As filed with the Securities and Exchange Commission on September 8, 2015

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08272

TRANSAMERICA PARTNERS PORTFOLIOS

(Exact Name of Registrant as Specified in Charter)

4600 S. Syracuse St., Suite 1100, Denver, Colorado 80237

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (720) 493-4256

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

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2015 – June 30, 2015

Item 1: Report(s) to Shareholders.

The Semi-Annual Report is attached.

TRANSAMERICA PARTNERS PORTFOLIOS

Semi-Annual Report

June 30, 2015

Table of Contents

Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	1
Schedules of Investments Composition	2
Schedules of Investments
Transamerica Partners Money Market Portfolio	4
Transamerica Partners High Quality Bond Portfolio	6
Transamerica Partners Inflation-Protected Securities Portfolio	11
Transamerica Partners Core Bond Portfolio	16
Transamerica Partners High Yield Bond Portfolio	27
Transamerica Partners Balanced Portfolio	34
Transamerica Partners Large Value Portfolio	47
Transamerica Partners Large Core Portfolio	50
Transamerica Partners Large Growth Portfolio	53
Transamerica Partners Mid Value Portfolio	56
Transamerica Partners Mid Growth Portfolio	59
Transamerica Partners Small Value Portfolio	61
Transamerica Partners Small Core Portfolio	63
Transamerica Partners Small Growth Portfolio	68
Transamerica Partners International Equity Portfolio	70
Statements of Assets and Liabilities	74
Statements of Operations	77
Statements of Changes in Net Assets	80
Financial Highlights	83
Notes to Financial Statements	87
Board Approval of Investment Advisory and Sub-Advisory Agreements	105

Transamerica Partners Portfolios Semi-Annual Report 2015

Proxy Voting Policies and Procedures

A description of the Transamerica Partners Portfolios’ (the “Portfolios”) proxy voting policies and procedures is included in the Statement of Additional Information (“SAI”), which is available without charge, upon request: (i) by calling 1-888-233-4339; (ii) on the Portfolios’ website at www.transamericapartners.com or (iii) on the SEC’s website at www.sec.gov. In addition, the Portfolios are required to file Form N-PX, with their complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Portfolios’ filing for the twelve months ended June 30, 2015 is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolios

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

Schedules of Investments Composition

At June 30, 2015

(unaudited)

Transamerica Partners Money Market Portfolio
Asset Allocation	Percentage of Net Assets
Commercial Paper		57.3	%
Repurchase Agreements		21.3
Certificates of Deposit		17.1
Corporate Debt Securities		4.3
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Partners High Quality Bond Portfolio
Credit Quality ‡	Percentage of Net Assets
AAA		46.1	%
AA		9.7
A		17.4
BBB		10.0
NR (Not Rated)		24.7
Net Other Assets (Liabilities)		(7.9	)
Total		100.0	%
Transamerica Partners Inflation-Protected Securities Portfolio
Credit Quality ‡	Percentage of Net Assets
AAA		94.7	%
AA		1.2
A		1.0
BBB		1.7
CCC and Below		0.0	*
NR (Not Rated)		1.2
Net Other Assets (Liabilities)^		0.2
Total		100.0	%
Transamerica Partners Core Bond Portfolio
Credit Quality ‡	Percentage of Net Assets
AAA		44.7	%
AA		4.0
A		20.5
BBB		19.8
BB		2.9
B		1.4
CCC and Below		1.6
NR (Not Rated)		21.8
Net Other Assets (Liabilities)		(16.7	)
Total		100.0	%
Transamerica Partners High Yield Bond Portfolio
Credit Quality ‡	Percentage of Net Assets
AAA		1.8	%
BBB		6.0
BB		39.4
B		40.0
CCC and Below		10.0
NR (Not Rated)		1.5
Net Other Assets (Liabilities)		1.3
Total		100.0	%

Transamerica Partners Balanced Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		57.6	%
Corporate Debt Securities		15.4
U.S. Government Obligations		9.6
U.S. Government Agency Obligations		6.9
Short-Term U.S. Government Obligations		5.8
Mortgage-Backed Securities		5.3
Securities Lending Collateral		5.3
Asset-Backed Securities		2.9
Repurchase Agreement		1.4
Foreign Government Obligations		0.6
Municipal Government Obligations		0.2
Preferred Stocks		0.1
Net Other Assets (Liabilities) ^		(11.1	)
Total		100.0	%
Transamerica Partners Large Value Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		4.3
Repurchase Agreement		0.1
Net Other Assets (Liabilities)		(3.2	)
Total		100.0	%
Transamerica Partners Large Core Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		7.7
Repurchase Agreement		2.0
Net Other Assets (Liabilities)		(8.5	)
Total		100.0	%
Transamerica Partners Large Growth Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		99.4	%
Securities Lending Collateral		7.5
Exchange-Traded Fund		0.3
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(7.4	)
Total		100.0	%
Transamerica Partners Mid Value Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		95.7	%
Securities Lending Collateral		10.5
Repurchase Agreement		5.0
Net Other Assets (Liabilities)		(11.2	)
Total		100.0	%

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    2

Schedules of Investments Composition (continued)

At June 30, 2015

(unaudited)

Transamerica Partners Mid Growth Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		99.4	%
Securities Lending Collateral		28.5
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(28.5	)
Total		100.0	%
Transamerica Partners Small Value Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		95.3	%
Securities Lending Collateral		15.6
Repurchase Agreement		5.3
Net Other Assets (Liabilities)		(16.2	)
Total		100.0	%
Transamerica Partners Small Core Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		99.0	%
Securities Lending Collateral		18.8
Repurchase Agreement		1.4
Net Other Assets (Liabilities)		(19.2	)
Total		100.0	%
Transamerica Partners Small Growth Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Securities Lending Collateral		28.4
Repurchase Agreement		1.5
Net Other Assets (Liabilities)		(28.4	)
Total		100.0	%

Transamerica Partners International Equity Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		93.0	%
Securities Lending Collateral		6.3
Preferred Stocks		5.2
Convertible Preferred Stock		1.2
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(5.9	)
Total		100.0	%

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

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

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    3

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Principal		Value
CERTIFICATES OF DEPOSIT - 17.1%
Banks - 17.1%
Bank of Nova Scotia
0.25%, 07/06/2015 (A)		$  8,000,000		$  8,000,000
0.34%, 06/10/2016 (A)		27,000,000		27,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.62%, 06/22/2016 (A)		22,000,000		22,000,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
0.28%, 07/07/2015 - 07/09/2015 (A)		35,000,000		35,000,000
Mizuho Bank, Ltd.
0.25%, 07/02/2015 (A)		15,000,000		15,000,000
Standard Chartered Bank
0.33%, 11/16/2015 (A)		16,000,000		16,000,000
Svenska Handelsbanken AB
0.27%, 07/02/2015 (A)		20,000,000		20,000,003
Total Certificates of Deposit (Cost $143,000,003)				143,000,003
CORPORATE DEBT SECURITIES - 4.3%
Capital Markets - 2.3%
Goldman Sachs & Co.
0.62%, 11/09/2015 (B)		19,000,000		19,000,000
Diversified Financial Services - 2.0%
Bank of America NA
0.31%, 10/01/2015		17,000,000		17,000,000
Total Corporate Debt Securities (Cost $36,000,000)				36,000,000
COMMERCIAL PAPER - 57.3%
Automobiles - 2.0%
Toyota Motor Credit Corp.
0.29%, 11/09/2015 (A)		17,000,000		17,000,000
Banks - 29.5%
ANZ New Zealand International, Ltd.
0.29%, 11/16/2015 (A) (C)		12,500,000		12,500,000
Australia & New Zealand Banking Group, Ltd.
0.30%, 11/24/2015 (A) (C)		16,000,000		15,999,602
Bedford Row Funding Corp.
0.33%, 03/18/2016 (A) (C)		20,000,000		20,000,000
HSBC USA, Inc.
0.33%, 10/19/2015 (A)		16,000,000		15,983,867
Korea Development Bank
0.34%, 10/29/2015 (A)		10,000,000		9,988,667
0.46%, 12/16/2015 (A)		20,000,000		19,957,067
PNC Bank NA
0.35%, 07/13/2015 - 09/04/2015 (A)		22,000,000		21,991,250
Skandinaviska Enskilda Banken AB
0.32%, 10/08/2015 (A) (C)		12,000,000		11,989,605
Sumitomo Mitsui Banking Corp.
0.12%, 07/02/2015 (A) (C)		20,000,000		19,999,933
0.31%, 07/02/2015 (A) (C)		12,500,000		12,499,892
Swedbank AB
0.24%, 07/06/2015 (A)		20,000,000		19,999,333
US Bank NA
0.10%, 07/01/2015 (A)		35,250,000		35,250,000
Westpac Banking Corp.
0.26%, 08/03/2015 (A) (C)		31,000,000		30,999,742
				247,158,958

	Principal		Value
COMMERCIAL PAPER (continued)
Chemicals - 0.5%
Ecolab, Inc.
0.46%, 07/24/2015 (A) (C)		$  4,000,000		$  3,998,824
Diversified Financial Services - 18.7%
Alpine Securitization Corp.
0.29%, 07/23/2015 (A) (C)		3,000,000		2,999,468
CAFCO LLC
0.27%, 09/22/2015 (A) (C)		3,265,000		3,262,968
Cancara Asset Securitisation LLC
0.28%, 10/07/2015 (A) (C)		15,000,000		14,988,567
Collateralized Commercial Paper II Co. LLC
0.30%, 10/26/2015 (A) (C)		13,000,000		12,987,325
0.36%, 09/08/2015 (A) (C)		20,000,000		19,986,583
Fairway Finance Co. LLC
0.27%, 10/16/2015 (A) (C)		3,000,000		2,997,592
Gotham Funding Corp.
0.18%, 07/22/2015 (A) (C)		15,000,000		14,998,425
ING Funding LLC
0.25%, 07/01/2015 (A)		17,000,000		17,000,000
0.37%, 09/21/2015 (A)		9,300,000		9,292,162
JPMorgan Securities LLC
0.45%, 10/26/2015 (A) (C)		20,000,000		19,970,750
Mont Blanc Capital Corp.
0.25%, 08/07/2015 (A) (C)		11,000,000		10,997,174
Old Line Funding LLC
0.27%, 10/05/2015 (A) (C)		3,000,000		2,997,840
South Carolina Fuel Co., Inc.
0.45%, 07/30/2015 (A) (C)		4,000,000		3,998,550
Thunder Bay Funding LLC
0.27%, 07/01/2015 (A) (C)		20,000,000		20,000,000
				156,477,404
Electric Utilities - 1.2%
American Electric Power Co., Inc.
0.43%, 07/17/2015 (A) (C)		4,000,000		3,999,235
Duke Energy Corp.
0.40%, 08/03/2015 (A) (C)		4,000,000		3,998,533
Southern Co. Funding Corp.
0.22%, 07/09/2015 (A) (C)		2,174,000		2,173,894
				10,171,662
Multi-Utilities - 0.5%
Dominion Resources, Inc.
0.44%, 07/16/2015 (A) (C)		4,000,000		3,999,267
Oil, Gas & Consumable Fuels - 0.5%
Spectra Energy Capital LLC
0.39%, 07/02/2015 (A) (C)		4,000,000		3,999,957
Software - 4.4%
Manhattan Asset Funding Co. LLC
0.18%, 07/02/2015 - 07/07/2015 (A) (C)		17,000,000		16,999,665
0.25%, 09/18/2015 (A) (C)		20,000,000		19,989,028
				36,988,693
Total Commercial Paper (Cost $479,794,765)				479,794,765

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    4

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
REPURCHASE AGREEMENTS - 21.3%
Bank of America NA 0.60% (A) (B), dated 06/08/2015, to be repurchased at $18,529,271 on 09/08/2015. Collateralized by U.S. Government Agency Obligations, 1.687%, due 10/25/2037, and with a total value of $19,795,000.		$  18,500,000		$  18,500,000
Goldman Sachs & Co. 0.13% (A), dated 06/30/2015, to be repurchased at $26,100,094 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 2.50% - 6.50%, due 01/01/2026 - 05/01/2044, and with a total value of $26,622,001.		26,100,000		26,100,000
ING Financial Markets LLC 0.13% (A), dated 06/30/2015, to be repurchased at $83,800,303 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 02/01/2042 - 10/01/2042, and with a total value of $85,478,562.		83,800,000		83,800,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Jefferies LLC 0.45% (A), dated 06/30/2015, to be repurchased at $50,000,625 on 07/01/2015. Collateralized by a U.S. Government Agency Obligations, 3.00% - 3.50%, due 01/01/2027 - 05/01/2045, and with a value of $51,000,000.		$  50,000,000		$  50,000,000
State Street Bank & Trust Co. 0.01% (A), dated 06/30/2015, to be repurchased at $287,217 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 05/15/2040, and with a value of $294,878.		287,217		287,217
Total Repurchase Agreements (Cost $178,687,217)				178,687,217
Total Investments (Cost $837,481,985) (D)				837,481,985
Net Other Assets (Liabilities) - (0.0)%(E)				(118,972	)
Net Assets - 100.0%				$  837,363,013

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Certificates of Deposit	$	—	$	143,000,003	$	—	$	143,000,003
Corporate Debt Securities		—		36,000,000		—		36,000,000
Commercial Paper		—		479,794,765		—		479,794,765
Repurchase Agreements		—		178,687,217		—		178,687,217
Total Investments	$	—	$	837,481,985	$	—	$	837,481,985

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate disclosed reflects the yield at June 30, 2015.

^(B)  Illiquid security. Total aggregate value of illiquid securities is $37,500,000, representing 4.5% of the Portfolio’s net assets.

^(C)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the total aggregate value of 144A securities is $313,332,419, representing 37.4% of the Portfolio’s net assets.

^(D)  Aggregate cost for federal income tax purposes is $837,481,985.

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

^(F)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    5

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 31.4%
Ally Master Owner Trust
Series 2014-1, Class A2
1.29%, 01/15/2019		$  1,500,000		$  1,502,654
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 01/15/2020		2,000,000		2,002,594
Series 2014-3, Class A
1.49%, 04/15/2020		1,000,000		1,005,190
Series 2014-4, Class A
1.43%, 06/15/2020		1,500,000		1,502,778
AmeriCredit Automobile Receivables Trust
Series 2013-1, Class A3
0.61%, 10/10/2017		451,798		451,752
Series 2013-3, Class C
2.38%, 06/10/2019		1,000,000		1,017,163
ARI Fleet Lease Trust
Series 2012-B, Class A
0.49%, 01/15/2021 (A) (B)		166,687		166,426
Avis Budget Rental Car Funding AESOP LLC
Series 2010-5A, Class A
3.15%, 03/20/2017 (B)		2,000,000		2,021,622
Series 2014-1A, Class A
2.46%, 07/20/2020 (B)		1,250,000		1,258,206
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.75%, 07/15/2020		1,000,000		1,096,064
Series 2014-A5, Class A
1.48%, 07/15/2020		3,150,000		3,166,210
Series 2015-A1, Class A
1.39%, 01/15/2021		3,800,000		3,791,127
CarMax Auto Owner Trust
Series 2013-2, Class C
1.61%, 03/15/2019		2,150,000		2,151,460
Series 2015-2, Class C
2.39%, 03/15/2021		900,000		900,550
Chase Issuance Trust
Series 2012-A5, Class A5
0.59%, 08/15/2017		1,875,000		1,875,006
Series 2014-A7, Class A
1.38%, 11/15/2019		2,000,000		2,004,158
CIT Equipment Collateral
Series 2014-VT1, Class C
2.65%, 10/20/2022 (B)		2,000,000		2,010,360
Citibank Credit Card Issuance Trust
Series 2006-A3, Class A3
5.30%, 03/15/2018		1,905,000		1,965,920
Series 2013-A6, Class A6
1.32%, 09/07/2018		2,000,000		2,010,070
Series 2014-A2, Class A2
1.02%, 02/22/2019		3,900,000		3,898,194
Series 2014-A4, Class A4
1.23%, 04/24/2019		3,900,000		3,914,056
CLI Funding V LLC
Series 2013-1A
2.83%, 03/18/2028 (B)		852,500		847,377

	Principal		Value
ASSET-BACKED SECURITIES (continued)
CNH Equipment Trust
Series 2012-C, Class B
1.30%, 03/16/2020		$  640,000		$  641,976
Series 2013-D, Class B
1.75%, 04/15/2021		1,100,000		1,111,469
Series 2014-A, Class A3
0.84%, 05/15/2019		1,090,000		1,089,539
Series 2014-B, Class B
1.93%, 11/15/2021		1,050,000		1,050,891
Series 2014-C, Class A3
1.05%, 11/15/2019		2,025,000		2,019,411
Series 2015-B, Class A3
1.37%, 07/15/2020		1,000,000		999,712
Series 2015-B, Class B
2.23%, 10/17/2022		1,825,000		1,827,810
CNH Wholesale Master Note Trust
Series 2013-2A, Class A
0.79%, 08/15/2019 (A) (B)		750,000		750,607
Diamond Resorts Owner Trust
Series 2013-2, Class A
2.27%, 05/20/2026 (B)		1,744,578		1,752,781
Series 2014-1, Class A
2.54%, 05/20/2027 (B)		2,294,132		2,299,401
Discover Card Execution Note Trust
Series 2007-A1, Class A1
5.65%, 03/16/2020		4,000,000		4,381,008
Series 2014-A3, Class A3
1.22%, 10/15/2019		5,000,000		5,008,145
Series 2014-A5, Class A
1.39%, 04/15/2020		2,000,000		2,004,864
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A2
3.65%, 08/01/2019		1,988,920		2,059,569
Fifth Third Auto Trust
Series 2013-1, Class A3
0.88%, 10/16/2017		2,057,798		2,059,580
Ford Credit Auto Lease Trust
Series 2014-A, Class B
1.16%, 08/15/2017		2,800,000		2,797,124
Ford Credit Auto Owner Trust
Series 2013-A, Class A4
0.78%, 05/15/2018		2,600,000		2,597,169
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class D
3.50%, 01/15/2019		2,300,000		2,372,737
Series 2013-5, Class B
1.88%, 09/15/2018		1,665,000		1,677,393
Series 2015-1, Class B
1.62%, 01/15/2020		1,050,000		1,048,269
GE Equipment Transportation LLC
Series 2013-1, Class B
1.23%, 03/24/2021		2,150,000		2,154,205
Series 2013-1, Class C
1.54%, 03/24/2021		640,000		642,303
Huntington Auto Trust
Series 2011-1A, Class A4
1.31%, 11/15/2016 (B)		473,635		473,760
Series 2011-1A, Class B
1.84%, 01/17/2017 (B)		1,500,000		1,500,695

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    6

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Hyundai Auto Receivables Trust
Series 2012-C, Class C
1.42%, 02/15/2019		$  1,010,000		$  1,009,742
Invitation Homes Trust
Series 2013-SFR1, Class B
1.60%, 12/17/2030 (A) (B)		1,080,000		1,065,572
John Deere Owner Trust
Series 2012-B, Class A4
0.69%, 01/15/2019		1,440,000		1,440,870
Series 2013-B, Class A3
0.87%, 08/15/2017		1,027,663		1,029,008
MMAF Equipment Finance LLC
Series 2009-AA, Class A4
3.51%, 01/15/2030 (B)		791,999		797,788
Nissan Master Owner Trust Receivables
Series 2015-A, Class A2
1.44%, 01/15/2020		2,090,000		2,090,564
Sierra Timeshare Receivables Funding LLC
Series 2012-1A, Class B
3.58%, 11/20/2028 (B)		1,186,895		1,205,248
Series 2015-1A, Class A
2.40%, 03/22/2032 (B)		1,425,875		1,426,872
SMART Trust
Series 2012-4US, Class A4A
1.25%, 08/14/2018		1,100,000		1,099,727
Series 2013-2US, Class A3B
0.62%, 01/14/2017 (A)		1,450,285		1,449,995
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 01/15/2022		2,062,000		2,087,738
Tricon American Homes Trust
Series 2015-SFR1, Class B
1.84%, 05/17/2032 (A) (B)		730,000		724,435
Volkswagen Auto Loan Enhanced Trust
Series 2013-1, Class A4
0.78%, 07/22/2019		3,850,000		3,834,319
Volvo Financial Equipment LLC
Series 2012-1A, Class C
2.38%, 09/16/2019 (B)		2,250,000		2,253,805
World Financial Network Credit Card Master Trust
Series 2012-C, Class M
3.32%, 08/15/2022		500,000		519,007
Series 2013-A, Class A
1.61%, 12/15/2021		5,000,000		4,991,935
Series 2013-B, Class A
0.91%, 03/16/2020		3,535,000		3,536,039
World Omni Auto Receivables Trust
Series 2015-A, Class A4
1.75%, 04/15/2021		2,450,000		2,444,348
Total Asset-Backed Securities (Cost $118,717,636)				117,886,367
CORPORATE DEBT SECURITIES - 26.1%
Aerospace & Defense - 0.3%
Lockheed Martin Corp.
2.13%, 09/15/2016		1,320,000		1,339,321

