesoro Corp. ‡		289,700		7,776
Valero Energy Corp.		427,300		11,012
Paper & Forest Products - 0.5%
Domtar Corp.		47,400		4,521
Personal Products - 0.5%
Herbalife, Ltd.		75,600		5,203
Pharmaceuticals - 3.7%
Merck & Co., Inc.		266,500		10,234
Pfizer, Inc.		1,098,000		24,880
Road & Rail - 0.5%
Ryder System, Inc.		95,100		5,021
Semiconductors & Semiconductor Equipment - 2.4%
Intel Corp.		818,200		23,000
Software - 2.5%
Activision Blizzard, Inc. ^		484,200		6,207
CA, Inc.		185,100		5,101
Microsoft Corp.		121,500		3,918
Symantec Corp. ‡		459,200		8,588
Specialty Retail - 2.2%
Advance Auto Parts, Inc.		42,100		3,729
Best Buy Co., Inc. ^		142,200		3,367
Foot Locker, Inc.		123,000		3,819
Gap, Inc.		373,000		9,750
Textiles, Apparel & Luxury Goods - 1.1%
Coach, Inc.		131,300		10,147

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Tobacco - 2.6%
Lorillard, Inc.		105,400	$	13,648
Philip Morris International, Inc.		126,300		11,191

Total Common Stocks (cost $718,342)				872,329


SECURITIES LENDING COLLATERAL - 3.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		28,938,917		28,939
Total Securities Lending Collateral (cost $28,939)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 8.2%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012,to be repurchased at $78,430 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 2.26% - 3.50%, due 12/01/2026 - 11/25/2038, and with a total value of $80,003.	$	78,430		78,430
Total Repurchase Agreement (cost $78,430)

Total Investment Securities (cost $ 825,711)				979,698
Other Assets and Liabilities - Net				(27,842	)

Net Assets			$	951,856

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

^	All or a portion of this security is on loan. The value of all securities on loan is $28,211.

‡	Non-income producing security.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $825,711. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $166,337 and $12,350, respectively. Net unrealized appreciation for tax purposes is $153,987.

VALUATION SUMMARY (all amounts in thousands): LOGO


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	872,329	$	—	$	—	$	872,329
Repurchase Agreement		—		78,430		—		78,430
Securities Lending Collateral		28,939		—		—		28,939
Total	$	901,268	$	78,430	$	—	$	979,698

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 98.5%
Aerospace & Defense - 3.8%
General Dynamics Corp.		14,200	$	1,042
Lockheed Martin Corp.		38,300		3,441
Northrop Grumman Corp.		41,900		2,559
Raytheon Co.		37,000		1,953
Textron, Inc. ^		38,400		1,069
Airlines - 0.6%
Delta Air Lines, Inc. ‡		170,800		1,693
Automobiles - 0.4%
General Motors Co. ‡		41,300		1,059
Beverages - 0.6%
Monster Beverage Corp. ‡		25,400		1,577
Biotechnology - 2.1%
Celgene Corp. ‡		29,900		2,318
Gilead Sciences, Inc. ‡		64,200		3,136
Chemicals - 3.0%
Agrium, Inc. ^		30,900		2,669
CF Industries Holdings, Inc.		8,800		1,607
Eastman Chemical Co.		46,100		2,383
PPG Industries, Inc.		14,200		1,360
Commercial Banks - 6.8%
Fifth Third Bancorp		175,500		2,466
Huntington Bancshares, Inc.		152,800		986
KeyCorp		271,500		2,308
PNC Financial Services Group, Inc.		37,700		2,431
Regions Financial Corp.		217,700		1,435
U.S. Bancorp		91,000		2,883
Wells Fargo & Co.		158,900		5,424
Communications Equipment - 1.9%
Cisco Systems, Inc.		241,600		5,110
Computers & Peripherals - 5.5%
Apple, Inc. ‡		24,300		14,567
Construction & Engineering - 0.4%
Fluor Corp.		16,900		1,015
Consumer Finance - 1.6%
American Express Co.		24,700		1,429
Discover Financial Services		86,400		2,881
Diversified Consumer Services - 0.7%
Apollo Group, Inc. - Class A ‡		49,600		1,917
Diversified Financial Services - 3.8%
Bank of America Corp.		183,900		1,760
Citigroup, Inc.		63,000		2,303
JPMorgan Chase & Co.		128,700		5,917
Diversified Telecommunication Services - 2.6%
AT&T, Inc.		57,800		1,805
Verizon Communications, Inc.		134,100		5,127
Electric Utilities - 1.8%
Edison International		59,200		2,517
Entergy Corp.		33,900		2,278
Food & Staples Retailing - 3.0%
CVS Caremark Corp.		64,400		2,885
Kroger Co.		123,700		2,997
Safeway, Inc. ^		47,300		956
Wal-Mart Stores, Inc.		17,400		1,065
Food Products - 1.6%
Bunge, Ltd. ^		17,600		1,205
Dean Foods Co. ‡		245,500		2,973
Health Care Providers & Services - 7.4%
Aetna, Inc.		68,600		3,440
AmerisourceBergen Corp. - Class A		65,100		2,583
Cardinal Health, Inc.		54,700		2,358
Humana, Inc.		30,500		2,821
McKesson Corp.		38,500		3,379
UnitedHealth Group, Inc.		40,100		2,363
WellPoint, Inc.		40,700		3,004
Hotels, Restaurants & Leisure - 1.2%
Wyndham Worldwide Corp.		66,700		3,102


	Shares		Value (000’s)
Household Durables - 0.4%
Whirlpool Corp. ^		12,400	$	953
Household Products - 0.4%
Procter & Gamble Co.		16,600		1,116
Independent Power Producers & Energy Traders - 0.5%
AES Corp. ‡		91,600		1,197
Industrial Conglomerates - 1.3%
General Electric Co.		170,200		3,416
Insurance - 2.0%
ACE, Ltd.		37,000		2,709
Aflac, Inc.		22,100		1,016
Assurant, Inc.		37,800		1,531
IT Services - 3.3%
Amdocs, Ltd. ‡		31,600		998
International Business Machines Corp.		22,200		4,632
Visa, Inc. - Class A		27,500		3,245
Machinery - 2.1%
Caterpillar, Inc.		25,700		2,737
Cummins, Inc.		13,800		1,657
Deere & Co.		13,500		1,092
Media - 4.5%
CBS Corp. - Class B		48,200		1,634
Comcast Corp. - Class A		61,500		1,846
DIRECTV - Class A ‡		78,900		3,893
Interpublic Group of Cos., Inc.		65,100		743
Time Warner Cable, Inc.		25,400		2,070
Viacom, Inc. - Class B		38,500		1,827
Metals & Mining - 0.6%
Freeport-McMoRan Copper & Gold, Inc.		40,400		1,537
Multi-Utilities - 0.5%
Public Service Enterprise Group, Inc.		40,500		1,240
Oil, Gas & Consumable Fuels - 11.8%
Chevron Corp.		65,500		7,024
ConocoPhillips		64,000		4,865
Exxon Mobil Corp.		114,700		9,948
Hess Corp.		18,800		1,108
Marathon Petroleum Corp.		34,250		1,485
Murphy Oil Corp.		50,600		2,847
Tesoro Corp. ‡		50,600		1,358
Valero Energy Corp.		116,200		2,994
Personal Products - 0.7%
Herbalife, Ltd.		25,300		1,741
Pharmaceuticals - 2.2%
Merck & Co., Inc.		31,300		1,202
Pfizer, Inc.		207,400		4,700
Road & Rail - 1.0%
Ryder System, Inc.		17,100		903
Union Pacific Corp.		16,900		1,816
Semiconductors & Semiconductor Equipment - 2.7%
Intel Corp.		209,300		5,884
LSI Corp. ‡		149,800		1,300
Software - 7.2%
Activision Blizzard, Inc. ^		232,400		2,979
CA, Inc.		103,800		2,861
Microsoft Corp.		249,100		8,033
Oracle Corp.		60,900		1,776
Symantec Corp. ‡		179,600		3,359
Specialty Retail - 3.6%
Advance Auto Parts, Inc.		19,800		1,754
AutoZone, Inc. ‡		6,600		2,454
Gap, Inc.		105,400		2,755
Home Depot, Inc.		52,700		2,651
Textiles, Apparel & Luxury Goods - 1.2%
Coach, Inc.		42,800		3,308
Tobacco - 3.5%
Lorillard, Inc.		25,400		3,289
Philip Morris International, Inc.		68,600		6,078

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Wireless Telecommunication Services - 0.2%
MetroPCS Communications, Inc. ‡		59,700	$	538

Total Common Stocks (cost $213,096)				261,655

SECURITIES LENDING COLLATERAL - 3.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		7,969,887		7,970
Total Securities Lending Collateral (cost $7,970)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.03% p , dated 03/30/2012, to be repurchased at $3,601 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $3,678.	$	3,601		3,601
Total Repurchase Agreement (cost $3,601)

Total Investment Securities (cost $224,667)				273,226
Other Assets and Liabilities - Net				(7,774	)

Net Assets			$	265,452

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

^	All or a portion of this security is on loan. The value of all securities on loan is $7,758.

‡	Non-income producing security.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $224,667. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $51,109 and $2,550, respectively. Net unrealized appreciation for tax purposes is $48,559.

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	261,655	$	—	$	—	$	261,655
Repurchase Agreement		—		3,601		—		3,601
Securities Lending Collateral		7,970		—		—		7,970

Total	$	269,625	$	3,601	$	—	$	273,226

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 92.5%
Aerospace & Defense - 3.4%
Boeing Co.		166,190	$	12,360
Honeywell International, Inc.		79,607		4,860
Precision Castparts Corp.		63,969		11,060
United Technologies Corp.		86,222		7,151

Auto Components - 0.4%
BorgWarner, Inc. ‡^		53,693		4,528

Automobiles - 0.9%
Bayerische Motoren Werke AG ADR		117,653		3,520
Harley-Davidson, Inc.		122,061		5,991

Beverages - 0.9%
Coca-Cola Co.		128,637		9,520

Biotechnology - 3.2%
Alexion Pharmaceuticals, Inc. ‡		64,393		5,980
Amgen, Inc.		123,262		8,381
Biogen Idec, Inc. ‡		8,923		1,124
Celgene Corp. ‡		153,245		11,879
Gilead Sciences, Inc. ‡		67,213		3,283
Vertex Pharmaceuticals, Inc. ‡		88,958		3,648

Capital Markets - 1.1%
Goldman Sachs Group, Inc.		97,022		12,067

Chemicals - 1.3%
CF Industries Holdings, Inc.		15,710		2,869
Monsanto Co.		95,317		7,603
Sherwin-Williams Co.		31,740		3,449

Communications Equipment - 4.9%
Cisco Systems, Inc.		1,112,911		23,538
Emulex Corp. ‡		205,997		2,138
F5 Networks, Inc. ‡		31,476		4,248
Juniper Networks, Inc. ‡		160,787		3,679
QUALCOMM, Inc.		245,011		16,666
Riverbed Technology, Inc. ‡^		56,952		1,599

Computers & Peripherals - 12.1%
Apple, Inc. ‡		120,157		72,032
Dell, Inc. ‡		219,815		3,649
EMC Corp. ‡		978,848		29,248
NetApp, Inc. ‡		283,748		12,703
QLogic Corp. ‡^		377,492		6,704
SanDisk Corp. ‡		44,509		2,207

Consumer Finance - 1.2%
American Express Co.		213,500		12,353

Diversified Consumer Services - 0.6%
Apollo Group, Inc. - Class A ‡		62,051		2,398
ITT Educational Services, Inc. ‡^		64,711		4,280

Electrical Equipment - 0.3%
Roper Industries, Inc.		27,422		2,719

Energy Equipment & Services - 2.8%
Cameron International Corp. ‡		22,698		1,199
Core Laboratories NV ^		31,417		4,134
Diamond Offshore Drilling, Inc. ^		77,152		5,150
National Oilwell Varco, Inc.		123,788		9,836
Oceaneering International, Inc.		82,903		4,468
Schlumberger, Ltd.		66,675		4,663