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Automobiles - 0.7%
American Honda Finance Corp.
0.77%, 10/07/2016 (A)		$  1,235,000		$  1,239,800
Series MTN
1.20%, 07/14/2017		1,250,000		1,251,004
				2,490,804
Banks - 5.2%
Bank of Nova Scotia
1.30%, 07/21/2017		3,820,000		3,820,783
Deutsche Bank AG
1.35%, 05/30/2017		2,240,000		2,224,990
Export-Import Bank of Korea
1.25%, 11/20/2015		2,220,000		2,224,151
KeyBank NA
1.70%, 06/01/2018		1,330,000		1,328,271
PNC Funding Corp.
2.70%, 09/19/2016		4,175,000		4,247,474
Wells Fargo & Co.
1.50%, 01/16/2018		3,425,000		3,418,575
Westpac Banking Corp.
1.20%, 05/19/2017 (C)		2,260,000		2,264,802
				19,529,046
Beverages - 0.6%
Anheuser-Busch InBev Worldwide, Inc.
7.75%, 01/15/2019		2,000,000		2,373,894
Capital Markets - 2.1%
Goldman Sachs Group, Inc.
6.15%, 04/01/2018		3,005,000		3,341,199
Morgan Stanley
Series MTN
6.63%, 04/01/2018		4,000,000		4,488,224
				7,829,423
Chemicals - 0.7%
Airgas, Inc.
1.65%, 02/15/2018		2,575,000		2,561,005
Consumer Finance - 1.3%
Capital One Financial Corp.
3.15%, 07/15/2016		2,700,000		2,750,793
Caterpillar Financial Services Corp.
Series MTN
1.00%, 03/03/2017		2,020,000		2,024,484
				4,775,277
Diversified Financial Services - 2.7%
Bear Stearns Cos. LLC
7.25%, 02/01/2018		2,500,000		2,832,065
Citigroup, Inc.
1.70%, 04/27/2018		3,425,000		3,402,984
Ford Motor Credit Co. LLC
3.98%, 06/15/2016		1,750,000		1,790,903
4.21%, 04/15/2016		2,060,000		2,106,836
				10,132,788
Diversified Telecommunication Services - 0.8%
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/2017		1,300,000		1,301,567
Verizon Communications, Inc.
1.82%, 09/15/2016 (A)		1,670,000		1,690,551
				2,992,118

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    7

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 0.6%
Hydro-Quebec
1.38%, 06/19/2017		$  2,160,000		$  2,178,295
Food & Staples Retailing - 0.9%
CVS Health Corp.
2.25%, 12/05/2018		3,500,000		3,543,211
Hotels, Restaurants & Leisure - 0.9%
Starwood Hotels & Resorts Worldwide, Inc.
6.75%, 05/15/2018		3,000,000		3,356,463
Insurance - 2.1%
Berkshire Hathaway Finance Corp.
0.58%, 01/12/2018 (A)		1,820,000		1,822,260
Metropolitan Life Global Funding I
1.50%, 01/10/2018 (B) (C)		2,200,000		2,195,901
New York Life Global Funding
1.30%, 10/30/2017 (B)		3,745,000		3,734,799
				7,752,960
Media - 0.9%
Comcast Cable Communications LLC
8.88%, 05/01/2017 (C)		2,880,000		3,269,534
Metals & Mining - 0.5%
Vale Overseas, Ltd.
6.25%, 01/23/2017		1,750,000		1,850,765
Oil, Gas & Consumable Fuels - 2.4%
Chevron Corp.
1.72%, 06/24/2018		1,500,000		1,508,946
Husky Energy, Inc.
6.20%, 09/15/2017		2,420,000		2,627,818
Petroleos Mexicanos
5.75%, 03/01/2018		3,250,000		3,535,447
Total Capital International SA
1.55%, 06/28/2017		1,500,000		1,513,913
				9,186,124
Pharmaceuticals - 0.4%
Bayer US Finance LLC
1.50%, 10/06/2017 (B)		1,430,000		1,436,163
Real Estate Investment Trusts - 2.1%
Health Care REIT, Inc.
2.25%, 03/15/2018		1,950,000		1,964,428
6.20%, 06/01/2016		1,750,000		1,824,207
Simon Property Group, LP
1.50%, 02/01/2018 (B)		2,350,000		2,345,516
Ventas Realty, LP
1.55%, 09/26/2016		1,760,000		1,766,488
				7,900,639
Road & Rail - 0.5%
Canadian National Railway Co.
0.48%, 11/06/2015 (A)		1,850,000		1,850,303
Semiconductors & Semiconductor Equipment - 0.4%
Altera Corp.
2.50%, 11/15/2018		1,460,000		1,491,421
Total Corporate Debt Securities (Cost $97,663,833)				97,839,554

	Principal		Value
FOREIGN GOVERNMENT OBLIGATION - 0.5%
Province of Ontario, Canada
2.30%, 05/10/2016		$  1,985,000		$  2,015,186
Total Foreign Government Obligation (Cost $1,996,689)				2,015,186
MORTGAGE-BACKED SECURITIES - 11.7%
Banc of America Commercial Mortgage Trust
Series 2006-1, Class A1A
5.38%, 09/10/2045 (A)		3,422,538		3,458,602
Series 2008-1, Class A4
6.43%, 02/10/2051 (A)		3,190,707		3,473,069
CD Commercial Mortgage Trust
Series 2006-CD2, Class A4
5.48%, 01/15/2046 (A)		1,889,260		1,903,078
CFCRE Commercial Mortgage Trust
Series 2011-C1, Class A2
3.76%, 04/15/2044 (B)		2,773,634		2,805,084
COMM Mortgage Trust
Series 2012-9W57, Class A
2.36%, 02/10/2029 (B)		4,050,000		4,115,063
DBUBS Mortgage Trust
Series 2011-LC1A, Class A1
3.74%, 11/10/2046 (B)		3,724,407		3,765,268
Series 2011-LC3A, Class A2
3.64%, 08/10/2044		1,304,628		1,327,841
Del Coronado Trust
Series 2013-HDC, Class A
0.99%, 03/15/2026 (A) (B)		2,050,000		2,048,743
JPMBB Commercial Mortgage Securities Trust
Series 2013-C17, Class A1
1.25%, 01/15/2047		2,817,945		2,812,301
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2002-C2, Class E
5.98%, 12/12/2034 (A)		245,734		254,446
Series 2006-CB14, Class A4
5.48%, 12/12/2044 (A)		2,232,771		2,253,764
LB-UBS Commercial Mortgage Trust
Series 2005-C7, Class AM
5.26%, 11/15/2040 (A)		3,100,000		3,106,814
Series 2006-C1, Class A4
5.16%, 02/15/2031		3,087,061		3,117,030
Morgan Stanley Capital I Trust
Series 2006-IQ11, Class A4
5.84%, 10/15/2042 (A)		1,465,652		1,476,134
NLY Commercial Mortgage Trust
Series 2014-FL1, Class A
1.39%, 11/15/2030 (A) (B)		2,364,597		2,362,429
Sequoia Mortgage Trust
Series 2012-2, Class A2
3.50%, 04/25/2042 (A)		208,092		210,314
Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Class A3
5.56%, 03/15/2045 (A)		1,109,151		1,123,343
Series 2007-C30, Class A3
5.25%, 12/15/2043		1,101,108		1,115,580

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    8

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust (continued)
Series 2007-C30, Class APB
5.29%, 12/15/2043		$  1,559,188		$  1,573,811
WFRBS Commercial Mortgage Trust
Series 2013-C18, Class A1
1.19%, 12/15/2046		1,553,923		1,554,644
Total Mortgage-Backed Securities (Cost $44,734,234)				43,857,358
U.S. GOVERNMENT AGENCY OBLIGATIONS - 20.5%
Federal Home Loan Mortgage Corp.
2.27%, 06/01/2033 (A)		1,327,371		1,409,778
4.50%, 05/01/2023 - 09/01/2026		2,816,779		2,969,345
Federal National Mortgage Association
5.51%, 04/01/2017		2,834,093		3,032,022
FREMF Mortgage Trust
Series 2013-K502, Class B
2.83%, 03/25/2045 (A) (B)		1,820,000		1,843,957
Government National Mortgage Association
1.49%, 03/16/2043		3,640,910		3,552,563
1.78%, 09/16/2041		3,808,637		3,732,640
4.52%, 12/20/2061		2,440,737		2,628,862
4.67%, 11/20/2061 - 09/20/2063		4,321,984		4,635,618
4.75%, 02/20/2061		457,510		485,069
4.80%, 02/20/2063		3,484,307		3,748,201
4.82%, 02/20/2061		427,468		455,694
4.86%, 05/20/2061		816,752		871,374
4.89%, 06/20/2063		2,944,366		3,158,798
4.95%, 05/20/2062		3,367,450		3,598,926
5.19%, 04/20/2062		2,992,798		3,166,856
5.27%, 11/20/2060		2,370,781		2,573,869
5.32%, 04/20/2061		1,748,106		1,875,212
5.47%, 01/20/2060		6,253,096		6,719,933
5.50%, 03/20/2060		808,724		878,740
5.59%, 11/20/2059		3,850,965		4,056,206
5.65%, 06/20/2059		2,949,359		3,095,382
5.75%, 12/15/2022		398,067		452,737
Small Business Administration
3.33%, 02/25/2022 (A)		2,538,536		2,698,796
4.06%, 10/25/2027 (A)		2,177,401		2,467,264
4.14%, 08/25/2026 (A)		2,213,763		2,496,495
4.17%, 07/25/2026 (A)		2,571,878		2,884,757
4.25%, 02/25/2024 (A)		2,784,357		3,047,363
4.63%, 11/25/2026 (A)		2,967,244		3,383,996
4.70%, 05/25/2026 (A)		838,426		942,047
Total U.S. Government Agency Obligations (Cost $78,860,518)				76,862,500
U.S. GOVERNMENT OBLIGATIONS - 7.3%
U.S. Treasury Note
0.50%, 01/31/2017 - 04/30/2017 (C)		19,500,000		19,477,968
1.50%, 05/31/2020 (C)		8,000,000		7,956,248
Total U.S. Government Obligations (Cost $27,412,243)				27,434,216

	Shares		Value
SECURITIES LENDING COLLATERAL - 4.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D)		17,503,200		$  17,503,200
Total Securities Lending Collateral (Cost $17,503,200)				17,503,200
	Principal		Value
REPURCHASE AGREEMENT - 5.7%
State Street Bank & Trust Co. 0.01% (D), dated 06/30/2015, to be repurchased at $21,508,775 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 08/15/2039, and with a total value of $21,943,052.		$  21,508,769		21,508,769
Total Repurchase Agreement (Cost $21,508,769)				21,508,769
Total Investments (Cost $408,397,122) (E)				404,907,150
Net Other Assets (Liabilities) - (7.9)%				(29,670,260	)
Net Assets - 100.0%				$  375,236,890

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    9

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Asset-Backed Securities	$	—	$	117,886,367	$	—	$	117,886,367
Corporate Debt Securities		—		97,839,554		—		97,839,554
Foreign Government Obligation		—		2,015,186		—		2,015,186
Mortgage-Backed Securities		—		43,857,358		—		43,857,358
U.S. Government Agency Obligations		—		76,862,500		—		76,862,500
U.S. Government Obligations		—		27,434,216		—		27,434,216
Securities Lending Collateral		17,503,200		—		—		17,503,200
Repurchase Agreement		—		21,508,769		—		21,508,769
Total Investments	$	17,503,200	$	387,403,950	$	—	$	404,907,150

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate security. The rate disclosed is as of June 30, 2015.

^(B)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the total aggregate value of 144A securities is $47,207,878, representing 12.6% of the Portfolio’s net assets.

^(C)  All or a portion of the security is on loan. The value of all securities on loan is $17,143,769. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(D)  Rate disclosed reflects the yield at June 30, 2015.

^(E)  Aggregate cost for federal income tax purposes is $408,397,122. Aggregate gross unrealized appreciation and depreciation for all securities is $612,769 and $4,102,741, respectively. Net unrealized depreciation for tax purposes is $3,489,972.

^(F)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    10

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 3.9%
Deutsche Bundesrepublik Inflation-Linked Bond
1.50%, 04/15/2016		EUR  5,823		$  6,538
Hellenic Republic Government Bond
Zero Coupon, 10/15/2042		366,000		1,812
Italy Buoni Poliennali del Tesoro
2.10%, 09/15/2016		10,728		12,250
2.35%, 09/15/2024 (A)		3,469,218		4,258,963
2.55%, 09/15/2041 (A)		419,157		525,691
2.60%, 09/15/2023 (A)		251,687		315,077
Mexican Udibonos
Series S
4.00%, 06/13/2019		MXN  42,214,176		2,909,798
New Zealand Government Bond
3.00%, 09/20/2030 (A)		NZD  4,673,000		3,566,851
Total Foreign Government Obligations (Cost $12,972,815)				11,596,980
U.S. GOVERNMENT OBLIGATIONS - 94.7%
U.S. Treasury Inflation Indexed Bond
0.63%, 02/15/2043		$  3,544,974		3,142,839
0.75%, 02/15/2042 - 02/15/2045		15,516,881		14,225,801
1.38%, 02/15/2044		5,826,789		6,220,097
1.75%, 01/15/2028		8,825,401		9,997,521
2.00%, 01/15/2026		6,287,747		7,218,139
2.13%, 02/15/2040 - 02/15/2041		9,887,512		12,219,511
2.38%, 01/15/2025 - 01/15/2027		21,057,747		24,901,303
2.50%, 01/15/2029		6,688,715		8,243,320
3.38%, 04/15/2032		948,197		1,336,661
3.63%, 04/15/2028		6,450,683		8,789,056
3.88%, 04/15/2029 (B)		7,836,063		11,099,046
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 - 07/15/2024		96,163,937		96,260,141
0.25%, 01/15/2025		17,015,542		16,689,847
0.38%, 07/15/2023		10,857,395		10,896,416
0.63%, 07/15/2021 - 01/15/2024		12,748,134		12,968,212
1.13%, 01/15/2021		9,820,111		10,387,065
1.25%, 07/15/2020		5,792,939		6,198,445
1.38%, 07/15/2018 - 01/15/2020		9,549,298		10,189,173
2.50%, 07/15/2016		6,365,354		6,601,566
Total U.S. Government Obligations (Cost $278,255,315)				277,584,159
	Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED - 0.1%
10-Year Treasury Note Future, Call
Strike Price $128.50
Expires 08/21/2015		93		39,234
U.S. Treasury Bond, Call
Strike Price $151.00
Expires 07/24/2015		35		75,469
10-Year Treasury Note Future, Put
Strike Price $125.50
Expires 07/24/2015		38		20,187

	Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED (continued)
Eurodollar, Mid-Curve 1-Year Future, Put
Strike Price $98.50
Expires 07/10/2015		7		$  44
Eurodollar, Mid-Curve 1-Year Future, Put
Strike Price $98.50
Expires 08/14/2015		180		5,625
Eurodollar, Mid-Curve 1-Year Future, Put
Strike Price $98.75
Expires 07/10/2015		363		18,150
Total Exchange-Traded Options Purchased (Cost $242,967)				158,709
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.1%
AUD vs. USD, Call
Exercise Price AUD 0.82
Expires 08/13/2015, BNP		3,685,000		3,127
GBP vs. USD, Call
Exercise Price GBP 1.61
Expires 07/10/2015, CITI		1,890,000		1,191
USD vs. CAD, Call
Exercise Price $1.28
Expires 07/02/2015, CITI		11,110,000		78
AUD vs. JPY, Put
Exercise Price AUD 92.50
Expires 07/17/2015, BCLY		9,485,000		35,786
AUD vs. USD, Put
Exercise Price AUD 0.75
Expires 08/28/2015, BNP		3,835,000		31,838
AUD vs. USD, Put
Exercise Price AUD 0.76
Expires 07/02/2015, HSBC		7,690,000		1,626
AUD vs. USD, Put
Exercise Price AUD 0.78
Expires 08/13/2015, DUB		3,685,000		591
CAD vs. JPY, Put
Exercise Price CAD 98.50
Expires 07/17/2015, DUB		9,060,000		85,254
CHF vs. SEK, Put
Exercise Price CHF 8.25
Expires 08/28/2015, JPM		2,790,000		2,665
GBP vs. USD, Put
Exercise Price GBP 1.54
Expires 07/10/2015, CITI		1,890,000		1,232
USD vs. CAD, Put
Exercise Price $1.22
Expires 07/02/2015, CITI		11,110,000		67
USD vs. NOK, Put
Exercise Price $7.00
Expires 07/15/2015, BOA		5,660,000		17
USD vs. SEK, Put
Exercise Price $7.80
Expires 08/28/2015, UBS		5,845,000		15,162
Total Over-the-Counter Foreign Exchange Options Purchased (Cost $386,525)				178,634

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    11

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Notional Amount		Value
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED - 0.4%
Call, pays Floating Rate Index 3-Month
USD-LIBOR, Exercise rate 2.10%
Expires 02/12/2106, DUB		$  15,700,000		$  207,101
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.10% Expires 02/12/2016, DUB		15,700,000		202,092
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.50%
Expires 06/08/2022, DUB		EUR  3,200,000		321,725
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.75%
Expires 01/15/2016, DUB		$  7,000,000		128,932
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.85%
Expires 09/04/2015, DUB		11,250,000		51,469
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.85%
Expires 09/04/2015, DUB		5,625,000		25,735
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.85%
Expires 09/16/2015, DUB		5,600,000		31,361

	Notional Amount		Value
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED (continued)
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.95%
Expires 01/15/2016, DUB		$  2,500,000		$  133,929
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 3.35%
Expires 01/15/2016, DUB		5,000,000		121,006
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 3.75%
Expires 01/15/2016, DUB		8,800,000		85,609
Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $1,307,633)				1,308,959
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.6%
BlackRock Provident TempFund 24 (C)		1,944,700		1,944,700
Total Short-Term Investment Company (Cost $1,944,700)				1,944,700
Total Investments (Cost $295,109,955) (D)				292,772,141
Net Other Assets (Liabilities) - 0.2%				457,692
Net Assets - 100.0%				$  293,229,833

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Received			Value
Call - 10-Year Treasury Note Future		USD    128.00		07/24/2015		13	$	(9,528	)	$	(3,453	)
Call - 10-Year Treasury Note Future		USD    130.50		08/21/2015		93		(31,834	)		(15,985	)
Total							$	(41,362	)	$	(19,438	)

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN:

Description	Counterparty	Exercise Price		Expiration Date		Notional Amount			Premiums Received			Value
Call - AUD vs. USD	BNP	AUD	0.80		10/29/2015		AUD	3,835,000	$	(30,036	)	$	(30,151	)
Call - AUD vs. USD	DUB	AUD	0.82		08/13/2015		AUD	3,685,000		(30,514	)		(2,803	)
Call - CHF vs. SEK	JPM	CHF	9.75		08/28/2015		CHF	3,425,625		(18,675	)		(4,269	)
Call - EUR vs. USD	DUB	EUR	1.15		08/03/2015		EUR	2,675,000		(31,264	)		(13,703	)
Call - EUR vs. USD	DUB	EUR	1.16		08/06/2015		EUR	2,640,000		(33,003	)		(11,811	)
Call - USD vs. JPY	BCLY	USD	126.50		10/30/2015		USD	2,935,000		(23,788	)		(22,332	)
Call - USD vs. JPY	DUB	USD	126.50		10/30/2015		USD	2,945,000		(23,884	)		(23,884	)
Put - AUD vs. USD	HSBC	AUD	0.78		08/13/2015		AUD	3,685,000		(88,384	)		(59,138	)
Put - USD vs. JPY	BCLY	USD	113.50		10/30/2015		USD	2,935,000		(23,788	)		(8,086	)
Put - USD vs. JPY	DUB	USD	113.50		10/30/2015		USD	2,945,000		(6,273	)		(6,273	)
Total									$	(309,609	)	$	(182,450	)

OVER-THE-COUNTER INFLATION-CAPPED OPTIONS WRITTEN:

Description	Counterparty	Initial Index			Floating Rate		Expiration Date		Notional Amount			Premiums Received			Value
Call - Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	DUB		2.50	%		HICP Index		04/26/2022		EUR	1,070,000	$	(74,168	)	$	(3,907	)

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    12

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:

Description	Counterparty	Floating Rate Index	Floating Rate	Exercise Rate			Expiration Date		Notional Amount		Premiums Received			Value
Call - 10-Year	DUB	3-Month USD-LIBOR BBA	Receive		1.90	%		02/13/2017	USD	5,900,000	$	(116,905	)	$	(33,804)
Call - 10-Year	DUB	3-Month USD-LIBOR BBA	Receive		2.10			03/06/2017	USD	3,700,000		(83,792	)		(36,208)
Call - 10-Year	DUB	3-Month USD-LIBOR BBA	Receive		2.10			03/06/2017	USD	1,830,000		(34,911	)		(17,908)
Call - 10-Year	DUB	3-Month USD-LIBOR BBA	Receive		2.10			03/16/2017	USD	1,800,000		(43,679	)		(17,652)
Call - 30-Year	DUB	6-Month EUR-EURIBOR	Receive		1.65			12/18/2015	EUR	2,750,000		(189,247	)		(158,889)
Put - 10-Year	DUB	3-Month USD-LIBOR BBA	Pay		2.90			02/13/2017	USD	5,900,000		(168,483	)		(228,693)
Put - 10-Year	DUB	3-Month USD-LIBOR BBA	Pay		3.10			03/06/2017	USD	3,700,000		(101,306	)		(120,922)
Put - 10-Year	DUB	3-Month USD-LIBOR BBA	Pay		3.10			03/06/2017	USD	1,830,000		(53,774	)		(60,505)
Put - 10-Year	DUB	3-Month USD-LIBOR BBA	Pay		3.10			03/16/2017	USD	1,800,000		(45,493	)		(60,370)
Put - 20-Year	DUB	6-Month EUR-EURIBOR	Pay		4.50			06/08/2022	EUR	3,200,000		(150,269	)		(146,269)
Put - 30-Year	DUB	6-Month EUR-EURIBOR	Pay		1.65			12/18/2015	EUR	2,750,000		(189,247	)		(201,470)
Put - 30-Year	DUB	3-Month USD-LIBOR BBA	Pay		2.55			01/15/2016	USD	2,500,000		(142,465	)		(35,718)
Total											$	(1,319,571	)	$	(1,118,408)

CENTRALLY CLEARED SWAP AGREEMENTS: ^(E)

Interest Rate Swap Agreements - Fixed Rate Payable
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount		Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		2.38	%		04/24/2045	USD	350,000	$	39,288		$	0		$	39,288
3-Month USD-LIBOR		2.39			04/24/2045	USD	350,000		38,511			0			38,511
3-Month USD-LIBOR		2.42			04/24/2045	USD	360,000		37,347			0			37,347
3-Month USD-LIBOR		2.42			04/24/2045	USD	340,000		35,088			0			35,088
3-Month USD-LIBOR		2.80			02/25/2025	USD	6,600,000		(279,435	)		(77,721	)		(201,714	)
3-Month USD-LIBOR		3.05			02/15/2040	USD	800,000		(29,455	)		0			(29,455	)
3-Month USD-LIBOR		3.06			02/15/2040	USD	900,000		(37,083	)		0			(37,083	)
Total								$	(195,739	)	$	(77,721	)	$	(118,018	)

OVER-THE-COUNTER SWAP AGREEMENTS:

Interest Rate Swap Agreements - Fixed Rate Receivable
Floating Rate Index	Counterparty		Fixed Rate			Expiration Date		Notional Amount		Fair Value		Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
Eurostat Eurozone HICP Ex Tobacco NSA		DUB		0.00	%		11/19/2015	EUR	3,135,000	$	261	$	1,581	$	(1,320	)

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Short		(26	)		12/14/2015	$	—	$	(25,025	)
90-Day Eurodollar		Short		(165	)		12/18/2017		—		(9,975	)
2-Year U.S. Treasury Note		Long		8			09/30/2015		3,625		—
5-Year U.S. Treasury Note		Long		65			09/30/2015		8,962		—
10-Year Japan Government Bond		Short		(11	)		09/10/2015		—		(81,873	)
10-Year U.S. Treasury Note		Long		218			09/21/2015		—		(48,884	)
Euro-BTP Italian Government Bond		Short		(4	)		09/08/2015		13,541		—
German Euro BOBL		Short		(1	)		09/08/2015		680		—
German Euro Bund		Short		(1	)		09/08/2015		3,634		—
U.K. Long Gilt Bond		Short		(11	)		09/28/2015		—		(16,671	)
U.S. Treasury Bond		Long		11			09/21/2015		—		(1,408	)
U.S. Treasury Bond		Short		(82	)		09/21/2015		410,641		—
Total								$	441,083	$	(183,836	)

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    13

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
BCLY	07/03/2015	CAD	2,064,785	USD	1,672,500	$	—	$	(19,418	)
BCLY	07/21/2015	USD	3,103,913	MXN	46,568,000		145,765		—
BCLY	08/17/2015	AUD	970,000	USD	739,829		6,567		—
BCLY	08/17/2015	USD	748,553	AUD	970,000		2,157		—
BOA	07/03/2015	USD	2,215,000	CAD	2,703,091		50,885		—
CBA	08/17/2015	AUD	950,000	USD	729,601		1,405		—
CITI	07/22/2015	CAD	2,260,000	JPY	223,657,498		—		(19,108	)
DUB	07/03/2015	CAD	3,385,808	USD	2,742,500		—		(31,796	)
DUB	07/22/2015	CAD	2,260,000	JPY	223,627,001		—		(18,859	)
GSC	07/06/2015	EUR	362,000	USD	410,533		—		(6,924	)
HSBC	07/21/2015	USD	643,907	NZD	911,000		27,772		—
JPM	07/21/2015	USD	3,209,189	NZD	4,306,000		296,919		—
RBC	07/06/2015	EUR	408,000	USD	464,078		—		(9,181	)
RBC	09/15/2015	JPY	62,169,000	USD	504,188		4,299		—
SCB	09/15/2015	MXN	22,546,000	USD	1,458,792		—		(32,054	)
UBS	07/06/2015	USD	4,635,207	EUR	4,222,000		—		(72,086	)
UBS	08/05/2015	USD	3,867,769	EUR	3,452,000		17,439		—
Total						$	553,208	$	(209,426	)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Foreign Government Obligations	$	—		$	11,596,980		$	—	$	11,596,980
U.S. Government Obligations		—			277,584,159			—		277,584,159
Exchange-Traded Options Purchased		158,709			—			—		158,709
Over-the-Counter Foreign Exchange Options Purchased		—			178,634			—		178,634
Over-the-Counter Interest Rate Swaptions Purchased		—			1,308,959			—		1,308,959
Short-Term Investment Company		1,944,700			—			—		1,944,700
Total Investments	$	2,103,409		$	290,668,732		$	—	$	292,772,141
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	150,234		$	—	$	150,234
Over-the-Counter Interest Rate Swap Agreements		—			261			—		261
Futures Contracts (G)		441,083			—			—		441,083
Forward Foreign Currency Contracts (G)		—			553,208			—		553,208
Total Other Financial Instruments	$	441,083		$	703,703		$	—	$	1,144,786
LIABILITIES
Other Financial Instruments
Exchange-Traded Options Written	$	(19,438	)	$	—		$	—	$	(19,438	)
Over-the-Counter Foreign Exchange Options Written		—			(182,450	)		—		(182,450	)
Over-the-Counter Inflation-Capped Options Written		—			(3,907	)		—		(3,907	)
Over-the-Counter Interest Rate Swaptions Written		—			(1,118,408	)		—		(1,118,408	)
Centrally Cleared Interest Rate Swap Agreements		—			(345,973	)		—		(345,973	)
Futures Contracts (G)		(183,836	)		—			—		(183,836	)
Forward Foreign Currency Contracts (G)		—			(209,426	)		—		(209,426	)
Total Other Financial Instruments	$	(203,274	)	$	(1,860,164	)	$	—	$	(2,063,438	)

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    14

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(B)  All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $183,455.

^(C) The investment issuer is affiliated with the sub-adviser of the Portfolio.

^(D) Aggregate cost for federal income tax purposes is $295,109,955. Aggregate gross unrealized appreciation and depreciation for all securities is $3,703,600 and $6,041,414, respectively. Net unrealized depreciation for tax purposes is $2,337,814.

^(E) Cash in the amount of $498,080 has been segregated by the custodian as collateral for centrally cleared swap agreements.

^(F) The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

CURRENCY ABBREVIATIONS:

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

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CBA	Commonwealth Bank of Australia
CITI	Citigroup, Inc.
DUB	Deutsche Bank AG
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank
RBC	Royal Bank of Canada
SCB	Standard Chartered Bank
UBS	UBS AG

PORTFOLIO ABBREVIATIONS:

BBA BOBL	British Bankers’ Association Bundesobligationen (Germanfederal government securities)
BTP EURIBOR	Republic of Italy (“Buoni del Tesoro Poliennali”) Treasury Bonds Euro InterBank Offered Rate
HICP	Harmonized Indices of Consumer Prices
LIBOR	London Interbank Offered Rate
NSA	Not Seasonally Adjusted

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    15

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 7.2%
321 Henderson Receivables VI LLC
Series 2010-1A, Class A
5.56%, 07/15/2059 (A)		$  3,987,761		$  4,529,885
AmeriCredit Automobile Receivables Trust
Series 2012-3, Class C
2.42%, 05/08/2018		1,350,000		1,360,407
BlueMountain CLO, Ltd.
Series 2015-2A, Class A1
1.71%, 07/18/2027 (A) (B) (C)		4,560,000		4,557,332
BXG Receivables Note Trust
Series 2015-A, Class A
2.88%, 05/02/2030 (A)		3,316,373		3,308,469
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class B
1.78%, 06/17/2019 (A)		510,000		510,144
Series 2013-BA, Class C
2.24%, 09/16/2019 (A)		520,000		519,783
Series 2014-AA, Class B
1.76%, 08/15/2019 (A)		580,000		578,421
Series 2014-AA, Class C
2.28%, 11/15/2019 (A)		745,000		743,791
Conseco Finance Securitizations Corp.
Series 2002-2, Class A2
6.03%, 03/01/2033 (B)		346,069		350,556
Credit Acceptance Auto Loan Trust
Series 2013-1A, Class A
1.21%, 10/15/2020 (A)		813,211		814,147
DT Auto Owner Trust
Series 2012-1A, Class D
4.94%, 07/16/2018 (A)		717,463		720,358
Ford Credit Auto Owner Trust
Series 2013-B, Class D
1.82%, 11/15/2019		1,210,000		1,219,801
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class C
2.86%, 01/15/2019		455,000		465,050
Series 2012-2, Class D
3.50%, 01/15/2019		815,000		840,774
HLSS Servicer Advance Receivables Trust
Series 2012-T2, Class A2
1.99%, 10/15/2045 (A)		2,905,000		2,902,095
Series 2013-T1, Class A2
1.50%, 01/16/2046 (A)		3,550,000		3,546,450
HSBC Home Equity Loan Trust
Series 2006-3, Class M1
0.45%, 03/20/2036 (B)		5,750,000		5,543,512
ICG US CLO, Ltd.
Series 2014-1A, Class A1
1.43%, 04/20/2026 (A) (B)		4,610,000		4,540,869
MVW Owner Trust
Series 2014-1A, Class A
2.25%, 09/22/2031 (A)		2,941,205		2,936,338
OCP CLO, Ltd.
Series 2015-8A, Class A1
1.80%, 04/17/2027 (A) (B)		4,650,000		4,648,363
Palmer Square CLO, Ltd.
Series 2015-2A, Class A1A
1.79%, 07/20/2027 (A) (B) (C) (D)		4,575,000		4,568,183

	Principal		Value
ASSET-BACKED SECURITIES (continued)
RAAC Trust
Series 2007-RP4, Class A
0.53%, 11/25/2046 (A) (B)		$  958,153		$  825,091
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6
5.88%, 06/25/2037 (B) (E)		1,455,489		784,756
Santander Drive Auto Receivables Trust
Series 2013-4, Class C
3.25%, 01/15/2020		1,560,000		1,596,635
Series 2013-A, Class B
1.89%, 10/15/2019 (A)		2,355,000		2,370,364
Series 2013-A, Class C
3.12%, 10/15/2019 (A)		910,000		928,909
SBA Tower Trust
Series 2014-1A, Class C
2.90%, 10/15/2044 (A) (B) (E)		9,030,000		9,075,213
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B
2.70%, 10/20/2030 (A)		1,446,812		1,454,970
Series 2014-1A, Class A
2.07%, 03/20/2030 (A)		2,860,170		2,874,619
Series 2014-2A, Class A
2.05%, 06/20/2031 (A)		2,572,105		2,589,775
Series 2014-3A, Class A
2.30%, 10/20/2031 (A)		3,060,834		3,075,998
Series 2015-1A, Class A
2.40%, 03/22/2032 (A)		2,095,075		2,096,539
Series 2015-1A, Class B
3.05%, 03/22/2032 (A)		2,173,804		2,175,786
Silverleaf Finance XVIII LLC
Series 2014-A, Class A
2.81%, 01/15/2027 (A)		2,711,698		2,707,075
SLM Private Education Loan Trust
Series 2011-A, Class A3
2.69%, 01/15/2043 (A) (B)		1,805,000		1,916,634
Series 2011-B, Class A3
2.44%, 06/16/2042 (A) (B)		690,000		729,334
Series 2011-C, Class A2A
3.44%, 10/17/2044 (A) (B)		1,190,000		1,274,257
Series 2013-A, Class B
2.50%, 03/15/2047 (A)		260,000		251,584
Series 2013-B, Class B
3.00%, 05/16/2044 (A)		340,000		333,147
SolarCity LMC Series III LLC
Series 2014-2, Class A
4.02%, 07/20/2044 (A)		3,606,914		3,642,655
SpringCastle America Funding LLC
Series 2014-AA, Class A
2.70%, 05/25/2023 (A)		2,199,261		2,212,875
Trafigura Securitisation Finance PLC
Series 2014-1A, Class A
1.14%, 10/15/2021 (A) (B) (D)		6,291,000		6,293,349
Total Asset-Backed Securities (Cost $99,021,967)				98,414,293
CORPORATE DEBT SECURITIES - 36.7%
Aerospace & Defense - 0.3%
Exelis, Inc.
5.55%, 10/01/2021		3,442,000		3,787,274

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    16

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Air Freight & Logistics - 0.2%
FedEx Corp.
4.90%, 01/15/2034		$  1,760,000		$  1,824,571
5.10%, 01/15/2044		1,260,000		1,299,782
				3,124,353
Airlines - 0.8%
American Airlines Pass-Through Trust
3.70%, 04/01/2028 (F)		4,173,974		4,173,974
United Airlines Pass-Through Trust
3.75%, 03/03/2028		7,095,000		7,024,050
				11,198,024
Auto Components - 0.2%
BorgWarner, Inc.
3.38%, 03/15/2025 (F)		2,235,000		2,199,218
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		850,000		896,132
6.25%, 10/02/2043		500,000		557,778
				1,453,910
Banks - 5.0%
Barclays Bank PLC
10.18%, 06/12/2021 (A)		9,240,000		12,242,067
BPCE SA
4.00%, 04/15/2024 (F)		1,647,000		1,662,712
5.15%, 07/21/2024 (A)		1,200,000		1,219,154
Branch Banking & Trust Co.
3.80%, 10/30/2026		1,980,000		1,999,568
Cooperatieve Centrale Raiffeisen -  Boerenleenbank BA
2.25%, 01/14/2019		1,215,000		1,222,940
11.00%, 06/30/2019 (A) (B) (G)		9,495,000		12,034,913
Glitnir HF
6.33%, 07/28/2011 (A) (H) (I)		290,000		87,725
HSBC Bank Brasil SA - Banco Multiplo Series MTN
4.00%, 05/11/2016 (A)		5,850,000		5,920,200
HSBC Holdings PLC
4.25%, 03/14/2024		485,000		489,843
5.25%, 03/14/2044		1,228,000		1,273,768
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (A)		4,285,000		4,163,066
Korea Development Bank
3.50%, 08/22/2017		1,610,000		1,671,732
Macquarie Bank, Ltd.
1.65%, 03/24/2017 (A)		2,245,000		2,252,590
Nordea Bank AB
4.25%, 09/21/2022 (A)		11,100,000		11,368,565
Royal Bank of Scotland Group PLC
1.88%, 03/31/2017		1,950,000		1,940,086
6.00%, 12/19/2023		1,685,000		1,784,301
Societe Generale SA
5.00%, 01/17/2024 (A) (F)		2,315,000		2,318,139
Wells Fargo & Co.
2.15%, 01/15/2019		912,000		917,666
4.13%, 08/15/2023		855,000		887,732
5.38%, 11/02/2043		1,740,000		1,857,833
5.90%, 06/15/2024 (B) (G)		1,080,000		1,082,700
				68,397,300

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.2%
Anheuser-Busch InBev Finance, Inc.
2.15%, 02/01/2019 (F)		$   1,235,000		$   1,238,517
3.70%, 02/01/2024 (F)		1,730,000		1,770,669
				3,009,186
Biotechnology - 0.1%
Amgen, Inc.
5.65%, 06/15/2042		750,000		833,639
Capital Markets - 2.8%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		3,495,000		3,571,673
Bank of New York Mellon Corp.
Series MTN
2.10%, 01/15/2019		1,275,000		1,278,732
Goldman Sachs Group, Inc.
2.90%, 07/19/2018		2,445,000		2,502,526
3.63%, 02/07/2016 - 01/22/2023		2,300,000		2,300,008
5.75%, 01/24/2022		1,131,000		1,286,477
6.25%, 02/01/2041		490,000		579,938
6.75%, 10/01/2037		500,000		586,474
Series MTN
1.88%, 11/29/2023 (B)		1,310,000		1,331,436
7.50%, 02/15/2019		1,150,000		1,350,800
Macquarie Group, Ltd.
6.25%, 01/14/2021 (A)		5,645,000		6,436,395
Morgan Stanley
2.80%, 06/16/2020		8,865,000		8,874,424
5.00%, 11/24/2025		1,260,000		1,319,042
State Street Capital Trust IV
1.29%, 06/01/2077 (B)		285,000		248,663
UBS AG
7.63%, 08/17/2022		5,385,000		6,311,215
				37,977,803
Chemicals - 0.3%
LyondellBasell Industries NV
5.00%, 04/15/2019		1,217,000		1,318,334
Monsanto Co.
4.40%, 07/15/2044		2,705,000		2,422,246
				3,740,580
Commercial Services & Supplies - 0.5%
ERAC USA Finance LLC
3.85%, 11/15/2024 (A)		4,130,000		4,145,293
Hutchison Whampoa International 14, Ltd.
1.63%, 10/31/2017 (A)		2,325,000		2,318,025
				6,463,318
Communications Equipment - 0.1%
Cisco Systems, Inc.
2.13%, 03/01/2019 (F)		797,000		802,542
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd.
6.75%, 10/01/2023 (A) (F)		1,123,140		805,853
Construction Materials - 0.4%
Martin Marietta Materials, Inc.
4.25%, 07/02/2024		5,140,000		5,203,309
Consumer Finance - 0.1%
Discover Financial Services
3.85%, 11/21/2022		1,111,000		1,103,107

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    17

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 3.0%
Bank of America Corp.
2.60%, 01/15/2019		$   1,596,000		$   1,613,380
2.65%, 04/01/2019		5,156,000		5,217,083
4.10%, 07/24/2023		1,435,000		1,476,490
5.42%, 03/15/2017		600,000		635,762
5.75%, 12/01/2017		1,965,000		2,140,630
Citigroup, Inc.
1.70%, 04/27/2018		5,142,000		5,108,947
3.38%, 03/01/2023		1,380,000		1,378,438
4.95%, 11/07/2043		490,000		507,995
6.68%, 09/13/2043		490,000		593,458
Ford Motor Credit Co. LLC
4.38%, 08/06/2023		706,000		732,190
General Electric Capital Corp.
7.13%, 06/15/2022 (B) (G)		5,690,000		6,564,838
Series MTN
6.88%, 01/10/2039 (C)		500,000		671,337
JPMorgan Chase & Co.
3.20%, 01/25/2023		535,000		524,719
3.25%, 09/23/2022		1,180,000		1,172,345
4.85%, 02/01/2044		490,000		506,306
6.75%, 02/01/2024 (B) (G)		412,000		440,193
Series MTN
1.35%, 02/15/2017		3,735,000		3,738,261
JPMorgan Chase Bank NA
6.00%, 10/01/2017		2,566,000		2,797,846
Kaupthing Bank Hf
7.13%, 05/19/2016 (A) (H) (I)		200,000		2
Lehman Brothers Holdings Capital Trust VII
Series MTN
5.86%, 07/31/2015 (D) (G) (H) (I)		1,945,000		195
MassMutual Global Funding II
2.35%, 04/09/2019 (A)		1,400,000		1,414,253
Oaktree Capital Management, LP
6.75%, 12/02/2019 (A)		4,080,000		4,749,096
				41,983,764
Diversified Telecommunication Services - 1.8%
AT&T, Inc.
2.45%, 06/30/2020		5,470,000		5,362,072
3.40%, 05/15/2025		2,735,000		2,608,391
4.35%, 06/15/2045		1,445,000		1,233,620
Intelsat Jackson Holdings SA
7.25%, 04/01/2019		1,902,000		1,930,530
Sprint Capital Corp.
6.88%, 11/15/2028		822,000		706,920
Verizon Communications, Inc.
2.63%, 02/21/2020		3,004,000		2,997,247
3.45%, 03/15/2021		1,125,000		1,146,743
3.85%, 11/01/2042		4,623,000		3,815,334
4.50%, 09/15/2020		1,135,000		1,224,364
6.55%, 09/15/2043		2,901,000		3,393,456
				24,418,677
Electric Utilities - 1.6%
Appalachian Power Co.
3.40%, 06/01/2025		2,700,000		2,661,560

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
CenterPoint Energy Houston Electric LLC
4.50%, 04/01/2044		$   1,160,000		$   1,193,152
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		458,000		499,979
8.88%, 11/15/2018		449,000		545,586
Commonwealth Edison Co.
4.70%, 01/15/2044		1,055,000		1,110,336
Duke Energy Carolinas LLC
4.25%, 12/15/2041		925,000		910,043
Duke Energy Corp.
3.75%, 04/15/2024		275,000		280,201
Entergy Arkansas, Inc.
3.70%, 06/01/2024		1,625,000		1,696,209
Georgia Power Co.
3.00%, 04/15/2016		3,295,000		3,353,121
Jersey Central Power & Light Co.
7.35%, 02/01/2019		1,000,000		1,158,889
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		333,000		350,797
5.30%, 06/01/2042		525,000		584,836
Pacific Gas & Electric Co.
4.75%, 02/15/2044		488,000		503,104
PacifiCorp
3.60%, 04/01/2024		3,380,000		3,489,546
5.75%, 04/01/2037		900,000		1,061,367
Progress Energy, Inc.
4.88%, 12/01/2019		168,000		183,458
Public Service Electric & Gas Co.
3.00%, 05/15/2025		2,760,000		2,706,359
				22,288,543
Energy Equipment & Services - 0.2%
Schlumberger Investment SA
3.65%, 12/01/2023		835,000		862,906
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023 (F)		1,010,000		1,023,183
4.63%, 03/01/2034		875,000		867,565
Weatherford International, Ltd.
5.95%, 04/15/2042 (F)		960,000		811,486
				3,565,140
Food & Staples Retailing - 0.7%
CVS Health Corp.
5.30%, 12/05/2043		319,000		347,610
Sysco Corp.
2.35%, 10/02/2019		4,345,000		4,388,450
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		1,258,000		1,200,361
4.30%, 04/22/2044		945,000		947,505
Walgreens Boots Alliance, Inc.
3.30%, 11/18/2021		2,653,000		2,634,593
				9,518,519
Food Products - 0.3%
HJ Heinz Co.
2.80%, 07/02/2020 (A) (C)		2,305,000		2,306,793
Mondelez International, Inc.
2.25%, 02/01/2019		1,570,000		1,572,533
				3,879,326