Food & Staples Retailing - 2.4%
Costco Wholesale Corp.		140,888		12,792
Wal-Mart Stores, Inc.		86,252		5,279
Whole Foods Market, Inc.		90,626		7,540

Food Products - 0.6%
Green Mountain Coffee Roasters, Inc. ‡^		16,203		759
Mead Johnson Nutrition Co. - Class A		68,440		5,645

Health Care Equipment & Supplies - 1.0%
Edwards Lifesciences Corp. ‡		29,012		2,110
Hologic, Inc. ‡		183,665		3,958
Intuitive Surgical, Inc. ‡		7,999		4,333

Health Care Providers & Services - 2.8%
Aetna, Inc.		63,830		3,202
AmerisourceBergen Corp. - Class A		51,890		2,059
Cardinal Health, Inc.		45,135		1,946


	Shares		Value (000’s)
Health Care Providers & Services (continued)
Express Scripts, Inc. ‡^		92,312	$	5,001
UnitedHealth Group, Inc.		299,375		17,645

Hotels, Restaurants & Leisure - 4.0%
Chipotle Mexican Grill, Inc. - Class A ‡^		16,861		7,048
Dunkin’ Brands Group, Inc. ^		115,596		3,481
McDonald’s Corp.		77,300		7,583
Panera Bread Co. - Class A ‡		16,624		2,675
Starbucks Corp.		305,658		17,083
Yum! Brands, Inc.		56,422		4,016

Industrial Conglomerates - 0.6%
General Electric Co.		136,134		2,732
Tyco International, Ltd.		62,816		3,529

Internet & Catalog Retail - 2.5%
Amazon.com, Inc. ‡		71,066		14,391
priceline.com, Inc. ‡		16,667		11,959

Internet Software & Services - 5.1%
Baidu, Inc. ADR ‡		64,995		9,474
eBay, Inc. ‡		188,845		6,966
Google, Inc. - Class A ‡		30,469		19,538
IAC/InterActiveCorp ^		122,118		5,995
LinkedIn Corp. - Class A ‡		60,042		6,124
Tencent Holdings, Ltd.		192,192		5,366
Youku, Inc. ADR ‡ ^		24,321		535

IT Services - 5.1%
Cognizant Technology Solutions Corp. - Class A ‡		67,751		5,213
International Business Machines Corp.		131,922		27,526
Mastercard, Inc. - Class A		33,738		14,188
Visa, Inc. - Class A		63,103		7,446

Life Sciences Tools & Services - 2.0%
Agilent Technologies, Inc.		185,741		8,268
Bruker Corp. ‡^		122,394		1,874
Illumina, Inc. ‡^		78,544		4,132
Life Technologies Corp. ‡		41,959		2,048
Waters Corp. ‡		56,302		5,217

Machinery - 1.9%
Caterpillar, Inc.		84,218		8,971
Cummins, Inc.		21,904		2,629
Dover Corp.		34,806		2,191
Joy Global, Inc.		36,761		2,702
Parker Hannifin Corp.		47,981		4,057

Media - 1.6%
News Corp. - Class A		148,771		2,929
Omnicom Group, Inc.		124,088		6,285
Sirius XM Radio, Inc. ‡^		706,212		1,631
Walt Disney Co.		138,388		6,059

Metals & Mining - 0.5%
Cliffs Natural Resources, Inc.		24,339		1,686
Freeport-McMoRan Copper & Gold, Inc.		55,114		2,096
Walter Energy, Inc.		18,236		1,080

Multiline Retail - 0.3%
Dollar Tree, Inc. ‡		38,847		3,671

Oil, Gas & Consumable Fuels - 4.1%
Anadarko Petroleum Corp.		84,352		6,608
Concho Resources, Inc. ‡		46,369		4,733
EOG Resources, Inc.		38,337		4,259
Exxon Mobil Corp.		161,790		14,033
Occidental Petroleum Corp.		103,721		9,877
Valero Energy Corp.		165,998		4,278

Personal Products - 0.7%
Estee Lauder Cos., Inc. - Class A		123,602		7,656

Pharmaceuticals - 3.3%
Abbott Laboratories		86,739		5,316
Allergan, Inc.		87,078		8,310
Bristol-Myers Squibb Co.		149,570		5,048
Novo Nordisk A/S ADR		64,119		8,894
Shire PLC ADR		82,041		7,773

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Real Estate Investment Trusts - 0.7%
American Tower Corp. - Class A		112,640	$	7,099

Road & Rail - 0.6%
Union Pacific Corp.		59,129		6,355

Semiconductors & Semiconductor Equipment - 3.0%
Altera Corp.		327,954		13,059
Analog Devices, Inc.		94,990		3,838
ARM Holdings PLC ADR ^		88,266		2,497
Avago Technologies, Ltd.		102,443		3,992
Intersil Corp. - Class A		90,267		1,011
KLA-Tencor Corp.		36,680		1,996
Xilinx, Inc. ^		148,191		5,399

Software - 7.2%
Autodesk, Inc. ‡		71,965		3,046
BMC Software, Inc. ‡		46,644		1,873
Check Point Software Technologies, Ltd. ‡		70,553		4,504
Citrix Systems, Inc. ‡		28,633		2,259
Microsoft Corp.		680,285		21,939
Oracle Corp.		383,786		11,191
Red Hat, Inc. ‡		175,750		10,526
Salesforce.com, Inc. ‡^		59,013		9,118
Symantec Corp. ‡		96,734		1,809
VMware, Inc. - Class A ‡		79,743		8,961

Specialty Retail - 3.7%
Bed Bath & Beyond, Inc. ‡		38,214		2,513
Buckle, Inc. ^		40,511		1,940
Inditex SA		86,082		8,245
Lowe’s Cos., Inc.		315,146		9,890
O’Reilly Automotive, Inc. ‡		22,074		2,016
PetSmart, Inc. ^		76,285		4,365
Ross Stores, Inc.		75,027		4,359
Tiffany & Co.		35,955		2,486
TJX Cos., Inc.		96,289		3,824


	Shares		Value (000’s)
Textiles, Apparel & Luxury Goods - 4.5%
Burberry Group PLC		231,451	$	5,542
Coach, Inc.		130,866		10,114
Fossil, Inc. ‡^		31,637		4,175
Lululemon Athletica, Inc. ‡^		105,012		7,842
NIKE, Inc. - Class B		89,037		9,655
Ralph Lauren Corp.		58,914		10,271

Tobacco - 0.9%
Philip Morris International, Inc.		105,965		9,390

Wireless Telecommunication Services - 0.3%
Crown Castle International Corp. ‡		59,297		3,163

Total Common Stocks (cost $783,702)				978,594


SECURITIES LENDING COLLATERAL - 6.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		63,249,393		63,249
Total Securities Lending Collateral\| (cost $63,249)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.4%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $4,127 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $4,210.	$	4,127		4,127
Total Repurchase Agreement (cost $4,127)

Total Investment Securities (cost $851,078)				1,045,970
Other Assets and Liabilities - Net				11,581

Net Assets			$	1,057,551

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

^	All or a portion of this security is on loan. The value of all securities on loan is $61,862.

‡	Non-income producing security.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $851,078. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $202,123 and $7,231, respectively. Net unrealized appreciation for tax purposes is $194,892.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Unobservable Inputs		Level 3 - Significant Value at Inputs		03/31/2012
Common Stocks	$	926,748	$	51,846	$	—	$	978,594
Repurchase Agreement		—		4,127		—		4,127
Securities Lending Collateral		63,249		—		—		63,249

Total	$	989,997	$	55,973	$	—	$	1,045,970

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 96.4%
Aerospace & Defense - 0.3%
Alliant Techsystems, Inc.		44,400	$	2,225
Beverages - 1.2%
Beam, Inc.		81,700		4,786
Brown-Forman Corp. - Class B		27,200		2,268
Dr. Pepper Snapple Group, Inc.		59,100		2,376
Building Products - 0.3%
Fortune Brands Home & Security, Inc. ‡		119,600		2,640
Capital Markets - 4.7%
Ameriprise Financial, Inc.		115,100		6,576
Charles Schwab Corp.		320,200		4,601
Invesco, Ltd.		174,550		4,655
Northern Trust Corp.		171,000		8,114
State Street Corp.		196,800		8,954
T. Rowe Price Group, Inc.		70,900		4,630
Chemicals - 4.4%
Air Products & Chemicals, Inc.		43,350		3,980
Airgas, Inc.		109,000		9,697
Albemarle Corp.		70,820		4,527
Ashland, Inc.		56,850		3,471
PPG Industries, Inc.		46,300		4,436
Sherwin-Williams Co.		43,900		4,771
Sigma-Aldrich Corp. ^		59,300		4,332
Commercial Banks - 3.8%
City National Corp. ^		67,800		3,557
Cullen/Frost Bankers, Inc. ^		44,100		2,566
Fifth Third Bancorp		566,300		7,957
Huntington Bancshares, Inc.		270,300		1,743
M&T Bank Corp.		56,000		4,865
SunTrust Banks, Inc.		350,300		8,468
Zions Bancorporation		62,500		1,341
Commercial Services & Supplies - 2.5%
Avery Dennison Corp. ^		130,460		3,931
Republic Services, Inc. - Class A		518,500		15,845
Communications Equipment - 1.7%
Motorola Solutions, Inc.		267,050		13,574
Computers & Peripherals - 0.1%
NetApp, Inc. ‡		14,825		664
Containers & Packaging - 1.8%
Ball Corp.		156,100		6,694
Rock-Tenn Co. - Class A		52,900		3,574
Silgan Holdings, Inc.		96,000		4,243
Distributors - 0.5%
Genuine Parts Co.		58,300		3,658
Diversified Financial Services - 1.1%
CME Group, Inc. - Class A		10,000		2,893
NYSE Euronext		201,400		6,044
Electric Utilities - 2.9%
Edison International		127,700		5,429
Northeast Utilities		55,200		2,049
NV Energy, Inc.		293,700		4,734
PPL Corp.		203,900		5,762
Westar Energy, Inc.		177,700		4,963
Electrical Equipment - 2.3%
AMETEK, Inc.		88,400		4,288
Cooper Industries PLC - Class A		160,150		10,242
Regal Beloit Corp. ^		59,100		3,874
Electronic Equipment & Instruments - 2.1%
Amphenol Corp. - Class A		94,520		5,649
Arrow Electronics, Inc. ‡		103,500		4,344
TE Connectivity, Ltd.		180,400		6,630
Energy Equipment & Services - 0.5%
Cameron International Corp. ‡		72,700		3,841
Food Products - 3.7%
General Mills, Inc.		230,550		9,095
Hershey Co.		55,900		3,428
JM Smucker Co.		107,100		8,714
Mead Johnson Nutrition Co. - Class A		48,600		4,009