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    18

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies - 0.6%
Becton Dickinson and Co.
2.68%, 12/15/2019		$   1,880,000		$   1,881,421
Boston Scientific Corp.
2.65%, 10/01/2018		1,062,000		1,077,298
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		5,585,000		5,396,155
				8,354,874
Health Care Providers & Services - 0.6%
Aetna, Inc.
4.75%, 03/15/2044		345,000		338,959
Anthem, Inc.
1.88%, 01/15/2018		1,930,000		1,926,640
2.30%, 07/15/2018		1,930,000		1,941,482
3.30%, 01/15/2023		620,000		595,879
Coventry Health Care, Inc.
5.45%, 06/15/2021		1,632,000		1,838,561
Tenet Healthcare Corp.
6.25%, 11/01/2018		1,010,000		1,097,112
UnitedHealth Group, Inc.
3.38%, 11/15/2021		650,000		667,850
				8,406,483
Hotels, Restaurants & Leisure - 0.0% (J)
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018		94,000		96,468
4.88%, 11/01/2020 (F)		150,000		152,625
				249,093
Household Products - 0.2%
Reynolds Group Issuer, Inc. / Reynolds
Group Issuer LLC
6.88%, 02/15/2021		2,320,000		2,418,600
Industrial Conglomerates - 0.1%
General Electric Co.
4.50%, 03/11/2044		921,000		935,358
Insurance - 4.2%
American International Group, Inc.
4.13%, 02/15/2024		629,000		652,697
8.18%, 05/15/2068 (B)		1,070,000		1,416,680
Fidelity National Financial, Inc.
5.50%, 09/01/2022		1,320,000		1,388,633
Genworth Holdings, Inc.
7.63%, 09/24/2021 (F)		1,125,000		1,184,063
Hanover Insurance Group, Inc.
6.38%, 06/15/2021		8,760,000		10,116,066
Lincoln National Corp.
8.75%, 07/01/2019		4,655,000		5,707,249
Metropolitan Life Global Funding I
1.30%, 04/10/2017 (A)		4,970,000		4,981,232
Pacific Life Insurance Co.
9.25%, 06/15/2039 (A)		4,240,000		6,331,829
Principal Financial Group, Inc.
8.88%, 05/15/2019		2,550,000		3,139,180
Prudential Financial, Inc.
Series MTN
5.38%, 06/21/2020		1,465,000		1,652,842
7.38%, 06/15/2019		1,595,000		1,891,133

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Reinsurance Group of America, Inc.
6.75%, 12/15/2065 (B)		$   10,476,000		$   9,742,680
ZFS Finance USA Trust II
6.45%, 12/15/2065 (A) (B)		8,860,000		9,061,742
				57,266,026
IT Services - 0.3%
International Business Machines Corp.
3.63%, 02/12/2024		1,543,000		1,562,740
MasterCard, Inc.
2.00%, 04/01/2019		1,366,000		1,370,562
3.38%, 04/01/2024		878,000		896,227
				3,829,529
Life Sciences Tools & Services - 0.4%
Thermo Fisher Scientific, Inc.
1.30%, 02/01/2017		2,000,000		1,996,678
2.40%, 02/01/2019		3,515,000		3,511,189
5.30%, 02/01/2044		172,000		181,791
				5,689,658
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd.
2.13%, 04/27/2020 (A) (F)		1,245,000		1,223,930
Media - 1.2%
21st Century Fox America, Inc.
7.63%, 11/30/2028		1,045,000		1,352,213
CBS Corp.
4.63%, 05/15/2018		655,000		702,598
5.75%, 04/15/2020		520,000		585,698
Comcast Corp.
5.88%, 02/15/2018		2,649,000		2,939,572
Cox Communications, Inc.
8.38%, 03/01/2039 (A)		1,540,000		1,963,198
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.60%, 02/15/2021		1,685,000		1,795,108
5.00%, 03/01/2021		905,000		979,989
NBCUniversal Enterprise, Inc.
5.25%, 03/19/2021(A) (G)		1,500,000		1,595,625
NBCUniversal Media LLC
4.38%, 04/01/2021		560,000		606,523
4.45%, 01/15/2043		1,359,000		1,306,130
5.15%, 04/30/2020		2,246,000		2,522,395
				16,349,049
Metals & Mining - 0.4%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023		1,031,000		1,058,699
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		1,125,000		1,021,980
Novelis, Inc.
8.75%, 12/15/2020		2,735,000		2,892,263
Rio Tinto Finance USA PLC
2.88%, 08/21/2022 (F)		925,000		895,536
				5,868,478
Multi-Utilities - 0.2%
CMS Energy Corp.
3.88%, 03/01/2024		539,000		548,039
4.88%, 03/01/2044		1,215,000		1,256,939

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    19

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
PG&E Corp.
2.40%, 03/01/2019		$   694,000		$   694,901
				2,499,879
Oil, Gas & Consumable Fuels - 2.8%
Apache Corp.
4.25%, 01/15/2044		360,000		312,636
4.75%, 04/15/2043		520,000		481,220
BP Capital Markets PLC
2.24%, 05/10/2019 (F)		2,570,000		2,589,398
Energy Transfer Partners, LP
5.95%, 10/01/2043		960,000		940,815
EOG Resources, Inc.
2.45%, 04/01/2020		1,627,000		1,638,296
Exxon Mobil Corp.
1.82%, 03/15/2019		2,930,000		2,933,797
Husky Energy, Inc.
4.00%, 04/15/2024		1,120,000		1,102,717
Kerr-McGee Corp.
6.95%, 07/01/2024		865,000		1,042,854
Kinder Morgan Energy Partners, LP
4.15%, 02/01/2024		3,610,000		3,503,018
Laredo Petroleum, Inc.
7.38%, 05/01/2022 (F)		1,370,000		1,441,925
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019		2,820,000		2,206,650
MEG Energy Corp.
6.50%, 03/15/2021 (A)		1,090,000		1,049,125
Murphy Oil Corp.
2.50%, 12/01/2017		2,236,000		2,231,841
Nexen Energy ULC
5.88%, 03/10/2035		110,000		121,541
Noble Energy, Inc.
6.00%, 03/01/2041		430,000		455,220
8.25%, 03/01/2019		1,065,000		1,268,896
Peabody Energy Corp.
6.25%, 11/15/2021 (F)		1,715,000		583,100
Petrobras Global Finance BV
3.88%, 01/27/2016		2,644,000		2,655,290
6.25%, 03/17/2024		3,460,000		3,340,526
Petroleos Mexicanos
3.50%, 01/30/2023		1,145,000		1,086,262
Range Resources Corp.
5.75%, 06/01/2021		450,000		462,375
Shell International Finance BV
2.00%, 11/15/2018		2,249,000		2,272,687
Western Gas Partners, LP
5.38%, 06/01/2021		1,956,000		2,111,310
Williams Cos., Inc.
3.70%, 01/15/2023 (F)		540,000		502,800
7.88%, 09/01/2021		796,000		934,407
Williams Partners, LP
5.40%, 03/04/2044		814,000		744,027
				38,012,733
Paper & Forest Products - 0.3%
International Paper Co.
4.75%, 02/15/2022 (F)		3,637,000		3,936,958

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 1.1%
AbbVie, Inc.
4.40%, 11/06/2042		$   775,000		$   733,292
4.70%, 05/14/2045		4,725,000		4,647,671
Actavis Funding SCS
3.80%, 03/15/2025		2,870,000		2,819,264
Actavis, Inc.
3.25%, 10/01/2022		1,095,000		1,061,457
4.63%, 10/01/2042		1,550,000		1,444,649
Bristol-Myers Squibb Co.
4.50%, 03/01/2044 (F)		1,265,000		1,309,504
Perrigo Co. PLC
2.30%, 11/08/2018		3,365,000		3,368,621
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021		383,000		390,350
				15,774,808
Real Estate Investment Trusts - 2.5%
ARC Properties Operating Partnership, LP
2.00%, 02/06/2017		3,705,000		3,593,850
3.00%, 02/06/2019		1,655,000		1,570,181
EPR Properties
4.50%, 04/01/2025		4,740,000		4,654,784
Host Hotels & Resorts, LP
4.00%, 06/15/2025		1,625,000		1,612,926
Kilroy Realty, LP
4.25%, 08/15/2029		6,355,000		6,327,083
Realty Income Corp.
3.88%, 07/15/2024		5,555,000		5,597,762
Simon Property Group, LP
3.38%, 10/01/2024 (F)		6,665,000		6,622,138
Ventas Realty, LP / Ventas Capital Corp.
2.70%, 04/01/2020		535,000		533,415
WEA Finance LLC / Westfield UK & Europe Finance PLC
2.70%, 09/17/2019 (A)		4,260,000		4,266,275
				34,778,414
Road & Rail - 0.2%
Aviation Capital Group Corp.
7.13%, 10/15/2020 (A)		2,002,000		2,331,417
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		269,000		262,807
3.75%, 04/01/2024		294,000		299,646
				2,893,870
Semiconductors & Semiconductor Equipment - 0.3%
KLA-Tencor Corp.
4.13%, 11/01/2021		3,735,000		3,831,636
Software - 0.3%
First Data Corp.
7.38%, 06/15/2019 (A)		1,060,000		1,101,870
Microsoft Corp.
2.70%, 02/12/2025 (F)		3,005,000		2,895,738
				3,997,608
Technology Hardware, Storage & Peripherals - 0.1%
Hewlett-Packard Co.
3.75%, 12/01/2020		1,685,000		1,736,403

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    20

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Tobacco - 0.2%
Altria Group, Inc.
4.00%, 01/31/2024		$   905,000		$   919,007
Philip Morris International, Inc.
4.88%, 11/15/2043		636,000		658,034
Reynolds American, Inc.
3.25%, 06/12/2020		1,895,000		1,919,449
				3,496,490
Trading Companies & Distributors - 0.1%
International Lease Finance Corp.
6.75%, 09/01/2016 (A)		2,000,000		2,103,750
Wireless Telecommunication Services - 1.7%
America Movil SAB de CV
2.38%, 09/08/2016		3,420,000		3,463,161
Crown Castle Towers LLC
4.88%, 08/15/2040 (A)		3,445,000		3,739,041
6.11%, 01/15/2040 (A)		7,393,000		8,417,773
SBA Tower Trust
2.24%, 04/15/2043 (A)		1,420,000		1,412,593
Sprint Communications, Inc.
9.00%, 11/15/2018 (A)		3,570,000		4,031,458
Sprint Corp.
7.88%, 09/15/2023		1,290,000		1,258,137
T-Mobile USA, Inc.
6.46%, 04/28/2019		145,000		149,350
6.63%, 04/28/2021		475,000		492,813
6.73%, 04/28/2022 (F)		460,000		479,550
6.84%, 04/28/2023 (F)		145,000		152,431
				23,596,307
Total Corporate Debt Securities (Cost $507,487,959)				503,003,319
FOREIGN GOVERNMENT OBLIGATIONS - 1.7%
Brazilian Government International Bond
4.25%, 01/07/2025 (F)		2,640,000		2,548,920
Colombia Government International Bond
4.00%, 02/26/2024 (F)		1,810,000		1,800,950
Export-Import Bank of Korea
4.00%, 01/11/2017		3,750,000		3,896,993
Indonesia Government International Bond
5.38%, 10/17/2023 (A) (F)		2,500,000		2,690,625
Mexico Government International Bond
4.00%, 10/02/2023		5,298,000		5,443,695
Peruvian Government International Bond
7.35%, 07/21/2025		1,010,000		1,318,050
Poland Government International Bond
Series 2013-NPL1, Class A
5.00%, 03/23/2022		1,200,000		1,330,320
South Africa Government International Bond
4.67%, 01/17/2024 (F)		1,060,000		1,083,850
Turkey Government International Bond
5.75%, 03/22/2024 (F)		3,180,000		3,442,350
Total Foreign Government Obligations (Cost $22,940,518)				23,555,753
MORTGAGE-BACKED SECURITIES - 13.5%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.03%, 02/25/2035 (B)		9,623		9,635

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Alternative Loan Trust
Series 2005-36, Class 2A1A
0.50%, 08/25/2035 (B)		$   1,320,662		$   1,040,452
Series 2005-50CB, Class 1A1
5.50%, 11/25/2035		2,679,852		2,583,380
Series 2005-51, Class 3A3A
0.51%, 11/20/2035 (B)		1,285,588		1,067,575
Series 2007-22, Class 2A16
6.50%, 09/25/2037		8,211,771		6,516,615
Series 2007-5CB, Class 1A31
5.50%, 04/25/2037		1,941,883		1,587,971
Banc of America Commercial Mortgage Trust
Series 2007-3, Class A1A
5.75%, 06/10/2049 (B)		2,430,260		2,594,475
Banc of America Funding Trust
Series 2005-E, Class 4A1
2.70%, 03/20/2035 (B)		209,029		208,331
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 (A)		3,410,000		3,367,856
Series 2012-TFT, Class C
3.58%, 06/05/2030 (A) (B)		4,215,000		4,052,790
Bear Stearns Alt-A Trust
Series 2004-11, Class 2A2
2.66%, 11/25/2034 (B)		106,460		90,705
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		2,648,403		2,767,528
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		1,757,560		1,845,324
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (B)		1,709,859		1,835,625
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.40%, 12/25/2046 (B)		163,948		68,830
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1
2.54%, 02/25/2034 (B)		123,864		121,573
Series 2005-3, Class 1A2
0.48%, 04/25/2035 (B)		258,676		229,296
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3
3.75%, 03/10/2047		1,140,000		1,181,365
Series 2014-GC19, Class A4
4.02%, 03/10/2047		1,735,000		1,838,918
Citigroup Mortgage Loan Trust
Series 2015-A, Class A1
3.50%, 06/25/2058 (B)		6,640,082		6,673,727
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 (A) (B)		2,350,000		2,459,618
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (B)		565,000		620,393
Series 2013-GAM, Class A2
3.37%, 02/10/2028 (A)		1,380,000		1,398,761
Series 2014-UBS2, Class A5
3.96%, 03/10/2047		1,240,000		1,309,433

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    21

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 (A)		$   1,560,000		$   1,544,175
Series 2014-CR14, Class B
4.76%, 02/10/2047 (B)		1,180,000		1,281,509
Commercial Mortgage Trust
Series 2007-GG11, Class AM
5.87%, 12/10/2049 (B)		1,175,000		1,260,364
Core Industrial Trust
Series 2015-CALW, Class B
3.25%, 02/10/2034 (A)		4,655,000		4,640,602
Credit Suisse Commercial Mortgage Trust
Series 2007-C2, Class A2
5.45%, 01/15/2049 (B)		5,729		5,736
Credit Suisse Mortgage Capital Certificates
Series 2009-11R, Class 5A1
4.28%, 08/26/2036 (A) (B)		5,556,040		5,535,882
CSMC Trust
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 (A)		3,084,678		3,108,658
Series 2011-4R, Class 5A1
2.70%, 05/27/2036 (A) (B)		2,160,814		2,163,632
Series 2013-8R, Class 3A1
0.33%, 03/27/2036 (A) (B)		4,538,643		4,431,040
Series 2014-4R, Class 21A1
0.49%, 12/27/2035 (A) (B)		6,818,018		6,496,555
DBRR Trust
Series 2011-C32, Class A3A
5.90%, 06/17/2049 (A) (B)		1,320,000		1,382,615
Extended Stay America Trust
Series 2013-ESH5, Class C5
2.67%, 12/05/2031 (A)		1,210,000		1,204,665
Series 2013-ESH7, Class A27
2.96%, 12/05/2031 (A)		1,630,000		1,635,236
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 1A1
3.22%, 12/19/2033 (B)		34,683		33,043
Series 2005-AR1, Class 3A
2.98%, 03/18/2035 (B)		72,556		71,035
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.55%, 12/10/2027 (A) (B)		3,320,000		3,146,178
GS Mortgage Securities Corp. Trust
Series 2012-SHOP, Class C
3.63%, 06/05/2031 (A)		410,000		421,547
Hilton USA Trust
Series 2013-HLT, Class DFX
4.41%, 11/05/2030		970,000		978,417
Hilton USA Trust, Interest Only STRIPS
Series 2013-HLT, Class X1FX
0.10%, 11/05/2030 (A) (B)		22,320,000		8,906
Impac CMB Trust
Series 2004-6, Class 1A1
0.99%, 10/25/2034 (B)		44,600		42,416
Independent National Mortgage Corp. Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.33%, 08/25/2037 (B)		758,073		605,863
Series 2007-AR7, Class 1A1
2.74%, 11/25/2037 (B)		515,216		487,772

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.66%, 12/12/2044 (B)		$   2,000,000		$   2,027,312
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (B)		4,111,950		4,319,340
Series 2007-LD11, Class ASB
5.96%, 06/15/2049 (B)		660,054		683,080
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (B)		3,410,372		3,666,140
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		3,095,048		3,270,305
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
1.99%, 02/25/2034 (B)		82,497		81,962
Series 2006-A2, Class 5A1
2.44%, 11/25/2033 (B)		100,738		101,563
Series 2006-S3, Class 1A12
6.50%, 08/25/2036		499,432		416,136
JPMorgan Re-REMIC Trust
Series 2014-2, Class 6A1
2.75%, 05/26/2037 (A) (B)		6,781,399		6,811,787
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class AM
6.37%, 09/15/2045 (B)		900,000		986,772
MASTR Adjustable Rate Mortgages Trust
Series 2007-R5, Class A1
2.67%, 11/25/2035 (A) (B)		691,074		534,129
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
0.83%, 10/25/2028 (B)		45,489		44,391
Series 2004-A1, Class 2A1
2.39%, 02/25/2034 (B)		253,765		255,048
Series 2004-A3, Class 4A3
2.70%, 05/25/2034 (B)		118,433		118,069
Series 2005-A3, Class A1
0.46%, 04/25/2035 (B)		53,843		51,639
Series 2005-A4, Class 2A2
2.53%, 07/25/2035 (B)		287,940		254,730
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.46%, 11/12/2037 (B)		1,760,000		1,773,209
Series 2007-C1, Class A1A
6.03%, 06/12/2050 (B)		1,052,185		1,098,812
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.86%, 04/12/2049 (B)		2,855,000		3,013,938
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		4,024,150		4,219,527
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		1,090,000		1,150,241
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (B)		1,049,386		1,117,278
Series 2007-IQ15, Class AM
6.10%, 06/11/2049 (B)		1,225,000		1,302,909
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4B
5.99%, 08/15/2045 (A) (B)		540,000		574,582

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    22

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Re-REMIC Trust (continued)
Series 2012-IO, Class AXB2
1.00%, 03/27/2051 (A)		$   694,863		$   693,126
Series 2012-XA, Class A
2.00%, 07/27/2049 (A)		1,078,512		1,077,973
Series 2014-R3, Class 2A
3.00%, 07/26/2048 (A) (B)		8,572,874		8,400,866
Motel 6 Trust
Series 2015-MTL6, Class C
3.64%, 02/05/2030 (A)		11,625,000		11,618,199
NACC Reperforming Loan REMIC Trust
Series 2004-R2, Class A1
6.50%, 10/25/2034 (A) (B)		103,156		103,432
Nationstar Mortgage Loan Trust
Series 2013-A, Class A
3.75%, 12/25/2052 (A) (B)		5,229,789		5,340,452
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 (A) (B)		2,254,379		2,319,113
Series 2014-3A, Class AFX3
3.75%, 11/25/2054 (A) (B)		4,115,583		4,220,337
Provident Funding Mortgage Loan Trust
Series 2005-1, Class 3A1
0.48%, 05/25/2035 (B)		4,257,590		4,094,665
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.59%, 01/11/2037 (A) (B)		4,200,000		3,922,960
RALI Trust
Series 2007-QO1, Class A1
0.34%, 02/25/2047 (B)		593,556		465,272
Series 2007-QO4, Class A1A
0.38%, 05/25/2047 (B)		1,139,042		938,105
RBSCF Trust
Series 2010-RR3, Class WBTA
6.15%, 02/16/2051 (A) (B)		7,264,676		7,482,871
SCG Trust
Series 2013-SRP1, Class AJ
2.14%, 11/15/2026 (A) (B)		1,140,000		1,143,376
STRIPS, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 (A)		1,204,517		1,180,427
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1
2.51%, 07/25/2035 (B)		772,957		633,876
Series 2007-3, Class 3A1
2.73%, 04/25/2047 (B)		2,054,270		1,617,363
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1
0.89%, 01/19/2034 (B)		60,052		58,089
UBS-BAMLL Trust
Series 2012-WRM, Class A
3.66%, 06/10/2030 (A)		2,680,000		2,753,933
Voyager BRSTN Delaware Trust, Interest Only STRIPS
Series 2009-1, Class UAU7
0.44%, 12/26/2036 (A) (B)		275,416		264,346

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class H
0.59%, 09/15/2021 (A) (B)		$   1,493,000		$   1,458,542
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A
0.48%, 07/25/2045 (B)		72,518		67,771
Series 2007-OA6, Class 1A1B
0.97%, 07/25/2047 (B)		1,211,589		420,129
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A
1.75%, 08/20/2021 (A)		571,393		571,393
Total Mortgage-Backed Securities (Cost $187,123,819)				184,675,537
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.8%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited
6.60%, 08/01/2042		340,000		453,836
State of California, General Obligation Unlimited
7.60%, 11/01/2040		1,585,000		2,348,510
University of California, Revenue Bonds
Series AD
4.86%, 05/15/2112		315,000		284,596
				3,086,942
Georgia - 0.0% (J)
Municipal Electric Authority of Georgia, Revenue Bonds
6.64%, 04/01/2057		295,000		353,755
Illinois - 0.1%
State of Illinois, General Obligation Unlimited
5.10%, 06/01/2033		1,520,000		1,410,788
New Jersey - 0.0% (J)
New Jersey State Turnpike Authority, Revenue Bonds
Series F
7.41%, 01/01/2040		431,000		598,534
New York - 0.5%
Metropolitan Transportation Authority, Revenue Bonds
Series E
6.81%, 11/15/2040		355,000		463,644
New York City Water & Sewer System, Revenue Bonds
5.88%, 06/15/2044		340,000		425,387
Series EE
5.38%, 06/15/2043		1,670,000		1,946,452
5.50%, 06/15/2043		2,000,000		2,349,520
New York State Dormitory Authority, Revenue Bonds
Series H
5.39%, 03/15/2040		330,000		385,206