	Shares		Value (000’s)
Food Products (continued)
Ralcorp Holdings, Inc. ‡		60,500	$	4,482
Gas Utilities - 0.8%
EQT Corp.		67,820		3,269
ONEOK, Inc.		35,900		2,932
Health Care Equipment & Supplies - 2.9%
Becton Dickinson and Co.		38,800		3,013
CareFusion Corp. ‡		167,000		4,330
St. Jude Medical, Inc.		269,500		11,942
Stryker Corp.		70,500		3,911
Health Care Providers & Services - 3.7%
AmerisourceBergen Corp. - Class A		103,700		4,115
CIGNA Corp.		270,000		13,298
Coventry Health Care, Inc.		43,700		1,554
HCA Holdings, Inc.		71,400		1,766
Humana, Inc.		39,780		3,679
Lincare Holdings, Inc.		190,250		4,924
Hotels, Restaurants & Leisure - 2.4%
Darden Restaurants, Inc. ^		71,599		3,663
Intercontinental Hotels Group PLC ADR		126,520		2,938
Marriott International, Inc. - Class A		152,666		5,778
Starwood Hotels & Resorts Worldwide, Inc. ^		66,400		3,746
Yum! Brands, Inc.		47,700		3,395
Household Durables - 1.4%
Jarden Corp.		66,300		2,667
Mohawk Industries, Inc. ‡		44,600		2,966
Newell Rubbermaid, Inc.		319,100		5,684
Household Products - 0.4%
Energizer Holdings, Inc. ‡		41,900		3,108
Industrial Conglomerates - 3.0%
Carlisle Cos., Inc.		84,500		4,218
Tyco International, Ltd.		345,800		19,427
Insurance - 8.4%
Alleghany Corp. ‡		15,574		5,125
Arch Capital Group, Ltd. ‡		245,800		9,154
Chubb Corp.		53,200		3,677
Loews Corp.		185,100		7,380
Marsh & McLennan Cos., Inc.		391,300		12,831
Old Republic International Corp. ^		268,100		2,828
OneBeacon Insurance Group, Ltd. - Class A ^		114,355		1,762
Principal Financial Group, Inc.		190,400		5,619
Torchmark Corp.		31,400		1,565
Willis Group Holdings PLC		109,300		3,823
WR Berkley Corp.		147,600		5,331
XL Group PLC - Class A		379,600		8,234
Internet & Catalog Retail - 1.6%
Expedia, Inc. ^		96,850		3,239
Liberty Interactive Corp. - Series A ‡		401,400		7,662
TripAdvisor, Inc. ‡^		44,550		1,589
IT Services - 1.3%
Jack Henry & Associates, Inc. ^		137,000		4,674
Western Union Co.		328,900		5,789
Machinery - 3.8%
Dover Corp.		66,800		4,204
Eaton Corp.		135,000		6,727
Rexnord Corp. ‡		53,400		1,127
Snap-on, Inc.		70,906		4,323
Stanley Black & Decker, Inc.		185,300		14,261
Media - 3.1%
AMC Networks, Inc. ‡		18,290		816
Cablevision Systems Corp. - Class A		70,360		1,033
CBS Corp. - Class B		257,200		8,722
Clear Channel Outdoor Holdings, Inc. - Class A ‡		117,961		941
DISH Network Corp. - Class A		128,400		4,228
Gannett Co., Inc. ^		142,600		2,186
McGraw-Hill Cos., Inc.		122,100		5,918
Washington Post Co. - Class B		2,200		822

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Metals & Mining - 0.3%
Allegheny Technologies, Inc.		56,000	$	2,306
Multiline Retail - 2.2%
Family Dollar Stores, Inc.		69,200		4,379
Kohl’s Corp.		101,860		5,096
Nordstrom, Inc.		143,250		7,982
Multi-Utilities - 6.8%
CenterPoint Energy, Inc.		108,580		2,141
CMS Energy Corp.		562,200		12,369
NiSource, Inc. ^		267,400		6,511
NSTAR		85,200		4,143
PG&E Corp.		72,700		3,156
SCANA Corp. ^		122,950		5,608
Sempra Energy		80,600		4,833
Wisconsin Energy Corp.		133,800		4,707
Xcel Energy, Inc.		410,200		10,858
Oil, Gas & Consumable Fuels - 4.6%
Devon Energy Corp.		72,800		5,178
El Paso Corp.		261,100		7,715
Energen Corp.		131,921		6,484
Newfield Exploration Co. ‡		58,300		2,022
Whiting Petroleum Corp. ‡		64,100		3,481
Williams Cos., Inc.		371,400		11,442
Pharmaceuticals - 0.9%
Hospira, Inc. ‡^		200,150		7,484
Professional Services - 0.2%
Equifax, Inc.		38,200		1,691
Real Estate Investment Trusts - 1.3%
HCP, Inc.		75,700		2,987
Regency Centers Corp.		84,000		3,737
Vornado Realty Trust		43,837		3,691
Real Estate Management & Development - 0.4%
Brookfield Office Properties, Inc. ^		189,700		3,310
Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc.		118,040		4,769
LSI Corp. ‡		634,000		5,503
Maxim Integrated Products, Inc.		205,800		5,884
Xilinx, Inc.		40,200		1,464
Software - 3.9%
Activision Blizzard, Inc. ^		394,600		5,059
BMC Software, Inc. ‡		164,630		6,612
Check Point Software Technologies, Ltd. ‡		69,650		4,446
Parametric Technology Corp. ‡		247,150		6,906
Rovi Corp. ‡		117,300		3,818
Synopsys, Inc. ‡		138,400		4,243


	Shares		Value (000’s)
Specialty Retail - 4.6%
AutoZone, Inc. ‡		12,500	$	4,648
Bed Bath & Beyond, Inc. ‡		119,200		7,839
Gap, Inc.		144,700		3,782
Limited Brands, Inc.		109,100		5,237
PetSmart, Inc.		44,900		2,569
Tiffany & Co.		38,400		2,655
TJX Cos., Inc.		152,800		6,068
Williams-Sonoma, Inc.		97,100		3,639
Textiles, Apparel & Luxury Goods - 0.5%
PVH Corp.		46,600		4,163
Thrifts & Mortgage Finance - 0.6%
Capitol Federal Financial, Inc.		110,900		1,315
People’s United Financial, Inc. ^		239,700		3,174
Water Utilities - 0.9%
American Water Works Co., Inc.		207,800		7,071
Wireless Telecommunication Services - 0.3%
Telephone & Data Systems, Inc.		92,463		2,141

Total Common Stocks (cost $646,136)				768,418

SECURITIES LENDING COLLATERAL - 5.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% ^		41,707,081		41,707
Total Securities Lending Collateral (cost $41,707)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.3%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $18,553 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/25/2038 - 05/15/2039, and with a total value of $18,925.	$	18,553		18,553
Total Repurchase Agreement (cost $18,553)

Total Investment Securities (cost $706,396)				828,678
Other Assets and Liabilities - Net				(31,329	)

Net Assets			$	797,349

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

‡	Non-income producing security.

^	All or a portion of this security is on loan. The value of all securities on loan is $40,657.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $706,396. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $130,993 and $8,711, respectively. Net unrealized appreciation for tax purposes is $122,282.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	765,480	$	2,938	$	—	$	768,418
Repurchase Agreement		—		18,553		—		18,553
Securities Lending Collateral		41,707		—		—		41,707

Total	$	807,187	$	21,491	$	—	$	828,678

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 93.6%
Aerospace & Defense - 2.2%
BE Aerospace, Inc. ‡^		103,930	$	4,830
Airlines - 0.5%
Delta Air Lines, Inc. ‡		110,985		1,100
Auto Components - 2.2%
Delphi Automotive PLC ‡^		70,900		2,240
Tenneco, Inc. ‡^		72,300		2,686
Biotechnology - 2.6%
Alexion Pharmaceuticals, Inc. ‡^		40,895		3,798
Regeneron Pharmaceuticals, Inc. ‡^		16,295		1,900
Building Products - 3.1%
Owens Corning, Inc. ‡^		78,400		2,825
USG Corp. ‡^		231,900		3,988
Capital Markets - 2.1%
Raymond James Financial, Inc. ^		125,650		4,590
Chemicals - 1.7%
Eastman Chemical Co. ^		71,875		3,715
Commercial Banks - 1.4%
Fifth Third Bancorp ^		216,670		3,044
Communications Equipment - 1.5%
JDS Uniphase Corp. ‡^		230,440		3,339
Construction & Engineering - 2.3%
Chicago Bridge & Iron Co. NV - Class Y		118,545		5,120
Consumer Finance - 2.0%
Discover Financial Services		133,690		4,457
Electronic Equipment & Instruments - 3.2%
FEI Co. ‡^		96,010		4,715
Trimble Navigation, Ltd. ‡^		41,865		2,278
Food & Staples Retailing - 2.2%
Whole Foods Market, Inc. ^		58,758		4,889
Food Products - 1.0%
Mead Johnson Nutrition Co. - Class A ^		25,850		2,132
Health Care Equipment & Supplies - 4.3%
Cooper Cos., Inc.		53,295		4,355
Edwards Lifesciences Corp. ‡^		29,040		2,112
Intuitive Surgical, Inc. ‡^		5,800		3,142
Health Care Providers & Services - 2.2%
Humana, Inc. ^		53,835		4,979
Hotels, Restaurants & Leisure - 2.3%
Buffalo Wild Wings, Inc. ‡^		25,300		2,294
Panera Bread Co. - Class A ‡^		17,880		2,878
Household Durables - 3.6%
Lennar Corp. - Class A ^		119,800		3,256
Tempur-Pedic International, Inc. ‡^		55,835		4,714
Internet & Catalog Retail - 2.6%
Expedia, Inc. ^		115,980		3,878
TripAdvisor, Inc. ‡^		55,813		1,991
Internet Software & Services - 2.0%
IAC/InterActiveCorp ^		91,644		4,499
IT Services - 6.0%
Alliance Data Systems Corp. ‡^		29,791		3,752
Gartner, Inc. ‡^		66,360		2,830
Teradata Corp. ‡^		64,290		4,381
VeriFone Systems, Inc. ‡^		43,930		2,279
Leisure Equipment & Products - 3.7%
Brunswick Corp. ^		172,170		4,433
Polaris Industries, Inc.		53,210		3,839
Machinery - 3.3%
Cummins, Inc.		31,320		3,760
Kennametal, Inc. ^		80,895		3,602
Media - 0.9%
Sirius XM Radio, Inc. ‡		862,000		1,991
Metals & Mining - 1.3%
Yamana Gold, Inc.		182,880		2,857
Oil, Gas & Consumable Fuels - 3.6%
Concho Resources, Inc. ‡^		34,525		3,524
Pioneer Natural Resources Co. ^		19,460		2,172


	Shares		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Range Resources Corp. ^		40,080	$	2,330
Personal Products - 1.0%
Estee Lauder Cos., Inc. - Class A ^		34,741		2,152
Pharmaceuticals - 1.9%
Perrigo Co. ^		19,935		2,059
Valeant Pharmaceuticals International, Inc. ‡		40,900		2,196
Road & Rail - 1.0%
Kansas City Southern ‡^		29,810		2,137
Semiconductors & Semiconductor Equipment - 6.3%
Avago Technologies, Ltd. ^		109,015		4,247
Cree, Inc. ‡^		102,800		3,252
LAM Research Corp. ‡^		61,290		2,735
Micron Technology, Inc. ‡^		457,000		3,702
Software - 6.4%
Citrix Systems, Inc. ‡^		61,694		4,868
Parametric Technology Corp. ‡^		148,130		4,139
Salesforce.com, Inc. ‡^		33,445		5,169
Specialty Retail - 7.3%
Foot Locker, Inc. ^		104,210		3,236
Genesco, Inc. ‡^		70,300		5,038
GNC Holdings, Inc. - Class A ^		135,249		4,719
Ulta Salon Cosmetics & Fragrance, Inc. ^		33,472		3,109
Textiles, Apparel & Luxury Goods - 4.5%
Michael Kors Holdings, Ltd. ‡^		108,283		5,045
Under Armour, Inc. - Class A ‡^		51,822		4,871
Wireless Telecommunication Services - 1.4%
SBA Communications Corp. - Class A ‡^		62,575		3,179

Total Common Stocks (cost $174,687)				207,347

SECURITIES LENDING COLLATERAL - 26.1%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.31% p		57,795,474		57,795
Total Securities Lending Collateral (cost $57,795)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 5.5%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $12,214 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $12,461.	$	12,214		12,214
Total Repurchase Agreement (cost $12,214)

Total Investment Securities (cost $244,696)				277,356
Other Assets and Liabilities - Net				(55,794	)

Net Assets			$	221,562

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

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

^	All or a portion of this security is on loan. The value of all securities on loan is $56,465.

‡	Non-income producing security.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $244,696. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $33,800 and $1,140, respectively. Net unrealized appreciation for tax purposes is $32,660.

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	207,347	$	—	$	—	$	207,347
Repurchase Agreement		—		12,214		—		12,214
Securities Lending Collateral		57,795		—		—		57,795
Total	$	265,142	$	12,214	$	—	$	277,356

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 96.0%
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. ‡^		11,700	$	576
Capital Markets - 1.7%
Ares Capital Corp. ^		83,900		1,372
Chemicals - 2.2%
Koppers Holdings, Inc. ^		19,900		767
Zep, Inc. ^		72,700		1,047
Commercial Banks - 9.1%
First Busey Corp. ^		136,630		675
First Midwest Bancorp, Inc. ^		92,700		1,111
First Niagara Financial Group, Inc. ^		70,710		696
Hancock Holding Co. ^		22,300		792
International Bancshares Corp. ^		71,200		1,507
MB Financial, Inc. ^		40,900		858
Webster Financial Corp. ^		63,000		1,428
Westamerica Bancorporation ^		11,400		547
Commercial Services & Supplies - 6.2%
ACCO Brands Corp. ‡^		104,800		1,301
G&K Services, Inc. - Class A ^		27,800		951
Standard Parking Corp. ‡^		34,900		715
Unifirst Corp.		8,100		499
United Stationers, Inc. ^		56,200		1,743
Computers & Peripherals - 1.6%
Diebold, Inc.		34,500		1,329
Construction & Engineering - 0.2%
Sterling Construction Co., Inc. ‡^		20,400		199
Containers & Packaging - 2.1%
Aptargroup, Inc. ^		22,100		1,210
Greif, Inc. - Class A ^		9,400		526
Diversified Consumer Services - 1.1%
Matthews International Corp. - Class A ^		29,600		937
Electric Utilities - 2.1%
Unisource Energy Corp. ^		24,500		896
Westar Energy, Inc. ^		29,100		813
Electrical Equipment - 3.7%
Acuity Brands, Inc. ^		12,300		773
Belden, Inc. ^		59,500		2,255
Electronic Equipment & Instruments - 2.4%
Coherent, Inc. ‡^		13,200		770
MTS Systems Corp. ^		23,532		1,249
Energy Equipment & Services - 2.2%
Bristow Group, Inc. ^		17,800		850
SEACOR Holdings, Inc. ‡^		10,300		986
Food & Staples Retailing - 1.5%
Casey’s General Stores, Inc. ^		22,200		1,231
Food Products - 0.5%
Post Holdings, Inc. ‡		12,200		402
Gas Utilities - 2.1%
Atmos Energy Corp. ^		28,400		893
New Jersey Resources Corp. ^		9,100		406
WGL Holdings, Inc. ^		11,700		476
Health Care Equipment & Supplies - 3.0%
Haemonetics Corp. ‡^		8,100		564
ICU Medical, Inc. ‡^		24,200		1,190
STERIS Corp. ^		23,300		737
Health Care Providers & Services - 3.3%
Amsurg Corp. - Class A ‡^		49,000		1,371
Corvel Corp. ‡^		16,800		670
PSS World Medical, Inc. ‡^		27,500		697
Hotels, Restaurants & Leisure - 2.7%
CEC Entertainment, Inc. ^		24,200		918
Choice Hotels International, Inc. ^		22,400		836
Sonic Corp. ‡^		58,900		452
Household Durables - 1.8%
Helen of Troy, Ltd. ‡^		43,235		1,470
Industrial Conglomerates - 3.4%
Carlisle Cos., Inc.		55,800		2,786


	Shares		Value (000’s)
Insurance - 6.0%
Alleghany Corp. ‡^		3,836	$	1,263
AMERISAFE, Inc. ‡^		34,000		841
Assured Guaranty, Ltd. ^		42,000		694
Platinum Underwriters Holdings, Ltd.		27,400		1,000
Primerica, Inc.		46,100		1,162
IT Services - 2.0%
MAXIMUS, Inc.		40,700		1,655
Life Sciences Tools & Services - 4.4%
Charles River Laboratories International, Inc. ‡		50,700		1,829
ICON PLC ADR ‡^		85,800		1,821
Machinery - 5.5%
Albany International Corp. - Class A ^		57,800		1,327
ESCO Technologies, Inc. ^		37,300		1,372
Mueller Industries, Inc. ^		40,200		1,826
Marine - 1.7%
Alexander & Baldwin, Inc. ^		5,700		276
Kirby Corp. ‡^		17,300		1,138
Media - 2.0%
Arbitron, Inc. ^		44,900		1,660
Multiline Retail - 1.4%
Fred’s, Inc. - Class A ^		77,000		1,125
Office Electronics - 1.2%
Zebra Technologies Corp. - Class A ‡		24,500		1,009
Oil, Gas & Consumable Fuels - 1.9%
GeoResources, Inc. ‡^		24,400		799
Penn Virginia Corp. ^		47,842		218
Scorpio Tankers, Inc. ‡^		77,800		549
Paper & Forest Products - 1.4%
Deltic Timber Corp. ^		17,700		1,120
Real Estate Investment Trusts - 2.7%
Campus Crest Communities, Inc. ^		65,600		765
DiamondRock Hospitality Co. ^		80,100		825
Mack-Cali Realty Corp. ^		23,400		674
Road & Rail - 1.6%
Genesee & Wyoming, Inc. - Class A ‡^		24,200		1,321
Software - 1.1%
Websense, Inc. ‡^		44,700		943
Specialty Retail - 5.6%
Ascena Retail Group, Inc. ‡^		29,000		1,285
Cato Corp. - Class A ^		63,200		1,747
Stage Stores, Inc. ^		101,800		1,653
Thrifts & Mortgage Finance - 2.3%
Flushing Financial Corp. ^		45,500		612
Northwest Bancshares, Inc. ^		103,700		1,317
Trading Companies & Distributors - 1.6%
GATX Corp. ^		33,400		1,346

Total Common Stocks (cost $64,068)				79,649


SECURITIES LENDING COLLATERAL - 31.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		26,340,743		26,341
Total Securities Lending Collateral (cost $26,341)

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 4.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $3,416 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/15/2039, and with a value of $3,486.	$	3,416	$	3,416
Total Repurchase Agreement (cost $3,416)

Total Investment Securities (cost$93,825)				109,406
Other Assets and Liabilities - Net				(26,472	)

Net Assets			$	82,934

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

^	All or a portion of this security is on loan. The value of all securities on loan is $25,690.

‡	Non-income producing security.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $93,825. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $16,881 and $1,300, respectively. Net unrealized appreciation for tax purposes is $15,581.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	77,828	$	1,821	$	—	$	79,649
Repurchase Agreement		—		3,416		—		3,416
Securities Lending Collateral		26,341		—		—		26,341

Total	$	104,169	$	5,237	$	—	$	109,406

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 98.8%
Aerospace & Defense - 1.5%
Aerovironment, Inc. ‡^		33,430	$	896
American Science & Engineering, Inc.		1,084		73
Ceradyne, Inc. ^		61,285		1,995
GenCorp, Inc. ‡^		95,900		681
Triumph Group, Inc. ^		16,575		1,039
Air Freight & Logistics - 0.4%
Atlas Air Worldwide Holdings, Inc. ‡^		13,300		655
Forward Air Corp.		12,085		443
Park-Ohio Holdings Corp. ‡^		1,800		36
Airlines - 0.6%
Alaska Air Group, Inc. ‡^		42,200		1,512
US Airways Group, Inc. ‡		39,000		296
Beverages - 0.1%
Boston Beer Co., Inc. - Class A ‡^		3,834		409
Biotechnology - 3.1%
Acorda Therapeutics, Inc. ‡^		77,560		2,059
BioMarin Pharmaceutical, Inc. ‡^		55,930		1,916
Cubist Pharmaceuticals, Inc. ‡^		14,400		623
Genomic Health, Inc. ‡^		58,000		1,775
Maxygen, Inc. ‡^		74,800		429
Myrexis, Inc. ‡^		9,400		28
Onyx Pharmaceuticals, Inc. ‡^		44,260		1,668
Progenics Pharmaceuticals, Inc. ‡^		78,200		774
United Therapeutics Corp. ‡^		13,510		637
Building Products - 0.1%
USG Corp. ‡^		18,600		320
Capital Markets - 0.9%
Ares Capital Corp. ^		102,700		1,680
Arlington Asset Investment Corp. - Class A ^		18,300		406
Financial Engines, Inc. ‡^		23,990		536
Gladstone Investment Corp. ^		44,400		336
HFF, Inc. - Class A ‡		2,700		44
Chemicals - 2.1%
Balchem Corp. ^		35,143		1,063
Chemtura Corp. ‡		8,100		138
China Green Agriculture, Inc. ‡^		8,300		36
Gulf Resources, Inc. ‡^		81,000		190
HB Fuller Co. ^		3,500		115
Koppers Holdings, Inc. ^		24,100		929
LSB Industries, Inc. ‡^		30,473		1,186
Material Sciences Corp. ‡^		3,100		26
NewMarket Corp. ^		4,742		889
OM Group, Inc. ‡^		24,500		674
Zep, Inc. ^		88,100		1,268
Commercial Banks - 6.6%
1st Source Corp. ^		6,600		162
Access National Corp. ^		4,200		44
Bancfirst Corp. ^		2,800		122
Banco Latinoamericano de Comercio Exterior SA - Class E ^		61,700		1,302
Bancorp, Inc. ‡^		22,400		225
Boston Private Financial Holdings, Inc. ^		66,400		658
C&F Financial Corp.		1,300		39
Cathay General Bancorp		3,300		58
Center Bancorp, Inc.		28,400		285
Central Pacific Financial Corp. ‡^		28,900		374
Century Bancorp, Inc. - Class A		1,200		33
Citizens & Northern Corp. ^		20,400		408
Citizens Republic Bancorp, Inc. ‡^		37,300		582
Community Bank System, Inc. ^		23,100		665
East-West Bancorp, Inc.		5,400		125
Enterprise Bancorp, Inc. ^		2,700		44
Enterprise Financial Services Corp. ^		31,200		366


	Shares		Value (000’s)
Commercial Banks (continued)
First Busey Corp. ^		152,172	$	752
First California Financial Group, Inc. ‡		10,300		60
First Defiance Financial Corp. ^		12,700		214
First Financial Bancorp ^		8,200		142
First Financial Bankshares, Inc. ^		17,500		616
First Financial Corp. ^		3,200		102
First Midwest Bancorp, Inc.		111,000		1,330
First Niagara Financial Group, Inc. ^		86,639		853
Great Southern Bancorp, Inc. ^		3,700		89
Hancock Holding Co. ^		27,700		984
International Bancshares Corp. ^		88,300		1,869
Lakeland Bancorp, Inc. ^		9,260		91
Lakeland Financial Corp. ^		29,700		773
MainSource Financial Group, Inc. ^		16,600		200
MB Financial, Inc.		51,000		1,070
National Bankshares, Inc.		1,100		33
National Penn Bancshares, Inc. ^		26,600		235
Northrim BanCorp, Inc. ^		2,100		45
OceanFirst Financial Corp. ^		16,600		236
Old National Bancorp ^		52,600		691
Republic Bancorp, Inc. - Class A ^		21,100		505
Southside Bancshares, Inc. ^		6,800		150
UMB Financial Corp. ^		19,900		890
Virginia Commerce Bancorp, Inc. ‡^		5,400		47
Washington Trust Bancorp, Inc. ^		9,000		217
Webster Financial Corp. ^		77,200		1,750
WesBanco, Inc. ^		2,700		54
West Bancorporation, Inc. ^		43,300		433
Westamerica Bancorporation ^		13,300		638
WSFS Financial Corp. ^		3,200		131
Commercial Services & Supplies - 4.0%
ACCO Brands Corp. ‡^		134,700		1,672
Asta Funding, Inc. ^		5,100		42
Clean Harbors, Inc. ‡^		22,756		1,532
Encore Capital Group, Inc. ‡		58,513		1,319
G&K Services, Inc. - Class A ^		34,253		1,171
Portfolio Recovery Associates, Inc. ‡^		26,249		1,883
Rollins, Inc. ^		61,105		1,300
Standard Parking Corp. ‡^		45,088		924
TRC Cos., Inc. ‡^		38,000		232
Unifirst Corp.		9,500		585
United Stationers, Inc. ^		65,400		2,030
Communications Equipment - 1.5%
Aruba Networks, Inc. ‡^		41,534		925
Brocade Communications Systems, Inc. ‡		25,600		147
Comtech Telecommunications Corp. ^		38,600		1,258
Finisar Corp. ‡^		49,636		1,000
Polycom, Inc. ‡^		35,183		671
Riverbed Technology, Inc. ‡^		22,599		635
Computers & Peripherals - 1.4%
Diebold, Inc.		42,500		1,637
Electronics for Imaging, Inc. ‡^		63,300		1,052
Imation Corp. ‡^		99,200		614
Lexmark International, Inc. - Class A ^		5,200		173
Synaptics, Inc. ‡^		23,225		848
Xyratex, Ltd. ^		5,700		91
Construction & Engineering - 0.5%
Argan, Inc. ^		32,800		526
MasTec, Inc. ‡^		11,476		208
Primoris Services Corp. ^		15,800		254
Sterling Construction Co., Inc. ‡^		47,200		460
Consumer Finance - 2.0%
Cash America International, Inc. ^		28,385		1,360
Ezcorp, Inc. - Class A ‡^		77,345		2,510