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    23

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Port Authority of New York & New Jersey,
Revenue Bonds
4.96%, 08/01/2046		$   570,000		$   604,565
				6,174,774
Total Municipal Government Obligations (Cost $10,765,108)				11,624,793
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.4%
Federal Home Loan Mortgage Corp.
1.84%, 05/01/2037 (B)		103,658		108,774
1.95%, 02/01/2037 - 04/01/2037 (B)		249,516		262,844
2.19%, 01/01/2038 (B)		261,949		280,091
2.24%, 09/01/2035 (B)		1,384,009		1,475,049
2.26%, 12/01/2034 (B)		23,767		25,404
2.28%, 09/01/2037 (B)		24,512		26,146
2.50%, 05/01/2037 (B)		115,295		123,522
3.01%, 02/01/2041 (B)		785,921		840,972
5.50%, 07/01/2016 - 06/01/2041		2,795,323		3,126,520
6.00%, 04/01/2016 - 05/01/2031		749,081		857,058
Federal National Mortgage Association
1.33%, 08/01/2037 (B)		9,681		9,929
1.89%, 01/01/2035 (B)		34,046		35,586
1.90%, 08/01/2034 (B)		18,830		19,792
2.31%, 08/01/2035 (B)		81,472		84,427
2.97%, 03/01/2041 (B)		412,746		442,083
3.00%, TBA (C) (K) (L)		51,221,000		51,029,920
3.13%, 03/01/2041 (B)		601,407		639,944
3.16%, 12/01/2040 (B)		1,142,075		1,209,034
3.36%, 06/01/2041 (B)		1,149,210		1,215,403
3.50%, 07/01/2028 - 01/01/2029		5,552,966		5,895,423
3.50%, TBA (K) (L)		15,140,000		15,967,259
3.50%, TBA (C) (K) (L)		64,314,000		66,278,593
3.52%, 09/01/2041 (B)		846,651		895,713
4.00%, TBA (C) (K) (L)		34,679,000		36,741,721
4.50%, 02/01/2025 - 06/01/2026		4,241,249		4,541,968
5.00%, TBA (C) (K) (L)		13,305,000		14,697,867
5.50%, 04/01/2036 - 04/01/2041		2,087,971		2,350,358
6.00%, 02/01/2034 - 01/01/2040		8,786,324		10,062,075
6.50%, 05/01/2040		3,458,522		3,971,808
7.00%, 01/01/2016 - 09/01/2016		4,710		4,761
Government National Mortgage Association, Interest Only STRIPS
0.93%, 02/16/2053 (B)		9,374,146		636,505
Tennessee Valley Authority
5.98%, 04/01/2036		440,000		572,692
Total U.S. Government Agency Obligations (Cost $224,642,438)				224,429,241
U.S. GOVERNMENT OBLIGATIONS - 22.7%
U.S. Treasury Bond
2.75%, 08/15/2042 (C)		9,016,500		8,388,870
3.63%, 02/15/2044		42,934,900		47,204,905
4.50%, 02/15/2036 (C)		8,598,200		10,810,895
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		7,351,636		9,060,318
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023		1,727,058		1,696,565
0.63%, 01/15/2024		15,725,905		15,993,733

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Note
0.38%, 10/31/2016		$   29,571,600		$   29,553,118
0.50%, 09/30/2016		4,141,600		4,147,100
0.88%, 04/15/2017 - 04/30/2017		40,024,700		40,231,820
1.00%, 09/15/2017 - 11/30/2019		25,135,500		24,624,379
1.25%, 11/30/2018		42,982,800		43,090,257
1.63%, 03/31/2019 - 11/15/2022		42,068,800		41,773,133
1.88%, 11/30/2021		3,443,000		3,420,676
2.00%, 02/15/2025 (C) (F)		4,899,000		4,759,682
2.25%, 11/15/2024		6,766,900		6,725,663
2.50%, 08/15/2023 - 05/15/2024		20,323,100		20,684,712
Total U.S. Government Obligations (Cost $309,465,605)				312,165,826
	Shares		Value
PREFERRED STOCKS - 0.2%
Capital Markets - 0.0% (J)
State Street Corp.
Series D, 5.90% (B)		23,039		591,411
Diversified Financial Services - 0.1%
Citigroup Capital XIII
7.88% (B)		60,502		1,570,632
Electric Utilities - 0.0% (J)
SCE Trust III
5.75% (B) (F)		7,998		212,907
Thrifts & Mortgage Finance - 0.1%
Federal Home Loan Mortgage Corp.
Series Z, 8.38% (B) (F) (M)		93,300		349,875
Federal National Mortgage Association
Series O, 0.00% (B) (M)		1,300		8,970
Series S, 8.25% (B) (M)		81,175		304,406
				663,251
Total Preferred Stocks (Cost $4,586,142)				3,038,201
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 13.5%
U.S. Treasury Bill
0.00%, 07/23/2015 - 09/17/2015 (N) (O)		$  9,462,400		9,462,357
0.01%, 08/20/2015 - 09/24/2015 (N)		45,597,000		45,596,302
0.01%, 08/06/2015 (F) (N)		39,383,200		39,382,826
0.02%, 07/23/2015 - 09/10/2015 (N)		91,243,500		91,240,947
Total Short-Term U.S. Government Obligations (Cost $185,682,432)				185,682,432
	Shares		Value
SECURITIES LENDING COLLATERAL - 2.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (N)		35,131,510		35,131,510
Total Securities Lending Collateral (Cost $35,131,510)				35,131,510

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    24

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.01% (N), dated 06/30/2015, to be repurchased at $19,267,993 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 4.00%, due 08/15/2039 - 09/25/2039, and with a total value of $19,654,268.		$  19,267,987		$  19,267,987
Total Repurchase Agreement (Cost $19,267,987)				19,267,987
Total Investments (Cost $1,606,115,485) (P)				1,600,988,892
Net Other Assets (Liabilities) - (16.7)%				(228,518,247	)
Net Assets - 100.0%				$  1,372,470,645

SECURITY VALUATION:

Valuation Inputs ^(Q)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Asset-Backed Securities	$	—	$	98,414,293	$	—	$	98,414,293
Corporate Debt Securities		—		503,003,319		—		503,003,319
Foreign Government Obligations		—		23,555,753		—		23,555,753
Mortgage-Backed Securities		—		184,675,537		—		184,675,537
Municipal Government Obligations		—		11,624,793		—		11,624,793
U.S. Government Agency Obligations		—		224,429,241		—		224,429,241
U.S. Government Obligations		—		312,165,826		—		312,165,826
Preferred Stocks		3,038,201		—		—		3,038,201
Short-Term U.S. Government Obligations		—		185,682,432		—		185,682,432
Securities Lending Collateral		35,131,510		—		—		35,131,510
Repurchase Agreement		—		19,267,987		—		19,267,987
Total Investments	$	38,169,711	$	1,562,819,181	$	—	$	1,600,988,892

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the total aggregate value of 144A securities is $323,806,974, representing 23.6% of the Portfolio’s net assets.

^(B)  Floating or variable rate security. The rate disclosed is as of June 30, 2015.

^(C)  When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015.

^(D)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $10,861,727, representing 0.8% of the Portfolio’s net assets.

^(E)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of June 30, 2015; the maturity date disclosed is the ultimate maturity date.

^(F)  All or a portion of the security is on loan. The value of all securities on loan is $34,406,037. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(G)  The security has a perpetual maturity; the date displayed is the next call date.

^(H)  Security in default.

^(I)  Illiquid security. Total aggregate value of illiquid securities is $87,922, representing less than 0.1% of the Portfolio’s net assets.

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

^(K)  Cash in the amount of $1,346,832 has been segregated by the custodian as collateral for open TBA commitment transactions.

^(L)  Cash in the amount of $443,000 has been segregated by the broker as collateral for open TBA commitment transactions.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    25

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(M)  Non-income producing security.

^(N)  Rate disclosed reflects the yield at June 30, 2015.

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

^(P)  Aggregate cost for federal income tax purposes is $1,606,115,485. Aggregate gross unrealized appreciation and depreciation for all securities is $15,578,987 and $20,705,580, respectively. Net unrealized depreciation for tax purposes is $5,126,593.

^(Q)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    26

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Principal		Value
CONVERTIBLE BONDS - 0.4%
Diversified Telecommunication Services - 0.4%
Level 3 Financing, Inc.
8.63%, 07/15/2020		$  3,130,000		$  3,345,031
Independent Power and Renewable Electricity Producers - 0.0%
Mirant Corp.
Series 4, Class A
2.50%, 06/15/2021 (A) (B) (C) (D)		1,220,000		0
Media - 0.0% (E)
Mood Media Corp.
Series 1
10.00%, 10/31/2015		7,000		6,984
Total Convertible Bonds (Cost $3,456,558)				3,352,015
CORPORATE DEBT SECURITIES - 94.8%
Aerospace & Defense - 1.5%
Bombardier, Inc.
6.00%, 10/15/2022 (F)		4,925,000		4,370,937
6.13%, 01/15/2023 (F)		930,000		825,375
7.50%, 03/15/2025 (F)		1,321,000		1,198,808
7.75%, 03/15/2020 (F)		2,557,000		2,571,063
Spirit AeroSystems, Inc.
6.75%, 12/15/2020		2,447,000		2,563,233
Triumph Group, Inc.
5.25%, 06/01/2022		1,296,000		1,279,800
				12,809,216
Airlines - 2.3%
American Airlines Group, Inc.
4.63%, 03/01/2020 (F)		1,000,000		967,500
5.50%, 10/01/2019 (F)		4,837,000		4,873,277
American Airlines Pass-Through Trust
5.60%, 01/15/2022 (F)		2,251,011		2,329,797
6.13%, 07/15/2018 (F)		7,155,000		7,333,875
Continental Airlines Pass-Through Certificates
6.13%, 04/29/2018		2,240,000		2,335,200
United Airlines Pass-Through Trust
4.63%, 03/03/2024		770,000		785,400
United Continental Holdings, Inc.
6.38%, 06/01/2018		1,185,000		1,235,363
				19,860,412
Auto Components - 0.7%
Goodyear Tire & Rubber Co.
6.50%, 03/01/2021		2,500,000		2,646,875
Meritor, Inc.
6.25%, 02/15/2024		1,852,000		1,828,850
ZF North America Capital, Inc.
4.00%, 04/29/2020 (F)		1,589,000		1,587,014
				6,062,739
Automobiles - 0.9%
FCA US LLC / CG Co-Issuer, Inc.
8.25%, 06/15/2021		5,935,000		6,469,150
Fiat Chrysler Automobiles NV
4.50%, 04/15/2020 (F)		850,000		845,750
5.25%, 04/15/2023 (F)		900,000		882,180
				8,197,080
Banks - 2.3%
Barclays PLC
6.63%, 09/15/2019 (G) (H)		3,023,000		2,947,056
8.25%, 12/15/2018 (G) (H)		1,843,000		1,946,134

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
CIT Group, Inc.
5.00%, 08/15/2022		$  385,000		$  381,150
5.25%, 03/15/2018		1,525,000		1,576,469
5.38%, 05/15/2020		190,000		198,075
5.50%, 02/15/2019 (F)		2,865,000		2,986,762
Deutsche Bank AG
7.50%, 04/30/2025 (G) (H)		1,800,000		1,795,500
Goldman Sachs Capital II
4.00%, 07/31/2015 (G) (H)		11,035,000		8,400,394
				20,231,540
Beverages - 0.7%
Cott Beverages, Inc.
5.38%, 07/01/2022		4,099,000		3,976,030
6.75%, 01/01/2020 (F)		2,484,000		2,577,150
				6,553,180
Biotechnology - 0.2%
Concordia Healthcare Corp.
7.00%, 04/15/2023 (F)		1,500,000		1,500,000
Building Products - 2.4%
Associated Materials LLC / AMH New Finance, Inc.
9.13%, 11/01/2017		7,551,000		6,267,330
Builders FirstSource, Inc.
7.63%, 06/01/2021 (F)		2,560,000		2,649,600
Griffon Corp.
5.25%, 03/01/2022		3,975,000		3,955,125
Norbord, Inc.
6.25%, 04/15/2023 (F)		2,237,000		2,264,962
Ply Gem Industries, Inc.
6.50%, 02/01/2022		6,006,000		5,902,185
				21,039,202
Capital Markets - 0.5%
Goldman Sachs Group, Inc.
5.38%, 05/10/2020 (G) (H)		1,517,000		1,498,644
Morgan Stanley
5.45%, 07/15/2019 (G) (H)		2,970,000		2,947,725
5.55%, 07/15/2020 (G) (H)		320,000		317,680
				4,764,049
Chemicals - 1.1%
Evolution Escrow Issuer LLC
7.50%, 03/15/2022 (F)		2,117,000		2,005,857
Hexion, Inc.
6.63%, 04/15/2020		6,738,000		6,182,115
10.00%, 04/15/2020		1,201,000		1,234,028
				9,422,000
Commercial Services & Supplies - 1.6%
Hertz Corp.
7.38%, 01/15/2021		3,500,000		3,644,375
7.50%, 10/15/2018		735,000		759,806
United Rentals North America, Inc.
5.50%, 07/15/2025		510,000		492,788
7.38%, 05/15/2020		5,950,000		6,348,590
7.63%, 04/15/2022		2,559,000		2,770,117
8.25%, 02/01/2021		134,000		143,213
				14,158,889

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    27

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 2.2%
Abengoa Greenfield SA
6.50%, 10/01/2019 (F)		$  1,767,000		$  1,643,310
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.88%, 02/15/2021 (F)		4,473,000		4,159,890
Brookfield Residential Properties, Inc.
6.38%, 05/15/2025 (F)		2,147,000		2,104,060
K Hovnanian Enterprises, Inc.
7.00%, 01/15/2019 (F)		1,785,000		1,615,425
7.25%, 10/15/2020 (F)		1,250,000		1,275,000
8.00%, 11/01/2019 (F)		1,800,000		1,665,000
9.13%, 11/15/2020 (F)		6,000,000		6,120,000
Standard Pacific Corp.
5.88%, 11/15/2024		640,000		659,200
				19,241,885
Consumer Finance - 4.0%
Ally Financial, Inc.
3.25%, 02/13/2018		872,000		866,550
3.50%, 07/18/2016		3,340,000		3,390,100
5.50%, 02/15/2017		1,700,000		1,772,250
6.25%, 12/01/2017		3,830,000		4,088,525
8.00%, 12/31/2018 - 11/01/2031		2,712,000		3,211,511
Altice US Finance I Corp.
5.38%, 07/15/2023 (F)		980,000		955,500
Altice US Finance II Corp.
7.75%, 07/15/2025 (F)		250,000		242,500
Altice US Financing SA
7.75%, 07/15/2025 (F)		250,000		240,000
Navient Corp.
5.88%, 10/25/2024		2,126,000		1,998,440
Series MTN
5.50%, 01/15/2019		4,230,000		4,312,993
OneMain Financial Holdings, Inc.
6.75%, 12/15/2019 (F)		1,847,000		1,925,497
7.25%, 12/15/2021 (F)		1,636,000		1,695,305
Springleaf Finance Corp.
6.00%, 06/01/2020		4,250,000		4,297,600
Series MTN
6.90%, 12/15/2017		6,255,000		6,630,300
				35,627,071
Containers & Packaging - 1.6%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
3.29%, 12/15/2019 (F) (G)		3,620,000		3,520,450
6.25%, 01/31/2019 (F)		665,000		676,638
7.00%, 11/15/2020 (F)		774,706		790,200
Ball Corp.
5.25%, 07/01/2025		2,466,000		2,438,257
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Issuer, Inc.
5.63%, 12/15/2016 (F)		645,000		643,791
6.00%, 06/15/2017 (F)		915,000		915,000
Constellium NV
8.00%, 01/15/2023 (F)		2,218,000		2,273,450
Coveris Holdings SA
7.88%, 11/01/2019 (F)		2,950,000		2,935,250
				14,193,036

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Consumer Services - 0.2%
Service Corp., International
5.38%, 01/15/2022		$  1,585,000		$  1,664,250
Diversified Financial Services - 6.9%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
4.25%, 07/01/2020		800,000		800,500
4.63%, 07/01/2022		1,691,000		1,695,228
Bank of America Corp.
5.13%, 06/17/2019 (G) (H)		4,584,000		4,491,174
6.10%, 03/17/2025 (G) (H)		1,373,000		1,355,838
8.00%, 01/30/2018 (G) (H)		3,947,000		4,164,085
Citigroup, Inc.
5.80%, 11/15/2019 (G) (H)		2,153,000		2,158,382
6.30%, 05/15/2024 (G) (H)		5,900,000		5,759,875
Credit Suisse Group AG
6.25%, 12/18/2024 (F) (G) (H)		1,683,000		1,613,576
7.50%, 12/11/2023 (F) (G) (H)		4,697,000		4,890,516
Denali Borrower LLC / Denali Finance Corp.
5.63%, 10/15/2020 (F)		11,730,000		12,331,162
General Motors Financial Co., Inc.
3.25%, 05/15/2018		320,000		327,278
4.25%, 05/15/2023		855,000		865,141
4.75%, 08/15/2017		1,350,000		1,424,674
6.75%, 06/01/2018		1,075,000		1,200,013
Glen Meadow Pass-Through Trust
6.51%, 02/12/2067 (F) (G)		3,745,000		3,482,850
ILFC E-Capital Trust I
4.69%, 12/21/2065 (F) (G)		4,780,000		4,736,980
ILFC E-Capital Trust II
6.25%, 12/21/2065 (F) (G)		875,000		857,500
Jefferies Finance LLC / JFIN Co-Issuer Corp.
7.50%, 04/15/2021 (F)		2,711,000		2,707,205
JPMorgan Chase & Co.
5.00%, 07/01/2019 (G) (H)		2,515,000		2,461,556
7.90%, 04/30/2018 (G) (H)		3,500,000		3,702,125
				61,025,658
Diversified Telecommunication Services - 6.8%
Altice Financing SA
6.63%, 02/15/2023 (F)		1,975,000		1,960,780
CenturyLink, Inc.
7.65%, 03/15/2042		10,837,000		9,807,485
Cincinnati Bell, Inc.
8.38%, 10/15/2020		2,152,000		2,264,980
Frontier Communications Corp.
6.88%, 01/15/2025		318,000		265,927
7.63%, 04/15/2024		6,032,000		5,323,240
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		5,355,000		5,810,175
7.63%, 06/15/2021		2,000,000		2,200,400
Intelsat Jackson Holdings SA
7.25%, 10/15/2020		5,570,000		5,507,337
Sprint Capital Corp.
8.75%, 03/15/2032		1,090,000		1,060,025
UPCB Finance V, Ltd.
7.25%, 11/15/2021 (F)		4,257,000		4,597,560
UPCB Finance VI, Ltd.
6.88%, 01/15/2022 (F)		1,458,000		1,552,770

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    28

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Virgin Media Finance PLC
6.00%, 10/15/2024 (F)		$  4,250,000		$  4,313,750
6.38%, 04/15/2023 (F)		945,000		976,894
Wind Acquisition Finance SA
4.75%, 07/15/2020 (F)		2,500,000		2,462,500
7.38%, 04/23/2021 (F)		4,935,000		4,990,519
Windstream Services LLC
6.38%, 08/01/2023		2,385,000		1,940,794
7.75%, 10/01/2021		5,410,000		4,950,150
				59,985,286
Electric Utilities - 1.1%
Elwood Energy LLC
8.16%, 07/05/2026		2,087,248		2,327,281
Homer City Generation, LP
8.73%, 10/01/2026
Cash Rate 8.73% (I)		7,441,550		7,553,173
				9,880,454
Electronic Equipment, Instruments & Components - 0.7%
Belden, Inc.
5.50%, 09/01/2022 (F)		2,514,000		2,495,145
Sanmina Corp.
4.38%, 06/01/2019 (F)		1,835,000		1,830,412
Zebra Technologies Corp.
7.25%, 10/15/2022 (F)		1,621,000		1,754,733
				6,080,290
Energy Equipment & Services - 1.6%
CSI Compressco, LP / Compressco Finance, Inc.
7.25%, 08/15/2022 (F)		2,283,000		2,180,265
NuStar Logistics, LP
8.15%, 04/15/2018		2,000,000		2,220,000
Rose Rock Midstream, LP / Rose Rock Finance Corp.
5.63%, 11/15/2023 (F)		1,125,000		1,088,438
Sabine Pass Liquefaction LLC
5.63%, 03/01/2025 (F)		1,615,000		1,598,850
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
5.00%, 01/15/2018 (F)		1,545,000		1,579,762
Tesoro Logistics, LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/2022 (F)		753,000		779,355
Transocean, Inc.
6.88%, 12/15/2021		5,099,000		4,589,100
				14,035,770
Food & Staples Retailing - 0.5%
Rite Aid Corp.
6.13%, 04/01/2023 (F)		1,764,000		1,816,920
6.75%, 06/15/2021		2,253,000		2,365,650
				4,182,570
Food Products - 1.4%
Aramark Services, Inc.
5.75%, 03/15/2020		895,000		934,380
ASG Consolidated LLC / ASG Finance, Inc.
15.00%, 05/15/2017 (C) (F) (I)		2,615,282		1,597,501

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
JBS USA LLC / JBS USA Finance, Inc.
5.75%, 06/15/2025 (F)		$  1,160,000		$  1,146,602
7.25%, 06/01/2021 (F)		2,140,000		2,255,025
Pilgrim’s Pride Corp.
5.75%, 03/15/2025 (F)		1,009,000		1,019,090
Post Holdings, Inc.
6.75%, 12/01/2021 (F)		4,845,000		4,845,000
7.38%, 02/15/2022		827,000		841,473
				12,639,071
Gas Utilities - 0.3%
Ferrellgas, LP / Ferrellgas Finance Corp.
6.75%, 06/15/2023 (F)		2,800,000		2,814,000
Health Care Equipment & Supplies - 2.2%
Crimson Merger Sub, Inc.
6.63%, 05/15/2022 (F)		5,192,000		4,555,980
DJO Finco, Inc. / DJO Finance LLC
8.13%, 06/15/2021 (F)		2,140,000		2,204,200
Hologic, Inc.
5.25%, 07/15/2022 (F) (J)		657,000		670,961
6.25%, 08/01/2020		4,430,000		4,582,392
Mallinckrodt International Finance SA
3.50%, 04/15/2018		637,000		638,593
4.75%, 04/15/2023		3,250,000		3,032,656
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
4.88%, 04/15/2020 (F)		475,000		483,336
5.75%, 08/01/2022 (F)		2,905,000		2,970,363
				19,138,481
Health Care Providers & Services - 5.5%
CHS / Community Health Systems, Inc.
5.13%, 08/15/2018		2,170,000		2,224,250
6.88%, 02/01/2022		3,975,000		4,193,625
7.13%, 07/15/2020		2,295,000		2,431,553
8.00%, 11/15/2019		6,472,000		6,819,870
DaVita HealthCare Partners, Inc.
5.75%, 08/15/2022		3,765,000		3,990,900
HCA Holdings, Inc.
6.25%, 02/15/2021		3,933,000		4,237,807
HCA, Inc.
6.50%, 02/15/2020		2,905,000		3,246,338
7.50%, 02/15/2022		3,410,000		3,917,237
LifePoint Health, Inc.
5.50%, 12/01/2021		5,940,000		6,133,050
Tenet Healthcare Corp.
5.00%, 03/01/2019 (F)		745,000		745,000
5.50%, 03/01/2019 (F)		1,135,000		1,144,931
6.00%, 10/01/2020		2,910,000		3,102,788
6.75%, 06/15/2023 (F)		1,034,000		1,054,680
8.13%, 04/01/2022		4,830,000		5,281,605
				48,523,634
Hotels, Restaurants & Leisure - 6.7%
Boyd Gaming Corp.
6.88%, 05/15/2023		2,760,000		2,829,000
Felcor Lodging, LP
5.63%, 03/01/2023		2,250,000		2,311,875

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    29

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
International Game Technology PLC
5.63%, 02/15/2020 (F)		$  1,740,000		$  1,700,850
6.25%, 02/15/2022 (F)		2,255,000		2,153,525
6.50%, 02/15/2025 (F)		3,947,000		3,650,975
MGM Resorts International
6.00%, 03/15/2023		2,490,000		2,521,125
6.63%, 12/15/2021		3,185,000		3,328,325
7.75%, 03/15/2022		3,385,000		3,723,500
11.38%, 03/01/2018		4,022,000		4,725,850
NCL Corp., Ltd.
5.00%, 02/15/2018		3,812,000		3,888,240
New Cotai LLC / New Cotai Capital Corp.
10.63%, 05/01/2019 (F) (I)		2,405,801		2,026,386
Pinnacle Entertainment, Inc.
7.50%, 04/15/2021		5,516,000		5,840,065
Playa Resorts Holding BV
8.00%, 08/15/2020 (F)		1,100,000		1,138,500
Scientific Games International, Inc.
7.00%, 01/01/2022 (F)		683,000		705,198
10.00%, 12/01/2022		5,959,000		5,705,742
Studio City Finance, Ltd.
8.50%, 12/01/2020 (F)		3,325,000		3,312,531
Viking Cruises, Ltd.
6.25%, 05/15/2025 (F)		1,424,000		1,413,320
8.50%, 10/15/2022 (F)		5,205,000		5,777,550
Waterford Gaming LLC / Waterford Gaming Financial Corp.
8.63%, 09/15/2049 (A) (B) (F)		1,064,486		0
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.38%, 03/15/2022		848,000		860,720
Wynn Macau, Ltd.
5.25%, 10/15/2021 (F)		1,819,000		1,718,955
				59,332,232
Household Durables - 3.6%
Beazer Homes USA, Inc.
5.75%, 06/15/2019		3,139,000		3,091,915
7.50%, 09/15/2021		4,860,000		4,896,450
9.13%, 05/15/2019		2,075,000		2,160,594
Jarden Corp.
6.13%, 11/15/2022		2,850,000		2,949,750
KB Home
4.75%, 05/15/2019		3,000,000		2,977,500
7.00%, 12/15/2021		350,000		361,375
7.63%, 05/15/2023		1,953,000		2,040,885
9.10%, 09/15/2017		2,403,000		2,679,345
Meritage Homes Corp.
4.50%, 03/01/2018		6,372,000		6,515,370
Standard Pacific Corp.
8.38%, 01/15/2021		2,950,000		3,422,000
Tempur Sealy International, Inc.
6.88%, 12/15/2020		1,065,000		1,128,900
				32,224,084
Household Products - 1.5%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		3,150,000		3,283,875

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Products (continued)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (continued)
7.13%, 04/15/2019		$  2,472,000		$  2,543,070
7.88%, 08/15/2019		985,000		1,025,631
9.88%, 08/15/2019		4,600,000		4,830,000
Sun Products Corp.
7.75%, 03/15/2021 (F)		1,889,000		1,704,823
				13,387,399
Independent Power and Renewable Electricity Producers - 2.2%
Abengoa Yield PLC
7.00%, 11/15/2019 (F)		1,673,000		1,723,190
Calpine Corp.
5.38%, 01/15/2023		370,000		363,525
5.75%, 01/15/2025		1,778,000		1,729,105
NRG Energy, Inc.
7.88%, 05/15/2021		10,765,000		11,464,725
8.25%, 09/01/2020		3,820,000		4,001,450
				19,281,995
Insurance - 1.5%
Genworth Holdings, Inc.
4.90%, 08/15/2023		577,000		510,824
7.20%, 02/15/2021		1,023,000		1,071,593
7.63%, 09/24/2021		4,494,000		4,729,935
Lincoln National Corp.
7.00%, 05/17/2066 (G)		8,111,000		7,360,732
				13,673,084
IT Services - 1.3%
SunGard Data Systems, Inc.
6.63%, 11/01/2019		8,370,000		8,642,025
7.38%, 11/15/2018		545,000		564,347
7.63%, 11/15/2020		2,514,000		2,627,130
				11,833,502
Machinery - 0.1%
CNH Industrial Capital LLC
3.88%, 07/16/2018 (F)		1,110,000		1,111,388
Media - 8.9%
Adelphia Communications Corp.
9.25%, 10/01/2049 (C) (D)		1,305,000		9,788
10.25%, 06/15/2049 - 11/01/2049 (C) (D)		1,460,000		10,950
Cablevision Systems Corp.
5.88%, 09/15/2022		3,070,000		2,977,900
7.75%, 04/15/2018		8,455,000		9,131,400
8.00%, 04/15/2020		2,859,000		3,102,015
CCO Holdings LLC / CCO Holdings Capital Corp.
5.25%, 09/30/2022		2,885,000		2,841,725
5.75%, 01/15/2024		465,000		467,325
6.50%, 04/30/2021		4,925,000		5,152,781
7.00%, 01/15/2019		919,000		954,611
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%, 09/15/2020 (F)		4,654,000		4,622,585
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		4,608,000		4,752,613
7.63%, 03/15/2020		9,015,000		9,394,288
CSC Holdings LLC
6.75%, 11/15/2021		185,000		195,175

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    30

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
DISH DBS Corp.
5.88%, 07/15/2022 - 11/15/2024		$  3,874,000		$  3,759,630
6.75%, 06/01/2021		3,215,000		3,351,637
7.88%, 09/01/2019		5,148,000		5,709,132
iHeartCommunications, Inc.
10.63%, 03/15/2023 (F)		1,748,000		1,656,230
Numericable-SFR SAS
4.88%, 05/15/2019 (F)		3,575,000		3,539,250
Regal Entertainment Group
5.75%, 06/15/2023 - 02/01/2025		3,095,000		3,031,412
Unitymedia GmbH
6.13%, 01/15/2025 (F)		2,106,000		2,200,770
Univision Communications, Inc.
5.13%, 02/15/2025 (F)		1,623,000		1,566,520
6.75%, 09/15/2022 (F)		9,061,000		9,582,007
8.50%, 05/15/2021 (F)		893,000		939,883
				78,949,627
Metals & Mining - 0.8%
ArcelorMittal
6.13%, 06/01/2025		475,000		473,516
7.00%, 02/25/2022		985,000		1,061,337
7.75%, 10/15/2039		2,148,000		2,137,260
Evraz, Inc. NA
7.50%, 11/15/2019 (F)		1,273,000		1,253,905
Novelis, Inc.
8.38%, 12/15/2017		1,645,000		1,704,631
				6,630,649
Multiline Retail - 0.2%
Family Tree Escrow LLC
5.25%, 03/01/2020 (F)		207,000		216,574
5.75%, 03/01/2023 (F)		1,117,000		1,167,265
				1,383,839
Oil, Gas & Consumable Fuels - 7.2%
Antero Resources Corp.
5.38%, 11/01/2021		861,000		826,560
Berry Petroleum Co. LLC
6.38%, 09/15/2022		1,625,000		1,267,500
BreitBurn Energy Partners, LP / BreitBurn Finance Corp.
7.88%, 04/15/2022		3,505,000		2,909,150
California Resources Corp.
5.00%, 01/15/2020		1,812,000		1,594,560
5.50%, 09/15/2021		1,605,000		1,396,671
6.00%, 11/15/2024		2,852,000		2,452,720
Carrizo Oil & Gas, Inc.
7.50%, 09/15/2020		1,694,000		1,782,935
Chesapeake Energy Corp.
6.13%, 02/15/2021		1,322,000		1,242,680
6.63%, 08/15/2020		3,041,000		2,964,975
CITGO Holding, Inc.
10.75%, 02/15/2020 (F)		2,131,000		2,178,947
CITGO Petroleum Corp.
6.25%, 08/15/2022 (F)		1,988,000		1,953,210
Concho Resources, Inc.
5.50%, 04/01/2023		2,076,000		2,076,000
Denbury Resources, Inc.
5.50%, 05/01/2022		1,087,000		970,148

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy XXI Gulf Coast, Inc.
11.00%, 03/15/2020 (F)		$  1,001,000		$  875,875
EP Energy LLC / Everest Acquisition Finance, Inc.
9.38%, 05/01/2020		3,315,000		3,542,740
Halcon Resources Corp.
8.63%, 02/01/2020 (F)		1,581,000		1,561,238
Kinder Morgan, Inc.
7.25%, 06/01/2018		6,550,000		7,387,051
Series MTN
8.05%, 10/15/2030		2,000,000		2,340,164
Linn Energy LLC / Linn Energy Finance Corp.
7.75%, 02/01/2021		4,085,000		3,176,087
8.63%, 04/15/2020		3,225,000		2,645,177
Oasis Petroleum, Inc.
6.50%, 11/01/2021		365,000		363,175
7.25%, 02/01/2019		936,000		959,400
Peabody Energy Corp.
6.25%, 11/15/2021		420,000		142,800
6.50%, 09/15/2020		1,000,000		340,000
10.00%, 03/15/2022 (F)		1,414,000		876,680
PHI, Inc.
5.25%, 03/15/2019		829,000		766,825
Rosetta Resources, Inc.
5.63%, 05/01/2021		680,000		722,500
5.88%, 06/01/2022		385,000		410,988
SM Energy Co.
6.13%, 11/15/2022 (F)		3,265,000		3,355,440
6.50%, 11/15/2021 - 01/01/2023		2,285,000		2,356,825
Sunoco, LP / Sunoco Finance Corp.
6.38%, 04/01/2023 (F)		2,760,000		2,870,400
Ultra Petroleum Corp.
6.13%, 10/01/2024 (F)		335,000		293,963
Whiting Canadian Holding Co. ULC
8.13%, 12/01/2019		2,115,000		2,214,141
Whiting Petroleum Corp.
5.75%, 03/15/2021		2,635,000		2,592,840
				63,410,365
Paper & Forest Products - 0.3%
Boise Cascade Co.
6.38%, 11/01/2020		2,410,000		2,539,538
Personal Products - 0.5%
Revlon Consumer Products Corp.
5.75%, 02/15/2021		4,540,000		4,449,200
Pharmaceuticals - 1.7%
ENDO Finance LLC / Endo, Ltd.
6.00%, 07/15/2023 (F) (J)		1,655,000		1,692,238
Valeant Pharmaceuticals International, Inc.
5.88%, 05/15/2023 (F)		1,620,000		1,660,500
6.13%, 04/15/2025 (F)		1,377,000		1,416,589
6.38%, 10/15/2020 (F)		5,913,000		6,227,128
7.50%, 07/15/2021 (F)		4,050,000		4,358,812
				15,355,267
Professional Services - 0.8%
Ceridian HCM Holding, Inc.
11.00%, 03/15/2021 (F)		2,959,000		3,129,142

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    31

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Professional Services (continued)
TransUnion
9.63%, 06/15/2018
Cash Rate 9.63% (I)		$  3,545,000		$  3,554,926
				6,684,068
Real Estate Investment Trusts - 0.1%
Communications Sales & Leasing, Inc.
8.25%, 10/15/2023 (F)		1,065,000		1,046,363
Road & Rail - 0.3%
Aviation Capital Group Corp.
7.13%, 10/15/2020 (F)		2,308,000		2,687,768
Semiconductors & Semiconductor Equipment - 0.5%
Freescale Semiconductor, Inc.
6.00%, 01/15/2022 (F)		4,230,000		4,483,800
Software - 2.3%
First Data Corp.
6.75%, 11/01/2020 (F)		465,000		491,449
7.38%, 06/15/2019 (F)		11,020,000		11,455,290
8.25%, 01/15/2021 (F)		3,000,000		3,165,000
11.75%, 08/15/2021		2,022,000		2,274,750
Infor US, Inc.
6.50%, 05/15/2022 (F)		2,553,000		2,597,678
				19,984,167
Specialty Retail - 0.8%
Claire’s Stores, Inc.
9.00%, 03/15/2019 (F)		6,584,000		5,563,480
Men’s Wearhouse Inc
7.00%, 07/01/2022		1,650,000		1,765,500
				7,328,980
Technology Hardware, Storage & Peripherals - 0.3%
Project Homestake Merger Corp.
8.88%, 03/01/2023 (F)		2,704,000		2,622,880
Textiles, Apparel & Luxury Goods - 0.7%
Levi Strauss & Co.
6.88%, 05/01/2022		6,161,000		6,576,868
Wireless Telecommunication Services - 3.3%
Sprint Communications, Inc.
6.00%, 11/15/2022		2,470,000		2,256,962
7.00%, 08/15/2020		775,000		769,188
9.00%, 11/15/2018 (F)		6,075,000		6,860,254
9.13%, 03/01/2017		995,000		1,077,088
Sprint Corp.
7.25%, 09/15/2021		1,570,000		1,530,750
7.63%, 02/15/2025		2,047,000		1,929,297
7.88%, 09/15/2023		8,612,000		8,399,284
T-Mobile USA, Inc.
6.25%, 04/01/2021		815,000		835,375
6.63%, 04/28/2021		1,360,000		1,411,000
6.73%, 04/28/2022		3,039,000		3,168,157
6.84%, 04/28/2023		455,000		478,319
				28,715,674
Total Corporate Debt Securities (Cost $853,911,003)				837,322,500
LOAN ASSIGNMENTS - 0.9%
Commercial Services & Supplies - 0.1%
ADS Waste Holdings, Inc., Term Loan
3.75%, 10/09/2019		1,167,513		1,152,627

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure - 0.2%
Hilton Worldwide Finance LLC, Term Loan B2
3.50%, 10/26/2020		$  1,414,803		$  1,413,427
Household Products - 0.1%
Sun Products Corp., Term Loan
5.50%, 03/23/2020		1,443,249		1,396,344
Oil, Gas & Consumable Fuels - 0.1%
CITGO Holding, Inc., Term Loan B
9.50%, 05/12/2018		791,025		793,250
Real Estate Management & Development - 0.4%
CityCenter Holdings LLC, Term Loan B
4.25%, 10/16/2020		3,300,000		3,298,231
Total Loan Assignments (Cost $8,046,984)				8,053,879
	Shares		Value
COMMON STOCKS - 0.2%
Building Products - 0.2%
Panolam Holdings Co., GDR (A) (B) (C)		1,803		1,682,199
Independent Power and Renewable Electricity Producers - 0.0%
Mirant Corp. (A) (B) (C) (D) (K)		550,000		0
Media - 0.0% (E)
New Cotai LLC / New Cotai Capital Corp., Class B (A) (B) (C)		6		185,250
Total Common Stocks (Cost $3,265,049)				1,867,449
PREFERRED STOCK - 0.6%
Banks - 0.6%
GMAC Capital Trust I
Series 2, 8.13% (G)		193,625		5,030,378
Total Preferred Stock (Cost $5,109,917)				5,030,378
WARRANT - 0.0% (E)
Food Products - 0.0% (E)
American Seafoods Group LLC Exercise Price $0.01 Expires 05/15/2018		1,265		6,325
Total Warrant (Cost $0)				6,325
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.01% (L), dated 06/30/2015, to be repurchased at $15,872,153 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $16,191,756.		$  15,872,148		15,872,148
Total Repurchase Agreement (Cost $15,872,148)				15,872,148
Total Investments (Cost $889,661,659) (M)				871,504,694
Net Other Assets (Liabilities) - 1.3%				11,652,829
Net Assets - 100.0%				$  883,157,523

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    32

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(N)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (O)		Value at June 30, 2015
ASSETS
Investments
Convertible Bonds	$	—	$	3,352,015	$	0	$	3,352,015
Corporate Debt Securities		—		837,322,500		0		837,322,500
Loan Assignments		—		8,053,879		—		8,053,879
Common Stocks		—		—		1,867,449		1,867,449
Preferred Stock		5,030,378		—		—		5,030,378
Warrant		6,325		—		—		6,325
Repurchase Agreement		—		15,872,148		—		15,872,148
Total Investments	$	5,036,703	$	864,600,542	$	1,867,449	$	871,504,694

Transfers

Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2 (P)
Convertible Bonds	$	—	$	—	$	—	$	6,984

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $1,867,449, representing 0.2% of the Portfolio’s net assets.

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

^(C)  Illiquid security. Total aggregate value of illiquid securities is $3,485,688, representing 0.4% of the Portfolio’s net assets.

^(D)  Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.

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

^(F)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the total aggregate value of 144A securities is $299,577,588, representing 33.9% of the Portfolio’s net assets.

^(G)  Floating or variable rate security. The rate disclosed is as of June 30, 2015.

^(H) The security has a perpetual maturity; the date displayed is the next call date.

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

^(J)  When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015.

^(K)  Non-income producing security.

^(L)  Rate disclosed reflects the yield at June 30, 2015.

^(M) Aggregate cost for federal income tax purposes is $889,661,659. Aggregate gross unrealized appreciation and depreciation for all securities is $12,503,574 and $30,660,539, respectively. Net unrealized depreciation for tax purposes is $18,156,965.

^(N)  The Portfolio recognizes transfers between Levels at the end of the reporting period. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

^(P)  Transferred from Level 3 to 2 due to utilizing significant observable inputs, as of prior reporting period the security utilized significant unobservable inputs.