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Consumer Finance (continued)
First Cash Financial Services, Inc. ‡^		58,935	$	2,529
QC Holdings, Inc. ^		9,100		37
Containers & Packaging - 0.6%
Aptargroup, Inc. ^		25,500		1,397
Greif, Inc. - Class A ^		11,500		643
Distributors - 0.1%
VOXX International Corp. - Class A ‡^		14,600		198
Diversified Consumer Services - 2.2%
American Public Education, Inc. ‡^		34,045		1,294
Bridgepoint Education, Inc. ‡^		21,700		537
Cambium Learning Group, Inc. ‡^		8,300		22
Coinstar, Inc. ‡^		29,470		1,873
Corinthian Colleges, Inc. ‡^		140,400		581
ITT Educational Services, Inc. ‡^		8,600		569
Matthews International Corp. - Class A ^		36,000		1,139
Steiner Leisure, Ltd. ‡^		21,625		1,056
Diversified Financial Services - 0.4%
Gain Capital Holdings, Inc. ^		14,600		73
Kayne Anderson Energy Development Co. ^		15,700		403
KKR Financial Holdings LLC		55,800		514
Marlin Business Services Corp. ^		3,600		54
MCG Capital Corp. ^		53,200		226
Medallion Financial Corp. ^		10,100		113
Diversified Telecommunication Services - 0.2%
IDT Corp. - Class B ^		49,500		462
Neutral Tandem, Inc. ‡		26,500		323
Electric Utilities - 1.5%
Cleco Corp. ^		4,800		190
El Paso Electric Co. ^		39,900		1,296
NGP Capital Resources Co. ^		7,100		47
Portland General Electric Co. ^		5,400		135
Unisource Energy Corp.		56,200		2,055
Westar Energy, Inc.		36,300		1,014
Electrical Equipment - 1.5%
Acuity Brands, Inc. ^		14,600		917
Belden, Inc. ^		74,000		2,805
Generac Holdings, Inc. ‡^		40,400		992
Electronic Equipment & Instruments - 2.0%
Agilysys, Inc. ‡^		57,100		513
Coherent, Inc. ‡^		16,100		939
Electro Scientific Industries, Inc.		18,200		273
FEI Co. ‡^		29,595		1,453
Insight Enterprises, Inc. ‡^		2,000		44
LoJack Corp. ‡^		42,600		169
MTS Systems Corp. ^		28,500		1,514
Multi-Fineline Electronix, Inc. ‡^		21,012		577
Newport Corp. ‡^		28,100		498
Tech Data Corp. ‡		9,600		521
Energy Equipment & Services - 2.2%
Bristow Group, Inc. ^		20,800		993
Dril-Quip, Inc. ‡^		17,265		1,123
Helix Energy Solutions Group, Inc. ‡		74,500		1,326
Lufkin Industries, Inc. ^		11,675		942
Newpark Resources, Inc. ‡^		170,255		1,394
SEACOR Holdings, Inc. ‡		12,500		1,197
T.G.C. Industries, Inc. ‡		11,800		117
Food & Staples Retailing - 0.9%
Casey’s General Stores, Inc. ^		27,200		1,508
PriceSmart, Inc. ^		13,840		1,008
Susser Holdings Corp. ‡		13,400		344
Food Products - 1.0%
Darling International, Inc. ‡^		57,582		1,004
Dole Food Co., Inc. ‡^		54,800		547
Flowers Foods, Inc. ^		15,140		308


	Shares		Value (000’s)
Food Products (continued)
Lancaster Colony Corp. ^		7,690	$	511
Omega Protein Corp. ‡		48,400		368
Post Holdings, Inc. ‡		14,700		484
Gas Utilities - 1.3%
Atmos Energy Corp.		33,400		1,051
Chesapeake Utilities Corp. ^		10,600		436
Laclede Group, Inc. ^		2,300		90
New Jersey Resources Corp. ^		11,472		511
Southwest Gas Corp. ^		33,400		1,427
WGL Holdings, Inc. ^		15,600		635
Health Care Equipment & Supplies - 4.2%
DexCom, Inc. ‡^		75,760		790
DynaVox, Inc. - Class A ‡^		15,100		47
Endologix, Inc. ‡^		34,341		503
Haemonetics Corp. ‡		9,900		690
ICU Medical, Inc. ‡^		29,700		1,460
Insulet Corp. ‡^		92,468		1,770
NxStage Medical, Inc. ‡^		112,141		2,161
RTI Biologics, Inc. ‡^		413,573		1,530
Spectranetics Corp. ‡^		168,809		1,756
STERIS Corp. ^		26,100		825
Thoratec Corp. ‡^		52,475		1,769
Health Care Providers & Services - 2.2%
Amsurg Corp. - Class A ‡^		78,500		2,197
CardioNet, Inc. ‡^		61,200		188
Corvel Corp. ‡^		22,600		902
HMS Holdings Corp. ‡^		56,300		1,757
PDI, Inc. ‡^		16,800		112
PSS World Medical, Inc. ‡^		33,000		836
Select Medical Holdings Corp. ‡^		39,600		305
WellCare Health Plans, Inc. ‡		8,700		625
Health Care Technology - 0.2%
Vocera Communications, Inc. ‡		25,514		597
Hotels, Restaurants & Leisure - 3.4%
Ameristar Casinos, Inc. ^		25,400		473
Biglari Holdings, Inc. ‡^		820		330
BJ’s Restaurants, Inc. ‡^		29,920		1,507
Bluegreen Corp. ‡^		18,700		81
Boyd Gaming Corp. ‡^		48,600		381
Brinker International, Inc. ^		17,600		485
Buffalo Wild Wings, Inc. ‡^		17,520		1,590
CEC Entertainment, Inc. ^		30,100		1,141
Choice Hotels International, Inc. ^		28,200		1,053
Great Wolf Resorts, Inc. ‡^		13,100		75
Pinnacle Entertainment, Inc. ‡^		14,800		170
Red Lion Hotels Corp. ‡^		4,300		35
Red Robin Gourmet Burgers, Inc. ‡^		13,800		513
Sonic Corp. ‡^		74,100		569
Texas Roadhouse, Inc. - Class A ^		85,175		1,417
Town Sports International Holdings, Inc. ‡^		55,400		700
Wendy’s Co. ^		73,300		367
Household Durables - 1.6%
Blyth, Inc. ^		16,100		1,205
CSS Industries, Inc.		4,500		88
Helen of Troy, Ltd. ‡^		53,600		1,822
PulteGroup, Inc. ‡^		58,800		520
Tupperware Brands Corp.		24,245		1,540
Industrial Conglomerates - 1.4%
Carlisle Cos., Inc.		67,900		3,390
Raven Industries, Inc. ^		15,245		930
Insurance - 4.0%
Alleghany Corp. ‡		4,895		1,610
American Equity Investment Life Holding Co. ^		88,800		1,134

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Insurance (continued)
AMERISAFE, Inc. ‡^		43,800	$	1,084
Amtrust Financial Services, Inc. ^		48,600		1,306
Assured Guaranty, Ltd. ^		50,800		839
Crawford & Co. - Class B ^		58,300		286
Maiden Holdings, Ltd. ^		118,300		1,065
MBIA, Inc. ‡^		34,600		339
Meadowbrook Insurance Group, Inc. ^		12,000		112
National Financial Partners Corp. ‡^		76,600		1,160
Phoenix Cos., Inc. ‡^		130,900		321
Platinum Underwriters Holdings, Ltd.		33,500		1,223
Primerica, Inc.		55,100		1,389
Protective Life Corp. ^		18,300		542
RLI Corp. ^		3,000		215
Internet Software & Services - 2.2%
Ancestry.com, Inc. ‡^		30,145		685
comScore, Inc. ‡^		59,327		1,270
Constant Contact, Inc. ‡^		36,592		1,090
IAC/InterActiveCorp ^		16,200		795
InfoSpace, Inc. ‡^		59,500		762
j2 Global, Inc. ^		41,635		1,194
VistaPrint NV ‡^		29,306		1,133
IT Services - 2.2%
CACI International, Inc. - Class A ‡^		13,200		822
Global Cash Access Holdings, Inc. ‡^		24,900		194
MAXIMUS, Inc.		84,953		3,456
VeriFone Systems, Inc. ‡^		28,978		1,503
Virtusa Corp. ‡^		66,733		1,152
Leisure Equipment & Products - 0.3%
Brunswick Corp. ^		25,200		649
Multimedia Games Holding Co., Inc. ‡^		22,300		244
Life Sciences Tools & Services - 1.7%
Charles River Laboratories International, Inc. ‡		63,400		2,288
Fluidigm Corp. ‡^		54,654		860
ICON PLC ADR ^‡		105,900		2,247
Machinery - 5.1%
Albany International Corp. - Class A		77,700		1,783
CLARCOR, Inc. ^		28,410		1,395
ESCO Technologies, Inc. ^		81,173		2,984
Flow International Corp. ‡^		23,800		96
Hurco Cos., Inc. ‡^		13,000		367
Kadant, Inc. ‡^		20,400		486
LB Foster Co. - Class A ^		9,100		259
Lindsay Corp. ^		18,415		1,220
Middleby Corp. ‡^		12,030		1,217
Mueller Industries, Inc.		54,500		2,477
Toro Co.		15,507		1,103
Wabtec Corp.		16,463		1,241
Woodward, Inc. ^		35,248		1,510
Marine - 0.5%
Alexander & Baldwin, Inc.		5,500		266
Kirby Corp. ‡^		21,600		1,422
Media - 0.8%
Arbitron, Inc. ^		54,900		2,030
Fisher Communications, Inc. ‡^		900		28
Global Sources, Ltd. ‡^		28,300		174
Nexstar Broadcasting Group, Inc. - Class A ‡		5,200		43
Saga Communications, Inc. - Class A ‡^		800		29
Sinclair Broadcast Group, Inc. - Class A ^		18,300		202
Metals & Mining - 0.6%
Coeur d’Alene Mines Corp. ‡		48,500		1,151
Commercial Metals Co.		23,600		350
Hecla Mining Co. ^		63,245		292


	Shares		Value (000’s)
Metals & Mining (continued)
RTI International Metals, Inc. ‡^		1,500	$	35
Multiline Retail - 1.1%
Big Lots, Inc. ‡		30,315		1,304
Dillard’s, Inc. - Class A ^		10,900		687
Fred’s, Inc. - Class A ^		93,700		1,369
Multi-Utilities - 0.0% a
PNM Resources, Inc.		4,900		90
Office Electronics - 0.4%
Zebra Technologies Corp. - Class A ‡		29,600		1,219
Oil, Gas & Consumable Fuels - 3.6%
Adams Resources & Energy, Inc. ^		1,100		63
Delek US Holdings, Inc. ^		64,500		1,000
Energy XXI Bermuda, Ltd. ‡^		28,550		1,031
GeoResources, Inc. ‡^		29,500		966
Gulfport Energy Corp. ‡		44,805		1,305
Oasis Petroleum, Inc. ‡		42,540		1,312
Penn Virginia Corp. ^		59,600		271
PetroQuest Energy, Inc. ‡^		148,295		911
REX American Resources Corp. ‡^		23,500		721
Scorpio Tankers, Inc. ‡^		94,100		664
Stone Energy Corp. ‡		4,800		137
Vaalco Energy, Inc. ‡^		43,200		408
W&T Offshore, Inc. ^		49,700		1,048
Western Refining, Inc. ^		5,700		107
World Fuel Services Corp. ^		33,482		1,373
Paper & Forest Products - 1.3%
Buckeye Technologies, Inc. ^		28,040		953
Deltic Timber Corp. ^		22,000		1,391
Domtar Corp.		10,900		1,040
P.H. Glatfelter Co. ^		38,500		608
Personal Products - 0.2%
Nature’s Sunshine Products, Inc. ‡^		6,500		104
Nu Skin Enterprises, Inc. - Class A ^		10,570		612
Pharmaceuticals - 2.0%
Akorn, Inc. ‡^		43,700		511
Auxilium Pharmaceuticals, Inc. ‡^		82,630		1,534
Cumberland Pharmaceuticals, Inc. ‡^		37,900		284
Impax Laboratories, Inc. ‡^		63,230		1,554
Medicis Pharmaceutical Corp. - Class A ^		10,900		410
Salix Pharmaceuticals, Ltd. ‡^		35,460		1,862
ViroPharma, Inc. ‡^		8,100		244
Professional Services - 0.2%
Barrett Business Services, Inc. ^		25,200		499
CRA International, Inc. ‡^		5,300		134
Real Estate Investment Trusts - 5.2%
Alexander’s, Inc. ^		1,980		780
Campus Crest Communities, Inc. ^		79,600		928
CreXus Investment Corp. ^		97,600		1,009
DiamondRock Hospitality Co. ^		98,752		1,016
EastGroup Properties, Inc.		17,600		884
Education Realty Trust, Inc. ^		108,900		1,180
Entertainment Properties Trust ^		28,900		1,340
Extra Space Storage, Inc. ^		58,900		1,695
Kite Realty Group Trust ^		54,600		288
Mack-Cali Realty Corp. ^		28,500		821
Mission West Properties, Inc. ^		57,900		571
Monmouth Real Estate Investment Corp. - Class A ^		75,400		734
One Liberty Properties, Inc.		3,700		68
Post Properties, Inc.		34,400		1,612
PS Business Parks, Inc. ^		8,600		564
Retail Opportunity Investments Corp. ^		56,200		677
Sovran Self Storage, Inc. ^		21,600		1,076
Strategic Hotels & Resorts, Inc. ‡		105,100		692

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Real Estate Investment Trusts (continued)
Winthrop Realty Trust ^		38,700	$	449
Road & Rail - 1.1%
Arkansas Best Corp.		53,000		997
Con-way, Inc. ^		1,700		55
Genesee & Wyoming, Inc. - Class A ‡^		30,700		1,676
Landstar System, Inc. ^		15,385		888
Semiconductors & Semiconductor Equipment - 2.3%
Cavium, Inc. ‡^		33,206		1,027
DSP Group, Inc. ‡		21,900		146
GT Advanced Technologies, Inc. ‡^		62,800		519
Mellanox Technologies, Ltd. ‡^		32,797		1,372
Microsemi Corp. ‡^		69,020		1,479
MKS Instruments, Inc. ^		2,600		77
RF Micro Devices, Inc. ‡^		171,040		852
Skyworks Solutions, Inc. ‡^		43,352		1,199
Teradyne, Inc. ‡^		11,300		191
Tessera Technologies, Inc. ‡^		29,800		514
Software - 3.4%
Aspen Technology, Inc. ‡^		70,415		1,446
Blackbaud, Inc. ^		30,070		999
Cadence Design Systems, Inc. ‡^		167,351		1,981
Fair Isaac Corp. ^		29,000		1,273
Manhattan Associates, Inc. ‡		1,700		81
MICROS Systems, Inc. ‡		24,215		1,339
Parametric Technology Corp. ‡^		69,348		1,938
Pervasive Software, Inc. ‡^		4,500		27
SolarWinds, Inc. ‡		15,500		599
Websense, Inc. ‡^		56,800		1,198
Specialty Retail - 5.8%
Ascena Retail Group, Inc. ‡		35,400		1,569
Bebe Stores, Inc. ^		26,900		248
Body Central Corp. ‡^		77,740		2,256
Build-A-Bear Workshop, Inc. ‡^		15,800		83
Cato Corp. - Class A ^		116,689		3,225
Chico’s FAS, Inc.		97,901		1,478
Conn’s, Inc. ‡^		76,800		1,179
DSW, Inc. - Class A ^		26,830		1,469
Hot Topic, Inc. ^		112,600		1,143
Pier 1 Imports, Inc. ‡^		25,100		456
RadioShack Corp. ^		3,800		24
Sonic Automotive, Inc. - Class A ^		60,000		1,075
Stage Stores, Inc. ^		125,400		2,036
Tractor Supply Co.		17,149		1,553
Zumiez, Inc. ‡		15,700		567
Textiles, Apparel & Luxury Goods - 1.1%
Deckers Outdoor Corp. ‡^		21,627		1,364
Movado Group, Inc. ^		35,400		869
Oxford Industries, Inc.		1,200		61
Vera Bradley, Inc. ‡^		39,297		1,186


	Shares		Value (000’s)
Thrifts & Mortgage Finance - 0.9%
Dime Community Bancshares, Inc. ^		18,400	$	269
First Financial Northwest, Inc. ‡^		6,300		49
Flushing Financial Corp. ^		52,800		710
Northwest Bancshares, Inc. ^		125,400		1,592
Oritani Financial Corp. ^		7,800		115
Pulaski Financial Corp. ^		4,900		39
Rockville Financial, Inc. ^		13,200		154
Tobacco - 0.1%
Vector Group, Ltd. ^		16,500		292
Trading Companies & Distributors - 1.0%
Aceto Corp.		3,900		37
Applied Industrial Technologies, Inc. ^		36,210		1,489
GATX Corp. ^		41,400		1,669
Water Utilities - 0.0% ¥
Consolidated Water Co., Ltd. ^		6,700		53

Total Common Stocks (cost $254,832)				313,473


	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill
0.13%, 09/13/2012 g	$	330		330
Total Short-Term U.S. Government Obligation (cost $330)
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		81,389,956		81,390
Total Securities Lending Collateral (cost $81,390)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $4,086 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 12/01/2026 - 12/25/2038, and with a total value of $4,173.	$	4,086		4,086
Total Repurchase Agreement (cost $4,086)

Total Investment Securities (cost $340,638)				399,279
Other Assets and Liabilities - Net				(81,778	)

Net Assets			$	317,501

FUTURES CONTRACTS:

Description

Type

Contracts

Expiration Date

Net Unrealized
Appreciation
(000’s)

Russell 2000 Mini Index

Long

06/15/2012

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

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

^	All or a portion of this security is on loan. The value of all securities on loan is $79,328.

‡	Non-income producing security.

¥	Percentage rounds to less than 0.1%.

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

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $340,638. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $67,262 and $8,621, respectively. Net unrealized appreciation for tax purposes is $58,641.

DEFINITION:

ADR	American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	311,226	$	2,247	$	—	$	313,473
Repurchase Agreement		—		4,086		—		4,086
Securities Lending Collateral		81,390		—		—		81,390
Short-Term U.S. Government Obligations		—		330		—		330

Total	$	392,616	$	6,663	$	—	$	399,279


Other Financial Instruments	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	4	$	—	$	—	$	4

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

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
COMMON STOCKS - 98.1%
Aerospace & Defense - 2.7%
Curtiss-Wright Corp. ^		15,400	$	570
DigitalGlobe, Inc. ‡		37,000		494
Hexcel Corp. ‡		26,392		633
Triumph Group, Inc. ^		9,800		614
Air Freight & Logistics - 1.2%
Atlas Air Worldwide Holdings, Inc. ‡^		11,650		573
Hub Group, Inc. - Class A ‡^		13,066		471
Airlines - 0.4%
Allegiant Travel Co. - Class A ‡^		5,900		322
Auto Components - 0.4%
Amerigon, Inc. ‡^		21,800		353
Biotechnology - 2.9%
Astex Pharmaceuticals ‡^		169,518		315
Myriad Genetics, Inc. ‡		31,000		734
Onyx Pharmaceuticals, Inc. ‡		17,500		659
Seattle Genetics, Inc. ‡^		32,400		660
United Therapeutics Corp. ‡^		4,115		194
Building Products - 0.8%
AO Smith Corp. ^		15,374		691
Capital Markets - 1.8%
KBW, Inc. ^		21,700		401
Walter Investment Management Corp.		30,207		681
WisdomTree Investments, Inc. ‡^		61,125		512
Chemicals - 1.8%
Balchem Corp. ^		12,576		380
Kraton Performance Polymers, Inc. ‡^		19,748		525
Kronos Worldwide, Inc. ^		27,100		676
Commercial Banks - 2.1%
Boston Private Financial Holdings, Inc. ^		38,812		385
First Citizens BancShares, Inc. - Class A		1,830		334
SVB Financial Group ‡^		10,021		645
Texas Capital Bancshares, Inc. ‡^		6,400		222
Umpqua Holdings Corp. ^		20,315		275
Commercial Services & Supplies - 1.5%
Consolidated Graphics, Inc. ‡^		12,631		572
Corrections Corp. of America ‡^		21,300		581
InnerWorkings, Inc. ‡		12,200		142
Communications Equipment - 3.5%
ADTRAN, Inc. ^		18,900		589
Emulex Corp. ‡^		47,500		493
Finisar Corp. ‡^		30,500		615
InterDigital, Inc.		7,200		251
Procera Networks, Inc. ‡^		9,300		208
RADWARE, Ltd. ‡		12,340		462
Sonus Networks, Inc. ‡^		158,323		459
Construction & Engineering - 1.2%
MasTec, Inc. ‡^		35,800		647
MYR Group, Inc. ‡^		22,332		399
Consumer Finance - 2.6%
Cash America International, Inc. ^		4,500		216
DFC Global Corp. ‡^		23,218		438
Ezcorp, Inc. - Class A ‡		14,864		482
First Cash Financial Services, Inc. ‡^		13,758		590
Regional Management Corp. ‡		14,868		250
World Acceptance Corp. ‡^		4,118		252
Containers & Packaging - 0.5%
Silgan Holdings, Inc.		10,100		446
Diversified Consumer Services - 1.8%
American Public Education, Inc. ‡^		14,397		547
Grand Canyon Education, Inc. ‡^		31,400		558
Sotheby’s ^		11,385		448
Diversified Telecommunication Services - 0.8%
Cbeyond, Inc. ‡^		42,854		343
inContact, Inc. ‡^		70,946		396
Electrical Equipment - 1.3%
EnerSys ‡		12,764		442
General Cable Corp. ‡^		8,832		257