PORTFOLIO ABBREVIATIONS:

GDR	Global Depositary Receipt
MTN	Medium Term Note

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    33

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 57.6%
Aerospace & Defense - 1.6%
Honeywell International, Inc.		9,889		$  1,008,381
L-3 Communications Holdings, Inc.		2,030		230,161
United Technologies Corp.		13,064		1,449,190
				2,687,732
Airlines - 0.4%
Delta Air Lines, Inc.		6,030		247,712
United Continental Holdings, Inc. (A)		7,080		375,311
				623,023
Auto Components - 0.1%
Johnson Controls, Inc.		1,930		95,593
Automobiles - 0.3%
Ford Motor Co.		9,620		144,396
General Motors Co.		11,614		387,095
				531,491
Banks - 1.5%
BB&T Corp.		4,730		190,666
Fifth Third Bancorp		2,191		45,617
SVB Financial Group (A) (B)		720		103,665
Wells Fargo & Co.		40,378		2,270,859
				2,610,807
Beverages - 1.6%
Coca-Cola Co.		14,730		577,858
Coca-Cola Enterprises, Inc.		2,830		122,935
Constellation Brands, Inc., Class A		3,819		443,080
Dr. Pepper Snapple Group, Inc.		2,169		158,120
Molson Coors Brewing Co., Class B		5,610		391,634
PepsiCo, Inc.		10,096		942,361
				2,635,988
Biotechnology - 2.0%
Alexion Pharmaceuticals, Inc. (A) (B)		2,266		409,625
Biogen, Inc. (A)		2,844		1,148,805
Celgene Corp. (A)		8,150		943,240
Gilead Sciences, Inc.		4,596		538,100
Regeneron Pharmaceuticals, Inc., Class A (A)		170		86,722
Vertex Pharmaceuticals, Inc. (A)		2,348		289,931
				3,416,423
Building Products - 0.2%
Fortune Brands Home & Security, Inc. (B)		1,140		52,235
Masco Corp.		8,047		214,613
				266,848
Capital Markets - 2.0%
BlackRock, Inc., Class A		1,120		387,498
Charles Schwab Corp.		12,330		402,574
Goldman Sachs Group, Inc.		2,619		546,821
Invesco, Ltd.		14,073		527,597
Morgan Stanley		24,336		943,993
State Street Corp.		4,948		380,996
TD Ameritrade Holding Corp.		3,980		146,544
				3,336,023
Chemicals - 1.1%
Axiall Corp.		2,880		103,824
Dow Chemical Co.		8,531		436,531
E.I. du Pont de Nemours & Co.		10,410		665,719
Mosaic Co.		12,170		570,165

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Sherwin-Williams Co.		80		$  22,002
				1,798,241
Communications Equipment - 0.5%
Cisco Systems, Inc.		22,878		628,230
QUALCOMM, Inc.		3,497		219,017
				847,247
Construction & Engineering - 0.3%
Fluor Corp.		9,950		527,449
Construction Materials - 0.1%
Martin Marietta Materials, Inc. (B)		1,090		154,246
Consumer Finance - 0.3%
Capital One Financial Corp.		3,659		321,882
Navient Corp.		1,280		23,309
Synchrony Financial (A)		3,070		101,095
				446,286
Containers & Packaging - 0.3%
Crown Holdings, Inc. (A)		6,271		331,798
Rock-Tenn Co., Class A		2,900		174,580
Sealed Air Corp., Class A		760		39,049
				545,427
Diversified Financial Services - 2.6%
Bank of America Corp.		75,099		1,278,185
Berkshire Hathaway, Inc., Class B (A)		7,131		970,601
Citigroup, Inc.		30,971		1,710,838
Intercontinental Exchange, Inc.		2,097		468,910
				4,428,534
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		20,166		716,296
Verizon Communications, Inc.		14,561		678,688
				1,394,984
Electric Utilities - 1.2%
Edison International		8,917		495,607
Exelon Corp. (B)		13,770		432,653
NextEra Energy, Inc.		7,393		724,736
Xcel Energy, Inc.		10,940		352,049
				2,005,045
Electrical Equipment - 0.5%
Eaton Corp. PLC		11,661		787,001
Electronic Equipment, Instruments & Components - 0.6%
Corning, Inc.		6,639		130,987
TE Connectivity, Ltd.		13,455		865,157
				996,144
Energy Equipment & Services - 0.7%
Baker Hughes, Inc.		4,880		301,096
Ensco PLC, Class A (B)		1,200		26,724
Halliburton Co.		8,628		371,608
National Oilwell Varco, Inc.		2,100		101,388
Schlumberger, Ltd.		3,569		307,612
				1,108,428
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.		4,093		552,800
CVS Health Corp.		1,257		131,834
Kroger Co.		1,890		137,044
Wal-Mart Stores, Inc.		1,846		130,937

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    34

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing (continued)
Walgreens Boots Alliance, Inc.		320		$  27,021
				979,636
Food Products - 0.9%
Archer-Daniels-Midland Co.		6,035		291,008
Hershey Co.		3,680		326,894
Keurig Green Mountain, Inc. (B)		610		46,744
Mondelez International, Inc., Class A		22,119		909,976
				1,574,622
Gas Utilities - 0.1%
AGL Resources, Inc.		1,430		66,581
Questar Corp. (B)		6,956		145,450
				212,031
Health Care Equipment & Supplies - 1.4%
Abbott Laboratories		22,326		1,095,760
Becton Dickinson and Co.		352		49,861
Boston Scientific Corp. (A)		46,440		821,988
Stryker Corp.		3,790		362,210
				2,329,819
Health Care Providers & Services - 2.2%
Aetna, Inc.		4,850		618,181
Cigna Corp.		1,350		218,700
Express Scripts Holding Co. (A) (B)		2,650		235,691
HCA Holdings, Inc. (A)		690		62,597
Humana, Inc., Class A		3,120		596,793
McKesson Corp.		4,890		1,099,321
UnitedHealth Group, Inc.		7,503		915,366
				3,746,649
Health Care Technology - 0.0% (C)
Cerner Corp. (A)		670		46,270
Hotels, Restaurants & Leisure - 0.7%
Carnival Corp.		480		23,707
Chipotle Mexican Grill, Inc., Class A (A)		460		278,295
Royal Caribbean Cruises, Ltd., Class A		4,840		380,860
Starbucks Corp.		10,726		575,075
				1,257,937
Household Durables - 0.4%
D.R. Horton, Inc.		1,730		47,333
Harman International Industries, Inc.		3,200		380,608
PulteGroup, Inc.		11,132		224,310
Toll Brothers, Inc. (A)		1,260		48,119
				700,370
Household Products - 1.0%
Kimberly-Clark Corp.		3,814		404,170
Procter & Gamble Co.		16,209		1,268,192
				1,672,362
Industrial Conglomerates - 0.3%
General Electric Co.		20,809		552,895
Insurance - 1.6%
ACE, Ltd.		7,696		782,529
American International Group, Inc.		8,430		521,143
MetLife, Inc.		16,941		948,526
Prudential Financial, Inc.		1,382		120,953
XL Group PLC, Class A		10,350		385,020
				2,758,171

	Shares		Value
COMMON STOCKS (continued)
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. (A)		2,062		$  895,094
Internet Software & Services - 2.1%
Facebook, Inc., Class A (A)		19,530		1,674,991
Google, Inc., Class A (A)		1,809		976,932
Google, Inc., Class C (A)		1,793		933,274
				3,585,197
IT Services - 2.0%
Accenture PLC, Class A		12,050		1,166,199
Alliance Data Systems Corp. (A) (B)		685		199,979
Automatic Data Processing, Inc.		620		49,743
Cognizant Technology Solutions Corp., Class A (A)		11,018		673,090
Fidelity National Information Services, Inc.		5,020		310,236
Visa, Inc., Class A (B)		13,748		923,178
Xerox Corp. (B)		2,960		31,494
				3,353,919
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.		1,710		221,890
Machinery - 1.4%
Caterpillar, Inc. (B)		1,590		134,864
Cummins, Inc.		4,960		650,703
Ingersoll-Rand PLC		1,270		85,623
PACCAR, Inc. (B)		9,809		625,912
Parker-Hannifin Corp.		5,580		649,122
SPX Corp.		1,775		128,492
				2,274,716
Media - 2.8%
CBS Corp., Class B		5,400		299,700
Charter Communications, Inc., Class A (A) (B)		1,750		299,687
Comcast Corp., Class A		20,731		1,246,762
DISH Network Corp., Class A (A)		3,915		265,085
Sirius XM Holdings, Inc. (A) (B)		12,060		44,984
Time Warner Cable, Inc.		1,395		248,547
Time Warner, Inc.		15,015		1,312,461
Twenty-First Century Fox, Inc., Class A (B)		31,080		1,011,499
				4,728,725
Metals & Mining - 0.2%
Alcoa, Inc.		11,475		127,946
U.S. Steel Corp. (B)		8,090		166,816
				294,762
Multi-Utilities - 0.7%
CenterPoint Energy, Inc.		8,550		162,706
CMS Energy Corp.		8,187		260,674
NiSource, Inc., Class B (B)		5,818		265,243
PG&E Corp.		4,350		213,585
Public Service Enterprise Group, Inc.		6,510		255,713
				1,157,921
Multiline Retail - 0.5%
Dollar General Corp.		3,970		308,628
Target Corp.		5,720		466,923
				775,551
Oil, Gas & Consumable Fuels - 3.5%
Anadarko Petroleum Corp., Class A		5,086		397,013
Cabot Oil & Gas Corp. (B)		4,210		132,784
Cheniere Energy, Inc. (A)		1,290		89,345

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    35

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Chevron Corp.		12,871		$  1,241,665
EOG Resources, Inc.		4,422		387,146
EQT Corp.		2,720		221,245
Exxon Mobil Corp.		18,833		1,566,906
Marathon Oil Corp.		15,980		424,109
Marathon Petroleum Corp.		3,920		205,055
Occidental Petroleum Corp.		8,871		689,898
ONEOK, Inc.		1,290		50,929
Phillips 66		1,460		117,618
Valero Energy Corp.		4,740		296,724
				5,820,437
Personal Products - 0.1%
Estee Lauder Cos., Inc., Class A		2,910		252,181
Pharmaceuticals - 3.7%
Allergan PLC (A)		1,914		580,823
Bristol-Myers Squibb Co.		18,316		1,218,747
Eli Lilly & Co.		5,110		426,634
Johnson & Johnson		13,691		1,334,325
Merck & Co., Inc.		14,410		820,361
Mylan NV (A)		2,030		137,756
Perrigo Co. PLC (B)		1,039		192,038
Pfizer, Inc.		42,831		1,436,123
				6,146,807
Professional Services - 0.0% (C)
Equifax, Inc.		630		61,167
Real Estate Investment Trusts - 1.4%
American Tower Corp., Class A		2,880		268,675
AvalonBay Communities, Inc. (B)		2,198		351,394
Boston Properties, Inc.		2,077		251,400
Brixmor Property Group, Inc.		6,750		156,128
DiamondRock Hospitality Co. (B)		7,080		90,695
Highwoods Properties, Inc. (B)		2,281		91,126
Host Hotels & Resorts, Inc.		5,374		106,567
LaSalle Hotel Properties (B)		3,970		140,776
Liberty Property Trust, Series C		3,750		120,825
Mid-America Apartment Communities, Inc. (B)		1,360		99,022
Prologis, Inc., Class A		7,453		276,506
Public Storage		290		53,467
Simon Property Group, Inc.		1,817		314,377
				2,320,958
Road & Rail - 1.1%
Canadian Pacific Railway, Ltd. (B)		1,571		251,721
CSX Corp.		14,549		475,025
Union Pacific Corp.		12,255		1,168,759
				1,895,505
Semiconductors & Semiconductor Equipment - 1.8%
Applied Materials, Inc., Class A		11,920		229,102
Avago Technologies, Ltd., Class A		6,870		913,229
Broadcom Corp., Class A		5,970		307,395
Freescale Semiconductor, Ltd. (A)		2,790		111,516
KLA-Tencor Corp.		2,717		152,723
LAM Research Corp. (B)		9,207		748,990
NXP Semiconductors NV (A)		470		46,154
Texas Instruments, Inc.		9,570		492,951
				3,002,060

	Shares		Value
COMMON STOCKS (continued)
Software - 2.1%
Adobe Systems, Inc. (A)		10,613		$  859,759
Intuit, Inc.		960		96,739
Microsoft Corp.		51,631		2,279,509
Oracle Corp.		7,190		289,757
				3,525,764
Specialty Retail - 1.9%
AutoZone, Inc. (A) (B)		233		155,388
Best Buy Co., Inc. (B)		4,540		148,049
Home Depot, Inc.		10,516		1,168,643
Lowe’s Cos., Inc.		14,184		949,903
Tiffany & Co. (B)		970		89,046
TJX Cos., Inc.		9,430		623,983
				3,135,012
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.		32,908		4,127,486
Hewlett-Packard Co.		14,173		425,332
				4,552,818
Textiles, Apparel & Luxury Goods - 0.5%
lululemon athletica, Inc. (A) (B)		1,497		97,754
PVH Corp.		410		47,232
Ralph Lauren Corp., Class A		1,620		214,423
VF Corp.		6,858		478,277
				837,686
Tobacco - 0.6%
Philip Morris International, Inc.		11,617		931,335
Water Utilities - 0.0% (C)
American Water Works Co., Inc.		1,500		72,945
Wireless Telecommunication Services - 0.0% (C)
T-Mobile US, Inc. (A)		2,040		79,091
Total Common Stocks (Cost $81,149,471)				96,995,263
PREFERRED STOCKS - 0.1%
Capital Markets - 0.0% (C)
State Street Corp.
Series D, 5.90% (D)		1,536		39,429
Diversified Financial Services - 0.0% (C)
Citigroup Capital XIII 7.88% (D)		3,392		88,056
Electric Utilities - 0.0% (C)
SCE Trust III 5.75% (B) (D)		320		8,519
Thrifts & Mortgage Finance - 0.1%
Federal Home Loan Mortgage Corp.
Series Z, 8.38% (A) (D)		14,925		55,969
Federal National Mortgage Association
Series O, 0.00% (A) (D)		600		4,140
Series S, 8.25% (A) (D)		10,800		40,500
				100,609
Total Preferred Stocks (Cost $814,042)				236,613
	Principal		Value
ASSET-BACKED SECURITIES - 2.9%
American Tower Trust I
Series 2013-1A, Class 1A
1.55%, 03/15/2043 (E)		$  200,000		198,995

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    36

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
AmeriCredit Automobile Receivables Trust
Series 2012-3, Class C
2.42%, 05/08/2018		$  40,000		$  40,308
BlueMountain CLO, Ltd.
Series 2015-2A, Class A1
1.71%, 07/18/2027 (D) (E) (F)		235,000		234,863
BXG Receivables Note Trust
Series 2015-A, Class A
2.88%, 05/02/2030 (E)		152,636		152,273
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class B
1.78%, 06/17/2019 (E)		20,000		20,006
Series 2013-BA, Class C
2.24%, 09/16/2019 (E)		20,000		19,992
Series 2014-AA, Class B
1.76%, 08/15/2019 (E)		20,000		19,946
Series 2014-AA, Class C
2.28%, 11/15/2019 (E)		25,000		24,959
Ford Credit Auto Owner Trust
Series 2013-B, Class D
1.82%, 11/15/2019		40,000		40,324
HLSS Servicer Advance Receivables Trust
Series 2012-T2, Class A2
1.99%, 10/15/2045 (E)		100,000		99,900
Series 2013-T1, Class A2
1.50%, 01/16/2046 (E)		210,000		209,790
HSBC Home Equity Loan Trust
Series 2006-3, Class M1
0.45%, 03/20/2036 (D)		235,000		226,561
ICG US CLO, Ltd.
Series 2014-1A, Class A1
1.43%, 04/20/2026 (D) (E)		235,000		231,476
JGWPT XXVI LLC
Series 2012-2A, Class A
3.84%, 10/15/2059 (E)		215,834		221,858
MVW Owner Trust
Series 2014-1A, Class A
2.25%, 09/22/2031 (E)		127,183		126,972
OCP CLO, Ltd.
Series 2015-8A, Class A1
1.80%, 04/17/2027 (D) (E)		220,000		219,923
Palmer Square CLO, Ltd.
Series 2015-2A, Class A1A
1.79%, 07/20/2027 (D) (E) (F) (G)		250,000		249,628
PFS Financing Corp.
Series 2013-AA, Class B
1.29%, 02/15/2018 (D) (E)		100,000		100,135
Prestige Auto Receivables Trust
Series 2013-1A, Class A2
1.09%, 02/15/2018 (E)		9,914		9,918
Santander Drive Auto Receivables Trust
Series 2013-4, Class C
3.25%, 01/15/2020		50,000		51,174
Series 2013-A, Class B
1.89%, 10/15/2019 (E)		75,000		75,489
Series 2013-A, Class C
3.12%, 10/15/2019 (E)		30,000		30,623
SBA Tower Trust Series 2014-1A, Class C 2.90%, 10/15/2044 (D) (E)		380,000		381,903

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B
2.70%, 10/20/2030 (E)		$  53,538		$  53,840
Series 2014-1A, Class A
2.07%, 03/20/2030 (E)		129,668		130,323
Series 2014-2A, Class A
2.05%, 06/20/2031 (E)		116,778		117,580
Series 2014-3A, Class A
2.30%, 10/20/2031 (E)		168,060		168,892
Series 2015-1A, Class A
2.40%, 03/22/2032 (E)		100,599		100,669
Series 2015-1A, Class B
3.05%, 03/22/2032 (E)		104,972		105,068
Silverleaf Finance XVIII LLC
Series 2014-A, Class A
2.81%, 01/15/2027 (E)		125,045		124,832
SLM Private Education Loan Trust
Series 2011-A, Class A3
2.69%, 01/15/2043 (D) (E)		200,000		212,369
Series 2011-C, Class A2A
3.44%, 10/17/2044 (D) (E)		100,000		107,080
Series 2012-E, Class A2B
1.94%, 06/15/2045 (D) (E)		145,000		148,945
Series 2013-A, Class A2B
1.24%, 05/17/2027 (D) (E)		150,000		151,103
SolarCity LMC Series III LLC
Series 2014-2, Class A
4.02%, 07/20/2044 (E)		151,510		153,011
SpringCastle America Funding LLC
Series 2014-AA, Class A
2.70%, 05/25/2023 (E)		93,189		93,766
Trafigura Securitisation Finance PLC
Series 2014-1A, Class A
1.14%, 10/15/2021 (D) (E) (G)		290,000		290,108
Total Asset-Backed Securities (Cost $4,945,551)				4,944,602
CORPORATE DEBT SECURITIES - 15.4%
Aerospace & Defense - 0.1%
Exelis, Inc.
5.55%, 10/01/2021		145,000		159,545
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		69,000		71,532
5.10%, 01/15/2044		49,000		50,547
				122,079
Airlines - 0.3%
American Airlines Pass-Through Trust
3.70%, 04/01/2028 (B)		174,725		174,725
United Airlines Pass-Through Trust
3.75%, 03/03/2028		300,000		297,000
				471,725
Auto Components - 0.1%
BorgWarner, Inc.
3.38%, 03/15/2025		105,000		103,319
Automobiles - 0.0% (C)
General Motors Co.
4.88%, 10/02/2023		30,000		31,628
6.25%, 10/02/2043		20,000		22,311
				53,939

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    37

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 1.9%
Barclays Bank PLC
10.18%, 06/12/2021 (E)		$  470,000		$  622,702
Branch Banking & Trust Co.
3.80%, 10/30/2026		110,000		111,087
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
11.00%, 06/30/2019 (D) (E) (H)		480,000		608,400
Deutsche Bank AG
6.00%, 09/01/2017 (B)		240,000		261,133
Glitnir HF
6.33%, 07/28/2011 (E) (I) (J)		160,000		48,400
HSBC Bank Brasil SA - Banco Multiplo
Series MTN
4.00%, 05/11/2016 (E)		200,000		202,400
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (E)		200,000		194,309
Korea Development Bank
3.50%, 08/22/2017		200,000		207,669
Macquarie Bank, Ltd.
1.65%, 03/24/2017 (E)		85,000		85,287
Nordea Bank AB
4.25%, 09/21/2022 (E)		470,000		481,372
Royal Bank of Scotland Group PLC
1.88%, 03/31/2017		100,000		99,492
6.00%, 12/19/2023		65,000		68,831
Wells Fargo & Co.
2.15%, 01/15/2019		35,000		35,217
4.13%, 08/15/2023		92,000		95,522
5.38%, 11/02/2043		67,000		71,537
5.90%, 06/15/2024 (D) (H)		43,000		43,107
				3,236,465
Beverages - 0.1%
Anheuser-Busch InBev Finance, Inc.
2.15%, 02/01/2019		45,000		45,128
3.70%, 02/01/2024 (B)		65,000		66,528
				111,656
Biotechnology - 0.0% (C)
Amgen, Inc.
5.65%, 06/15/2042		27,000		30,011
Capital Markets - 1.1%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		205,000		209,497
Bank of New York Mellon Corp.
Series MTN
2.10%, 01/15/2019		50,000		50,146
Goldman Sachs Group, Inc.
2.90%, 07/19/2018		135,000		138,176
3.63%, 02/07/2016 - 01/22/2023		101,000		101,308
5.75%, 01/24/2022		109,000		123,984
6.13%, 02/15/2033		40,000		47,717
6.25%, 02/01/2041		20,000		23,671
6.75%, 10/01/2037		20,000		23,459
Series MTN
1.88%, 11/29/2023 (D)		50,000		50,818
7.50%, 02/15/2019		60,000		70,477
Macquarie Group, Ltd.
6.25%, 01/14/2021 (E)		300,000		342,058

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley
2.80%, 06/16/2020		$  380,000		$  380,404
5.00%, 11/24/2025		66,000		69,093
State Street Capital Trust IV
1.29%, 06/01/2077 (D)		11,000		9,598
UBS AG 7.63%, 08/17/2022		250,000		293,000
				1,933,406
Chemicals - 0.1%
LyondellBasell Industries NV
5.00%, 04/15/2019		60,000		64,996
Monsanto Co.
4.40%, 07/15/2044		110,000		98,502
				163,498
Commercial Services & Supplies - 0.2%
ERAC USA Finance LLC
3.85%, 11/15/2024 (E)		175,000		175,648
Hutchison Whampoa International 14, Ltd.
1.63%, 10/31/2017 (E)		200,000		199,400
				375,048
Communications Equipment - 0.0% (C)
Cisco Systems, Inc.
2.13%, 03/01/2019		50,000		50,348
Construction Materials - 0.2%
Martin Marietta Materials, Inc.
4.25%, 07/02/2024		285,000		288,510
Consumer Finance - 0.1%
Discover Financial Services
3.85%, 11/21/2022		183,000		181,700
Diversified Financial Services - 1.7%
Bank of America Corp.
2.60%, 01/15/2019		60,000		60,653
2.65%, 04/01/2019		255,000		258,021
4.10%, 07/24/2023		51,000		52,475
5.42%, 03/15/2017		100,000		105,960
5.75%, 12/01/2017		75,000		81,703
Citigroup, Inc.
1.70%, 04/27/2018		203,000		201,695
4.50%, 01/14/2022		83,000		89,404
4.95%, 11/07/2043		20,000		20,735
6.68%, 09/13/2043		20,000		24,223
Credit Suisse Group Funding Guernsey, Ltd.
2.75%, 03/26/2020 (E)		320,000		315,985
Ford Motor Credit Co. LLC
4.38%, 08/06/2023		200,000		207,419
General Electric Capital Corp.
7.13%, 06/15/2022 (D) (H)		350,000		403,812
Series MTN
6.88%, 01/10/2039		20,000		26,853
JPMorgan Chase & Co.
3.20%, 01/25/2023		240,000		235,388
3.25%, 09/23/2022		34,000		33,779
4.85%, 02/01/2044		20,000		20,666
6.75%, 02/01/2024 (D) (H)		13,000		13,890
Series MTN
1.35%, 02/15/2017		300,000		300,262
Kaupthing Bank Hf
7.13%, 05/19/2016 (E) (I) (J)		130,000		1