	Shares		Value (000’s)
Electrical Equipment (continued)
II-VI, Inc. ‡^		18,645	$	441
Electronic Equipment & Instruments - 1.7%
Maxwell Technologies, Inc. ‡^		17,824		327
Newport Corp. ‡^		28,310		502
OSI Systems, Inc. ‡^		10,433		639
Energy Equipment & Services - 3.1%
Dawson Geophysical Co. ‡^		10,979		377
Gulfmark Offshore, Inc. - Class A ‡		9,600		441
Helix Energy Solutions Group, Inc. ‡^		26,599		474
Key Energy Services, Inc. ‡^		24,366		376
North American Energy Partners, Inc. ‡^		40,253		197
OYO Geospace Corp. ‡		8,074		851
Food & Staples Retailing - 0.6%
Harris Teeter Supermarkets, Inc. ^		12,800		513
Food Products - 1.2%
Hain Celestial Group, Inc. ‡^		11,451		502
Sanderson Farms, Inc. ^		10,600		562
Health Care Equipment & Supplies - 2.7%
Haemonetics Corp. ‡^		8,570		597
ICU Medical, Inc. ‡^		10,418		512
Integra LifeSciences Holdings Corp. ‡^		7,343		255
Masimo Corp. ‡^		16,900		395
Thoratec Corp. ‡		16,315		550
Health Care Providers & Services - 1.1%
Centene Corp. ‡^		10,100		495
Metropolitan Health Networks, Inc. ‡^		50,300		471
Health Care Technology - 2.0%
Computer Programs & Systems, Inc. ^		7,100		401
HealthStream, Inc. ‡^		17,158		398
MedAssets, Inc. ‡		32,000		421
Omnicell, Inc. ‡^		36,300		552
Hotels, Restaurants & Leisure - 1.2%
Caribou Coffee Co., Inc. ‡^		19,495		363
WMS Industries, Inc. ‡^		29,300		696
Household Durables - 1.4%
Ethan Allen Interiors, Inc. ^		16,700		423
La-Z-Boy, Inc. ‡^		28,926		433
Standard Pacific Corp. ‡^		74,100		330
Household Products - 0.6%
Spectrum Brands Holdings, Inc. ‡^		15,571		544
Insurance - 2.3%
Endurance Specialty Holdings, Ltd. ^		14,800		602
Maiden Holdings, Ltd. ^		43,000		387
Platinum Underwriters Holdings, Ltd.		17,900		653
ProAssurance Corp. ^		4,043		356
Internet & Catalog Retail - 0.8%
Shutterfly, Inc. ‡^		22,870		717
Internet Software & Services - 5.1%
DealerTrack Holdings, Inc. ‡^		22,900		693
LivePerson, Inc. ‡^		35,465		595
NIC, Inc. ^		29,449		357
Open Text Corp. ‡		9,587		586
SPS Commerce, Inc. ‡^		9,200		247
ValueClick, Inc. ‡^		37,953		749
VistaPrint NV ‡^		20,000		773
Zix Corp. ‡^		159,050		463
IT Services - 1.6%
Euronet Worldwide, Inc. ‡^		26,300		550
TNS, Inc. ‡^		17,411		378
Wright Express Corp. ‡^		6,748		437
Leisure Equipment & Products - 0.3%
Brunswick Corp. ^		11,100		286
Life Sciences Tools & Services - 1.7%
Bruker Corp. ‡		21,013		322
ICON PLC ADR ‡		32,806		695
PAREXEL International Corp. ‡^		15,743		425
Machinery - 2.8%
Actuant Corp. - Class A ^		4,093		119

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
Machinery (continued)
Astec Industries, Inc. ‡		10,893	$	397
Chart Industries, Inc. ‡^		5,619		412
EnPro Industries, Inc. ‡^		15,713		646
Tennant Co. ^		3,020		133
Trimas Corp. ‡^		24,767		555
Wabash National Corp. ‡		19,937		206
Metals & Mining - 0.5%
Coeur d’Alene Mines Corp. ‡^		16,800		399
Hecla Mining Co. ^		15,100		70
Multiline Retail - 0.3%
Fred’s, Inc. - Class A ^		15,015		219
Oil, Gas & Consumable Fuels - 3.6%
Energy XXI Bermuda, Ltd. ‡^		13,300		480
GeoResources, Inc. ‡^		19,663		644
Gulfport Energy Corp. ‡		15,235		444
Kodiak Oil & Gas Corp. ‡^		50,600		504
Rex Energy Corp. ‡^		35,139		375
Rosetta Resources, Inc. ‡		9,325		455
Swift Energy Co. ‡^		9,200		267
Paper & Forest Products - 1.1%
Buckeye Technologies, Inc. ^		13,744		467
KapStone Paper and Packaging Corp. ‡^		23,800		469
Personal Products - 0.4%
Inter Parfums, Inc. ^		24,238		380
Pharmaceuticals - 3.7%
Akorn, Inc. ‡^		42,131		493
Depomed, Inc. ‡^		62,064		389
Impax Laboratories, Inc. ‡^		30,421		748
Jazz Pharmaceuticals PLC ‡		15,600		755
Salix Pharmaceuticals, Ltd. ‡^		9,100		478
Spectrum Pharmaceuticals, Inc. ‡^		31,700		400
Professional Services - 3.1%
Corporate Executive Board Co.		8,500		366
Dolan Co. ‡^		12,930		118
FTI Consulting, Inc. ‡^		16,600		623
Huron Consulting Group, Inc. ‡^		16,785		630
Mistras Group, Inc. ‡^		22,600		538
TrueBlue, Inc. ‡^		21,652		387
Real Estate Management & Development - 0.3%
Altisource Portfolio Solutions SA ‡^		3,800		230
Road & Rail - 1.2%
Landstar System, Inc. ^		4,500		260
Marten Transport, Ltd. ^		14,223		314
Old Dominion Freight Line, Inc. ‡^		10,187		485
Semiconductors & Semiconductor Equipment - 7.4%
ATMI, Inc. ‡^		12,298		287
Cavium, Inc. ‡^		21,200		656
Diodes, Inc. ‡^		23,343		541
EZchip Semiconductor, Ltd. ‡^		8,975		389
Kulicke & Soffa Industries, Inc. ‡		34,400		428
Lattice Semiconductor Corp. ‡^		63,251		407
LTX-Credence Corp. ‡^		61,700		444
Mellanox Technologies, Ltd. ‡^		10,624		444
MIPS Technologies, Inc. - Class A ‡^		90,519		492
Nova Measuring Instruments, Ltd. ‡		57,000		511
NVE Corp. ‡^		6,936		368
Silicon Image, Inc. ‡^		69,000		406
TriQuint Semiconductor, Inc. ‡^		105,800		729
Volterra Semiconductor Corp. ‡^		10,549		363
Software - 8.9%
ACI Worldwide, Inc. ‡		23,167		933
Allot Communications, Ltd. ‡^		21,918		510
BroadSoft, Inc. ‡^		17,007		651
Clicksoftware Technologies, Ltd.		49,542		628
CommVault Systems, Inc. ‡^		7,891		392
Interactive Intelligence Group, Inc. ‡^		18,060		551
Mentor Graphics Corp. ‡^		39,100		581
Mitek Systems, Inc. ‡^		30,622		355


	Shares		Value (000’s)
Software (continued)
Netscout Systems, Inc. ‡^		30,200	$	614
NICE Systems, Ltd. ADR ‡^		14,163		557
OPNET Technologies, Inc. ^		13,148		381
Parametric Technology Corp. ‡^		29,300		819
SolarWinds, Inc. ‡		7,800		301
Ultimate Software Group, Inc. ‡^		4,173		306
Websense, Inc. ‡^		4,039		85
Specialty Retail - 7.8%
Ascena Retail Group, Inc. ‡		4,800		213
Bebe Stores, Inc. ^		48,900		451
Body Central Corp. ‡^		17,740		515
Buckle, Inc. ^		9,500		455
Casual Male Retail Group, Inc. ‡^		148,598		499
Chico’s FAS, Inc.		35,800		541
Cost Plus, Inc. ‡^		17,327		310
Express, Inc. ‡		29,726		743
Finish Line, Inc. - Class A ^		21,400		454
Genesco, Inc. ‡^		7,644		548
Lithia Motors, Inc. - Class A ^		19,306		506
Pier 1 Imports, Inc. ‡^		14,600		265
Rent-A-Center, Inc. ^		6,200		234
Select Comfort Corp. ‡^		8,400		272
Vitamin Shoppe, Inc. ‡^		15,282		676
Textiles, Apparel & Luxury Goods - 1.3%
Maidenform Brands, Inc. ‡^		21,200		477
Steven Madden, Ltd. ‡^		15,606		667
Trading Companies & Distributors - 1.0%
Beacon Roofing Supply, Inc. ‡^		20,830		536
Rush Enterprises, Inc. - Class A ‡^		17,083		363

Total Common Stocks (cost $74,309)				85,420

WARRANT - 0.0% ¥
Oil, Gas & Consumable Fuels - 0.0% ¥
Magnum Hunter Resources ‡^§
Expiration: 10/14/2013
Exercise Price: $10.50		10,091		¿
Total Warrant (cost $ ¿)
SECURITIES LENDING COLLATERAL - 28.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		25,009,847		25,010
Total Securities Lending Collateral (cost $25,010)

Total Investment Securities (cost $99,319)			$	110,430
Other Assets and Liabilities - Net				(23,312	)

Net Assets			$	87,118

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

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

^	All or a portion of this security is on loan. The value of all securities on loan is $24,230.

‡	Non-income producing security.

¥	Percentage rounds to less than 0.1%.

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

¿	Amount is less than 1.

p	Rate shown reflects the yield at 03/30/2012.

Aggregate cost for federal income tax purposes is $99,319. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $13,082 and $1,971, respectively. Net unrealized appreciation for tax purposes is $11,111.

DEFINITION:

ADR

American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	84,168	$	1,252	$	—	$	85,420
Securities Lending Collateral		25,010		—		—		25,010
Warrants				—		—		¿

Total	$	109,178	$	1,252	$	—	$	110,430

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)


	Shares		Value (000’s)
PREFERRED STOCK - 1.6%
Germany - 1.6%
Volkswagen AG , 1.69% p		64,777	$	11,391
Total Preferred Stock (cost $5,918)
COMMON STOCKS - 86.4%
Australia - 1.2%
BHP Billiton, Ltd.		239,401		8,583
Brazil - 3.8%
BM&FBOVESPA SA		950,300		5,851
Embraer SA ADR ‡		225,400		7,209
Itau Unibanco Holding SA ADR		356,700		6,845
Natura Cosmeticos SA		362,400		7,881
Canada - 3.5%
Canadian National Railway Co.		135,950		10,804
Canadian Natural Resources, Ltd.		237,700		7,878
Cenovus Energy, Inc.		180,688		6,503
Denmark - 2.4%
Novo Nordisk A/S - Class B ^		122,364		16,942
France - 6.6%
Air Liquide SA		97,449		12,991
Cie Generale des Etablissements Michelin - Class B		66,100		4,922
LVMH Moet Hennessy Louis Vuitton SA		92,643		15,920
Publicis Groupe SA ^		188,554		10,395
Vallourec SA		74,400		4,713
Germany - 9.5%
Adidas AG		203,377		15,879
Allianz SE		86,700		10,346
Fresenius Medical Care AG & Co., KGaA		166,061		11,769
SAP AG		255,840		17,866
Siemens AG		121,600		12,259
Hong Kong - 10.1%
China Life Insurance Co., Ltd. - Class H ^		2,293,157		5,950
China Merchants Bank Co., Ltd. - Class H ^		4,696,845		9,605
CNOOC, Ltd.		6,660,096		13,689
Hong Kong Exchanges & Clearing, Ltd. ^		686,000		11,520
HSBC Holdings PLC ^		1,118,590		9,845
Industrial & Commercial Bank of China - Class H ^		13,207,300		8,521
Sinopharm Group Co., Ltd. - Class H ^		2,458,090		6,853
Tencent Holdings, Ltd. ^		260,075		7,261
Israel - 1.8%
Teva Pharmaceutical Industries, Ltd. ADR		295,694		13,324
Japan - 9.9%
Canon, Inc.		209,424		9,893
Dai-ichi Life Insurance Co., Ltd. ^		3,677		5,078
FANUC Corp. ^		48,524		8,606
KDDI Corp. ^		1,343		8,697
Komatsu, Ltd. ^		424,105		12,088
Mitsubishi UFJ Financial Group, Inc. ^		2,458,600		12,238
Toyota Motor Corp. ^		352,351		15,197
Korea, Republic of - 1.5%
Hyundai Motor Co.		54,618		11,232
Mexico - 1.5%
Wal-Mart de Mexico SAB de CV - Series V		3,304,400		11,088
Sweden - 2.2%
Hennes & Mauritz AB - Class B		312,671		11,314
Svenska Handelsbanken AB - Class A		133,100		4,243
Switzerland - 6.9%
Credit Suisse Group AG ‡		242,500		6,912
Julius Baer Group, Ltd. ‡		173,596		7,008
Nestle SA		245,271		15,433
Novartis AG		215,671		11,936
Swatch Group AG - BR		10,440		4,805
Syngenta AG ‡		13,050		4,512


	Shares		Value (000’s)
Taiwan - 0.4%
HTC Corp.		159,387	$	3,224
United Kingdom - 17.9%
ARM Holdings PLC		661,819		6,267
BG Group PLC		570,986		13,224
British American Tobacco PLC		325,073		16,381
Carnival PLC ^		264,878		8,465
Kingfisher PLC		2,239,810		10,988
Pearson PLC		376,637		7,018
Reckitt Benckiser Group PLC		274,534		15,514
Rolls-Royce Holdings PLC ‡		403,240		5,237
SABMiller PLC		196,479		7,887
Standard Chartered PLC		607,068		15,147
TESCO PLC		2,282,557		12,048
Vodafone Group PLC		4,348,060		11,976
United States - 7.2%
Check Point Software Technologies, Ltd. ‡^		137,756		8,794
Covidien PLC		165,746		9,063
Potash Corp. of Saskatchewan, Inc.		206,500		9,435
Schlumberger, Ltd.		185,208		12,952
Yandex NV - Class A ‡^		184,000		4,944
Yum! Brands, Inc.		105,300		7,495

Total Common Stocks (cost $502,971)				628,463

SECURITIES LENDING COLLATERAL - 11.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		83,536,639		83,537
Total Securities Lending Collateral (cost $83,537)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.2%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $23,552 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 11/25/2038 - 12/25/2038, and with a total value of $24,023.	$	23,552		23,552
Total Repurchase Agreement (cost $23,552)

Total Investment Securities (cost $615,978)				746,943
Other Assets and Liabilities - Net				(19,349	)

Net Assets			$	727,594

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)


INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Commercial Banks		8.9	%	$	66,445
Pharmaceuticals		5.6			42,202
Oil, Gas & Consumable Fuels		5.5			41,294
Automobiles		5.1			37,820
Textiles, Apparel & Luxury Goods		4.9			36,604
Chemicals		3.6			26,938
Software		3.6			26,660
Machinery		3.4			25,407
Food & Staples Retailing		3.1			23,136
Specialty Retail		3.0			22,302
Insurance		2.9			21,373
Wireless Telecommunication Services		2.8			20,673
Health Care Providers & Services		2.5			18,622
Media		2.3			17,413
Diversified Financial Services		2.3			17,371
Tobacco		2.2			16,381
Hotels, Restaurants & Leisure		2.1			15,960
Household Products		2.1			15,514
Food Products		2.1			15,433
Capital Markets		1.9			13,920
Energy Equipment & Services		1.7			12,952
Aerospace & Defense		1.7			12,446
Industrial Conglomerates		1.6			12,259
Internet Software & Services		1.6			12,205
Road & Rail		1.4			10,804
Office Electronics		1.3			9,893
Health Care Equipment & Supplies		1.2			9,063
Metals & Mining		1.1			8,583
Beverages		1.1			7,887
Personal Products		1.1			7,881
Semiconductors & Semiconductor Equipment		0.8			6,267
Auto Components		0.7			4,922
Communications Equipment		0.4			3,224

Investment Securities, at Value		85.6			639,854
Short-Term Investments		14.4			107,089

Total Investments		100.0	%	$	746,943

FORWARD FOREIGN CURRENCY CONTRACT:


Currency	Counterparty		Contracts (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars (Sold) (000’s)			Net Unrealized Appreciation (000’s)
Euro		SSB		(28,539	)		05/09/2012	$	(39,183	)	$	1,114

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:


Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received)/Pledged (000’s)		Net Exposures ⁽¹⁾ (000’s)
SSB	$	1,114	$	—	$	1,114

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

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

p	Rate shown reflects the yield at 03/30/2012.

‡	Non-income producing security.

^	All or a portion of this security is on loan. The value of all securities on loan is $79,438.

Aggregate cost for federal income tax purposes is $615,978. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $152,757 and $21,792, respectively. Net unrealized appreciation for tax purposes is $130,965.

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

DEFINITIONS:


ADR		American Depositary Receipt
OTC		Over the Counter
SSB		State Street Bank

VALUATION SUMMARY (all amounts in thousands):


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	116,742	$	511,721	$	—	$	628,463
Preferred Stocks		—		11,391		—		11,391
Repurchase Agreement		—		23,552		—		23,552
Securities Lending Collateral		83,537		—		—		83,537

Total	$	200,279	$	546,664	$	—	$	746,943


Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Forward Foreign Currency Contracts - Appreciation	$	–	$	1,114	$	–	$	1,114

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

Notes to Schedules of Investments

At March 31, 2012

(unaudited)

Transamerica Partners Portfolios (each a “Portfolio” and collectively, the “Portfolios” )is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The following is a summary of significant accounting policies followed by the Portfolios.

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

Foreign currency denominated investments: The accounting records of the Portfolios are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rates in effect when the investment was acquired.

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

Forward foreign currency contracts: The Portfolios are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Transamerica Partners Money Market Portfolio (“Money Market”) , enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at March 31, 2012 are listed in the Schedules of Investments.

Option and swaption contracts: The Portfolios are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are: an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms.

The Portfolios write call and put options/swaptions on futures, swaps, securities, or currencies they own or in which they invest. The Portfolios purchase put and call options/swaptions on foreign or U.S. securities, indices, futures, swaps, and commodities. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. Options are marked to market daily to reflect the current value of the option/swaption written.

The underlying face amounts of open option and swaption contracts at March 31, 2012 are listed in the Schedules of Investments.

Futures contracts: The Portfolios are subject to equity price risk, interest rate risk, foreign currency exchange rate risk, and commodity risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolios are required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the contract amount.

Subsequent payments (variation margin) are paid or received by the Portfolios each day, depending on the daily fluctuations in the value of the contracts. Upon entering into such contracts, the Portfolios bear the risk of interest or exchange rates or security prices moving unexpectedly, in which case, the Portfolios may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at March 31, 2012 are listed in the Schedules of Investments.


Transamerica Partners Portfolios		March 31, 2012 Form N-Q
	Page 1

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Swap agreements: Swap agreements are privately negotiated agreements between the Portfolios and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Certain Portfolios, with the exception of Money Market, enter into credit default, cross-currency, interest rate, total return, variance, and other forms of swap agreements to manage exposure to credit, currency, and interest rate risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available. Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

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

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

Certain Portfolios sell credit default swaps which expose them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swaps are disclosed in the Schedules of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swaps are included in the footnotes to the Schedules of Investments. If a defined credit event had occurred during the period, the swaps’ credit-risk-related contingent features would have been triggered and the Portfolios would have been required to pay the notional amounts for the credit default swaps with a sell protection less the value of contracts’ related reference obligations.

Interest rate swap agreements: The Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. To help hedge against this risk, the Portfolios enter into interest rate swap contracts. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Portfolios with interest rate swap agreements can elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional principal amount. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that that amount is positive. This risk is mitigated by having a master netting arrangement between the Portfolios and the counterparty and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios’ exposure to the counterparty.

The open swap agreements at March 31, 2012 are listed in the Schedules of Investments.

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

Loan participations/assignments: Participations/assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Portfolios to supply additional cash to the borrowers on demand. Loan participations/assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Portfolios assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Portfolios, with the exception of Money Market, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. Loan participations typically represent direct participation in loans to corporate borrowers, and generally are offered by banks or other financial institutions or lending syndicates. The Portfolios that participate in such syndications, or can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.


Transamerica Partners Portfolios		March 31, 2012 Form N-Q
	Page 2

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Loan participations/assignments (continued):

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless, under the terms of the loans or other indebtedness, the Portfolios have direct recourse against the corporate borrowers, the Portfolios may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Portfolios held no unsecured loan participations at March 31, 2012.

Structured notes: Certain Portfolios invest in structured notes. A structured debt instrument is a hybrid debt security that has an embedded derivative. This type of instrument is used to manage cash flows from the debt security. All structured notes are listed within the Schedules of Investments.

To be announced (“TBA”) purchase commitments: TBA purchase commitments are entered into to purchase securities for a fixed price at a future date, typically not to exceed 45 days. They are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Portfolios’ other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations.

Treasury inflation-protected securities (“TIPS”): Certain Portfolios invest in TIPS, specially structured bonds in which the principal amounts are adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index.

Restricted and illiquid securities: Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The restricted and illiquid securities at March 31, 2012 are listed in the Schedules of Investments.

Payment in-kind securities (“PIKs”): PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds.

The PIKs at March 31, 2012 are listed in the Schedules of Investments.

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of the Portfolio’s securities exposes the Portfolios to risks such as the following: (i) the borrowers may fail to return the loaned securities; (ii) the borrowers may not be able to provide additional collateral; (iii) the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Portfolios may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act.

The value of loaned securities and related collateral outstanding at March 31, 2012 are shown in the Schedules of Investments.

Real estate investment trusts (“REITs”): 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.


Transamerica Partners Portfolios		March 31, 2012 Form N-Q
	Page 3

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Security valuations: All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the close of the New York Stock Exchange (“NYSE”), astern Time, each normally 4 p.m. Eastern Time, each day the NYSE is open 4 for business. The Portfolios utilize various methods to measure the fair value of their investments on a recurring basis. Accounting principles generally accepted in the United States of America establish a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs, which may include Transamerica Asset Management Inc’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed and the differences could be material.

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

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

Equity securities (common and preferred stock): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, for which their primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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

The significant unobservable inputs used in the fair value measurement of equity securities are similar offered quotes, and comparability adjustments. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

Investment companies: Securities are valued at the net asset value of the underlying portfolio. These securities are actively traded and no valuation adjustments are applied. They are categorized in Level 1 of the fair value hierarchy.

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


Transamerica Partners Portfolios		March 31, 2012 Form N-Q
	Page 4

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Fair value measurements (continued):

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

The significant unobservable inputs used in the fair value measurement of corporate bonds are probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity.

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

Short term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy.

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by TAM’s Valuation Committee under the supervision of the Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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

Other: Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Portfolio’s Board of Trustees. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. When a Portfolio must use fair valuation methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Portfolios investments at March 31, 2012 are disclosed in the Valuation Summary of each Portfolio’s Schedule of Investments.

For assets and liabilities for which significant unobservable inputs (Level 3) were used, there is a reconciliation of the beginning to the ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in/out of the Level 3 category during the period. The Level 3 reconciliation, if any, is disclosed in the Valuation Summary of each respective Portfolio’s Schedule of Investments.


Transamerica Partners Portfolios		March 31, 2012 Form N-Q
	Page 5

Item 2. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-Q (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b)

The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications by the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

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 Partners Portfolios
(Registrant)

By:		/s/ Thomas A. Swank
		Chief Executive Officer
		Date: May 25, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


		By:		/s/ Thomas A. Swank
				Chief Executive Officer
		Date:		May 25, 2012

		By:		/s/ Elizabeth Strouse
				Principal Financial Officer
		Date:		May 25, 2012