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    38

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Kaupthing Bank Hf (continued)
Series MTN
7.63%, 02/28/2015 (E) (I) (J)		$  710,000		$  164,188
Lehman Brothers Holdings Capital Trust VII
Series MTN
5.86%, 07/31/2015 (G) (H) (I) (J)		200,000		20
Lehman Brothers Holdings E-Capital Trust I
Zero Coupon, 08/19/2065 (G) (I) (J)		120,000		12
Lehman Brothers Holdings, Inc.
6.75%, 12/28/2017 (I) (J) (K)		480,000		5
Oaktree Capital Management, LP
6.75%, 12/02/2019 (E)		175,000		203,699
				2,820,848
Diversified Telecommunication Services - 0.7%
AT&T, Inc.
2.45%, 06/30/2020		255,000		249,969
3.40%, 05/15/2025		130,000		123,982
4.35%, 06/15/2045		70,000		59,760
Intelsat Jackson Holdings SA
7.25%, 04/01/2019		54,000		54,810
Sprint Capital Corp.
6.88%, 11/15/2028		24,000		20,640
Verizon Communications, Inc.
2.63%, 02/21/2020		123,000		122,723
3.45%, 03/15/2021		130,000		132,513
3.85%, 11/01/2042		179,000		147,728
4.50%, 09/15/2020		42,000		45,307
6.55%, 09/15/2043		157,000		183,651
				1,141,083
Electric Utilities - 0.7%
Appalachian Power Co.
3.40%, 06/01/2025		140,000		138,007
CenterPoint Energy Houston Electric LLC
4.50%, 04/01/2044		65,000		66,858
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		43,000		46,941
8.88%, 11/15/2018		9,000		10,936
Commonwealth Edison Co.
4.70%, 01/15/2044		42,000		44,203
Duke Energy Carolinas LLC
4.25%, 12/15/2041		58,000		57,062
Duke Energy Corp.
3.75%, 04/15/2024		11,000		11,208
Entergy Arkansas, Inc.
3.70%, 06/01/2024		61,000		63,673
Georgia Power Co.
3.00%, 04/15/2016		117,000		119,064
Jersey Central Power & Light Co.
7.35%, 02/01/2019		35,000		40,561
Niagara Mohawk Power Corp.
4.88%, 08/15/2019 (E)		155,000		170,100
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		12,000		12,641
5.30%, 06/01/2042		25,000		27,850
Pacific Gas & Electric Co.
4.75%, 02/15/2044		17,000		17,526

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
PacifiCorp
3.60%, 04/01/2024		$  130,000		$  134,213
5.75%, 04/01/2037		25,000		29,483
Progress Energy, Inc.
4.88%, 12/01/2019		6,000		6,552
Public Service Electric & Gas Co.
3.00%, 05/15/2025		140,000		137,279
				1,134,157
Energy Equipment & Services - 0.1%
Schlumberger Investment SA
3.65%, 12/01/2023		33,000		34,103
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		37,000		37,483
4.63%, 03/01/2034		35,000		34,703
Weatherford International, Ltd.
5.95%, 04/15/2042 (B)		35,000		29,585
				135,874
Food & Staples Retailing - 0.3%
CVS Health Corp.
5.30%, 12/05/2043		14,000		15,256
Sysco Corp.
2.35%, 10/02/2019		190,000		191,900
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		41,000		39,122
4.30%, 04/22/2044		140,000		140,371
Walgreens Boots Alliance, Inc.
3.30%, 11/18/2021		135,000		134,063
				520,712
Food Products - 0.1%
HJ Heinz Co.
2.80%, 07/02/2020 (E) (F)		115,000		115,089
Mondelez International, Inc.
2.25%, 02/01/2019		60,000		60,097
				175,186
Health Care Equipment & Supplies - 0.2%
Becton Dickinson and Co.
2.68%, 12/15/2019		80,000		80,060
Boston Scientific Corp.
2.65%, 10/01/2018		56,000		56,807
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		265,000		256,040
				392,907
Health Care Providers & Services - 0.2%
Aetna, Inc.
4.75%, 03/15/2044		14,000		13,755
Anthem, Inc.
1.88%, 01/15/2018		76,000		75,867
2.30%, 07/15/2018		104,000		104,619
3.30%, 01/15/2023		25,000		24,027
3.70%, 08/15/2021		8,000		8,186
Coventry Health Care, Inc.
5.45%, 06/15/2021		66,000		74,353
Tenet Healthcare Corp.
6.25%, 11/01/2018		55,000		59,744
UnitedHealth Group, Inc.
3.38%, 11/15/2021		19,000		19,522
				380,073

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    39

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure - 0.0% (C)
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018		$  2,000		$  2,053
4.88%, 11/01/2020 (B)		5,000		5,087
				7,140
Household Products - 0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		100,000		104,250
Industrial Conglomerates - 0.0% (C)
General Electric Co.
4.50%, 03/11/2044		36,000		36,561
Insurance - 1.7%
American International Group, Inc.
4.13%, 02/15/2024		136,000		141,124
8.18%, 05/15/2068 (D)		41,000		54,284
Fidelity National Financial, Inc.
5.50%, 09/01/2022		60,000		63,120
Genworth Holdings, Inc.
7.63%, 09/24/2021		45,000		47,362
Hanover Insurance Group, Inc.
6.38%, 06/15/2021		375,000		433,051
Lincoln National Corp.
8.75%, 07/01/2019		195,000		239,079
Metropolitan Life Global Funding I
1.30%, 04/10/2017 (E)		195,000		195,441
Pacific Life Insurance Co.
9.25%, 06/15/2039 (E)		220,000		328,538
Principal Financial Group, Inc.
8.88%, 05/15/2019		105,000		129,260
Prudential Financial, Inc.
Series MTN
5.38%, 06/21/2020		141,000		159,079
Reinsurance Group of America, Inc.
6.75%, 12/15/2065 (D)		441,000		410,130
Swiss Re Capital I, LP
6.85%, 05/25/2016 (D) (E) (H)		70,000		71,960
ZFS Finance USA Trust II
6.45%, 12/15/2065 (D) (E)		500,000		511,385
				2,783,813
IT Services - 0.1%
International Business Machines Corp.
3.63%, 02/12/2024		100,000		101,279
MasterCard, Inc.
2.00%, 04/01/2019		53,000		53,177
3.38%, 04/01/2024		33,000		33,685
				188,141
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc.
1.30%, 02/01/2017		200,000		199,668
2.40%, 02/01/2019		133,000		132,856
5.30%, 02/01/2044		6,000		6,341
				338,865
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd.
2.13%, 04/27/2020 (E)		200,000		196,615

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 0.4%
CBS Corp.
4.63%, 05/15/2018		$  23,000		$  24,671
5.75%, 04/15/2020		20,000		22,527
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		100,000		104,125
Comcast Corp.
5.88%, 02/15/2018		116,000		128,724
Cox Communications, Inc.
8.38%, 03/01/2039 (E)		56,000		71,389
DIRECTV Holdings LLC / DIRECTV
Financing Co., Inc.
4.60%, 02/15/2021		67,000		71,378
5.00%, 03/01/2021		34,000		36,817
NBCUniversal Media LLC
4.38%, 04/01/2021		114,000		123,471
4.45%, 01/15/2043		47,000		45,172
5.15%, 04/30/2020		99,000		111,183
				739,457
Metals & Mining - 0.1%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023		44,000		45,182
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		45,000		40,879
Novelis, Inc.
8.75%, 12/15/2020		110,000		116,325
Rio Tinto Finance USA PLC
2.88%, 08/21/2022 (B)		33,000		31,949
				234,335
Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024		22,000		22,369
4.88%, 03/01/2044		43,000		44,484
PG&E Corp.
2.40%, 03/01/2019		26,000		26,034
				92,887
Oil, Gas & Consumable Fuels - 1.0%
Apache Corp.
4.25%, 01/15/2044		15,000		13,027
4.75%, 04/15/2043		22,000		20,359
BP Capital Markets PLC
2.24%, 05/10/2019		95,000		95,717
Energy Transfer Partners, LP
5.95%, 10/01/2043		35,000		34,301
EOG Resources, Inc.
2.45%, 04/01/2020		88,000		88,611
Exxon Mobil Corp.
1.82%, 03/15/2019		150,000		150,194
Husky Energy, Inc.
4.00%, 04/15/2024		45,000		44,306
Kerr-McGee Corp.
6.95%, 07/01/2024		50,000		60,281
Kinder Morgan Energy Partners, LP
4.15%, 02/01/2024 (B)		142,000		137,792
Laredo Petroleum, Inc.
7.38%, 05/01/2022		60,000		63,150

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    40

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019		$  80,000		$  62,600
MEG Energy Corp.
6.50%, 03/15/2021 (E)		50,000		48,125
Murphy Oil Corp.
2.50%, 12/01/2017		86,000		85,840
Nexen Energy ULC
5.88%, 03/10/2035		10,000		11,049
Noble Energy, Inc.
6.00%, 03/01/2041		22,000		23,290
8.25%, 03/01/2019		47,000		55,998
Peabody Energy Corp.
6.25%, 11/15/2021 (B)		45,000		15,300
Petrobras Global Finance BV
3.88%, 01/27/2016		160,000		160,683
6.25%, 03/17/2024		130,000		125,511
Petroleos Mexicanos
3.50%, 07/18/2018 - 01/30/2023		135,000		135,865
Range Resources Corp.
5.75%, 06/01/2021		10,000		10,275
Shell International Finance BV
2.00%, 11/15/2018		86,000		86,906
4.55%, 08/12/2043		48,000		49,048
Western Gas Partners, LP
5.38%, 06/01/2021		76,000		82,035
Williams Cos., Inc.
3.70%, 01/15/2023 (B)		13,000		12,104
7.88%, 09/01/2021		33,000		38,738
Williams Partners, LP
5.40%, 03/04/2044		35,000		31,991
				1,743,096
Paper & Forest Products - 0.1%
International Paper Co.
4.75%, 02/15/2022 (B)		126,000		136,392
Pharmaceuticals - 0.5%
AbbVie, Inc.
4.40%, 11/06/2042		28,000		26,493
4.70%, 05/14/2045		250,000		245,909
Actavis Funding SCS
3.80%, 03/15/2025		140,000		137,525
Actavis, Inc.
3.25%, 10/01/2022		60,000		58,162
4.63%, 10/01/2042		58,000		54,058
Bristol-Myers Squibb Co.
4.50%, 03/01/2044		67,000		69,357
Merck & Co., Inc.
1.30%, 05/18/2018		75,000		74,704
Perrigo Co. PLC
2.30%, 11/08/2018		200,000		200,215
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021		12,000		12,230
				878,653
Real Estate Investment Trusts - 1.1%
ARC Properties Operating Partnership, LP
2.00%, 02/06/2017		245,000		237,650
3.00%, 02/06/2019		60,000		56,925

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Investment Trusts (continued)
CBL & Associates, LP
5.25%, 12/01/2023		$  190,000		$  195,372
EPR Properties
4.50%, 04/01/2025		225,000		220,955
Host Hotels & Resorts, LP
4.00%, 06/15/2025		85,000		84,368
Kilroy Realty, LP
4.25%, 08/15/2029		265,000		263,836
Realty Income Corp.
3.88%, 07/15/2024		230,000		231,771
Simon Property Group, LP
3.38%, 10/01/2024		280,000		278,199
Ventas Realty, LP / Ventas Capital Corp.
2.70%, 04/01/2020		20,000		19,941
WEA Finance LLC / Westfield UK & Europe Finance PLC
2.70%, 09/17/2019 (E)		180,000		180,265
				1,769,282
Road & Rail - 0.1%
Aviation Capital Group Corp.
7.13%, 10/15/2020 (E)		153,000		178,175
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		18,000		17,586
3.75%, 04/01/2024		12,000		12,230
				207,991
Semiconductors & Semiconductor Equipment - 0.2%
Intel Corp.
1.35%, 12/15/2017		240,000		239,915
KLA-Tencor Corp.
4.13%, 11/01/2021		155,000		159,010
				398,925
Software - 0.1%
Microsoft Corp.
2.70%, 02/12/2025 (B)		140,000		134,910
Technology Hardware, Storage & Peripherals - 0.2%
Apple, Inc.
2.40%, 05/03/2023		210,000		200,890
Hewlett-Packard Co.
3.75%, 12/01/2020		65,000		66,983
				267,873
Tobacco - 0.2%
Altria Group, Inc.
4.00%, 01/31/2024		33,000		33,511
Philip Morris International, Inc.
4.88%, 11/15/2043		25,000		25,866
Reynolds American, Inc.
3.25%, 06/12/2020		100,000		101,290
RJ Reynolds Tobacco Co.
8.13%, 06/23/2019		205,000		242,859
				403,526
Trading Companies & Distributors - 0.2%
International Lease Finance Corp.
6.75%, 09/01/2016 (E)		265,000		278,747
Wireless Telecommunication Services - 0.6%
America Movil SAB de CV
3.13%, 07/16/2022		200,000		197,328

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    41

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
Crown Castle Towers LLC
4.88%, 08/15/2040 (E)		$  155,000		$  168,230
6.11%, 01/15/2040 (E)		335,000		381,436
SBA Tower Trust
2.24%, 04/15/2043 (E)		65,000		64,661
Sprint Communications, Inc.
9.00%, 11/15/2018 (E)		95,000		107,280
Sprint Corp.
7.88%, 09/15/2023		45,000		43,888
T-Mobile USA, Inc.
6.46%, 04/28/2019		5,000		5,150
6.63%, 04/28/2021		15,000		15,563
6.73%, 04/28/2022		15,000		15,637
6.84%, 04/28/2023 (B)		5,000		5,256
				1,004,429
Total Corporate Debt Securities (Cost $27,066,839)				25,927,977
FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Brazilian Government International Bond
4.25%, 01/07/2025 (B)		200,000		193,100
Export-Import Bank of Korea
4.00%, 01/11/2017		200,000		207,840
Indonesia Government International Bond
5.38%, 10/17/2023 (B) (E)		225,000		242,156
Mexico Government International Bond
4.00%, 10/02/2023		180,000		184,950
Peruvian Government International Bond
7.35%, 07/21/2025		100,000		130,500
Poland Government International Bond
Series 2013-NPL1, Class A
5.00%, 03/23/2022		40,000		44,344
Total Foreign Government Obligations (Cost $983,979)				1,002,890
MORTGAGE-BACKED SECURITIES - 5.3%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.03%, 02/25/2035 (D)		24,058		24,087
Alternative Loan Trust
Series 2007-22, Class 2A16
6.50%, 09/25/2037		248,972		197,576
Banc of America Commercial Mortgage Trust
Series 2007-3, Class A1A
5.75%, 06/10/2049 (D)		78,290		83,580
Banc of America Re-REMIC Trust
Series 2010-UB3, Class A4B1
5.74%, 06/15/2049 (D) (E)		102,250		108,595
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 (E)		140,000		138,270
Series 2012-TFT, Class C
3.58%, 06/05/2030 (D) (E)		315,000		302,878
BBCMS Trust
Series 2013-TYSN, Class B
4.04%, 09/05/2032 (E)		245,000		259,554

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		$  91,100		$  95,198
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		60,118		63,120
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (D)		55,899		60,011
Series 2007-PW17, Class A3
5.74%, 06/11/2050		9,364		9,357
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.40%, 12/25/2046 (D)		145,732		61,182
Citigroup Commercial Mortgage Trust
Series 2013-SMP, Class D
3.01%, 01/12/2030 (D) (E)		250,000		252,742
Series 2014-GC19, Class A3
3.75%, 03/10/2047		45,000		46,633
Series 2014-GC19, Class A4
4.02%, 03/10/2047		65,000		68,893
Series 2015-GC27, Class B
3.77%, 02/10/2048		157,700		153,376
Citigroup Commercial Mortgage Trust, Interest Only STRIPS
Series 2013-SMP, Class XA
0.90%, 01/12/2030 (D) (E)		1,228,293		21,335
Citigroup Mortgage Loan Trust
Series 2015-A, Class A1
3.50%, 06/25/2058 (D)		315,284		316,882
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 (D) (E)		160,000		167,463
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (D)		20,000		21,961
Series 2013-GAM, Class A2
3.37%, 02/10/2028 (E)		100,000		101,359
Series 2014-UBS2, Class A5
3.96%, 03/10/2047		45,000		47,520
Commercial Mortgage Pass-Through Certificates
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 (E)		132,000		130,661
Series 2014-CR14, Class B
4.76%, 02/10/2047 (D)		45,000		48,871
Commercial Mortgage Trust
Series 2007-GG11, Class AM
5.87%, 12/10/2049 (D)		35,000		37,543
Core Industrial Trust
Series 2015-CALW, Class B
3.25%, 02/10/2034 (E)		225,000		224,304
Credit Suisse Mortgage Capital Certificates
Series 2009-11R, Class 5A1
4.28%, 08/26/2036 (D) (E)		228,039		227,212
CSMC Trust
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 (E)		127,092		128,080
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 (D) (E)		90,000		94,064
Series 2010-RR2, Class 2A
6.15%, 09/15/2039 (D) (E)		68,893		72,823

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    42

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CSMC Trust (continued)
Series 2013-8R, Class 3A1
0.33%, 03/27/2036 (D) (E)		$  186,813		$  182,384
Series 2014-4R, Class 21A1
0.49%, 12/27/2035 (D) (E)		280,823		267,583
GE Commercial Mortgage Corp. Trust
Series 2007-C1, Class AAB
5.48%, 12/10/2049		17,706		17,889
GMACM Mortgage Loan Trust
Series 2005-AR1, Class 3A
2.98%, 03/18/2035 (D)		217,667		213,104
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.55%, 12/10/2027 (D) (E)		100,000		94,764
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.56%, 04/10/2031 (D) (E)		285,000		283,753
Hilton USA Trust, Interest Only STRIPS
Series 2013-HLT, Class X1FX
0.10%, 11/05/2030 (D) (E)		4,500,000		1,796
Impac CMB Trust
Series 2004-6, Class 1A1
0.99%, 10/25/2034 (D)		104,067		98,970
Independent National Mortgage Corp. Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.33%, 08/25/2037 (D)		224,126		179,125
Series 2007-AR7, Class 1A1
2.74%, 11/25/2037 (D)		224,658		212,692
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.66%, 12/12/2044 (D)		70,000		70,956
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (D)		134,038		140,799
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (D)		110,726		119,031
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		81,449		86,061
Series 2008-C2, Class ASB
6.13%, 02/12/2051 (D)		83,192		86,766
JPMorgan Re-REMIC Trust
Series 2014-2, Class 6A1
2.75%, 05/26/2037 (D) (E)		277,711		278,955
LB Commercial Mortgage Trust
Series 2007-C3, Class A1A
6.06%, 07/15/2044 (D)		28,134		30,347
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class AM
6.37%, 09/15/2045 (D)		30,000		32,892
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
0.83%, 10/25/2028 (D)		62,031		60,533
Series 2004-A3, Class 4A3
2.70%, 05/25/2034 (D)		47,373		47,227
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.46%, 11/12/2037 (D)		55,000		55,413
Series 2007-C1, Class A1A
6.03%, 06/12/2050 (D)		36,282		37,890
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class A2FX
5.86%, 04/12/2049 (D)		14,803		14,781

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust (continued)
Series 2007-HQ12, Class AM
5.86%, 04/12/2049 (D)		$  85,000		$  89,732
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		128,140		134,362
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		30,000		31,658
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (D)		34,219		36,433
Series 2007-IQ15, Class AM
6.10%, 06/11/2049 (D)		55,000		58,498
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class A
2.00%, 07/27/2049 (E)		33,704		33,687
Series 2014-R3, Class 2A
3.00%, 07/26/2048 (D) (E)		339,477		332,666
Motel 6 Trust
Series 2015-MTL6, Class C
3.64%, 02/05/2030 (E)		545,000		544,681
Nationstar Mortgage Loan Trust
Series 2013-A, Class A
3.75%, 12/25/2052 (D) (E)		221,972		226,669
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 (D) (E)		93,607		96,295
Series 2014-2A, Class A3
3.75%, 05/25/2054		258,097		266,593
Series 2014-3A, Class AFX3
3.75%, 11/25/2054 (D) (E)		181,952		186,583
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.59%, 01/11/2037 (D) (E)		130,000		121,425
SCG Trust
Series 2013-SRP1, Class A
1.59%, 11/15/2026 (D) (E)		100,000		99,898
STRIPS, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 (E)		28,012		27,452
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1
0.89%, 01/19/2034 (D)		141,942		137,302
UBS-BAMLL Trust
Series 2012-WRM, Class A
3.66%, 06/10/2030 (E)		225,000		231,207
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class H
0.59%, 09/15/2021 (D) (E)		100,000		97,692
Total Mortgage-Backed Securities (Cost $9,104,531)				8,931,674
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.1%
Los Angeles Community College District, General Obligation Unlimited
6.60%, 08/01/2042		15,000		20,022
State of California, General Obligation Unlimited
7.60%, 11/01/2040		60,000		88,903
University of California, Revenue Bonds
Series AD
4.86%, 05/15/2112		10,000		9,035
				117,960

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    43

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia - 0.0% (C)
Municipal Electric Authority of Georgia, Revenue Bonds
6.64%, 04/01/2057		$  10,000		$  11,992
Illinois - 0.0% (C)
State of Illinois, General Obligation Unlimited
5.10%, 06/01/2033		55,000		51,048
New Jersey - 0.0% (C)
New Jersey State Turnpike Authority, Revenue Bonds
Series F
7.41%, 01/01/2040		16,000		22,219
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds
Series E
6.81%, 11/15/2040		15,000		19,590
New York City Water & Sewer System, Revenue Bonds
5.88%, 06/15/2044		15,000		18,767
Series EE
5.38%, 06/15/2043		45,000		52,449
5.50%, 06/15/2043		55,000		64,612
New York State Dormitory Authority, Revenue Bonds
Series H
5.39%, 03/15/2040		10,000		11,673
Port Authority of New York & New Jersey, Revenue Bonds
4.96%, 08/01/2046		20,000		21,213
				188,304
Total Municipal Government Obligations (Cost $365,994)				391,523
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9%
Federal Home Loan Mortgage Corp.
3.01%, 02/01/2041 (D)		27,101		28,999
5.50%, 06/01/2041		57,282		64,087
Federal National Mortgage Association
Zero Coupon, 10/09/2019		190,000		173,532
2.97%, 03/01/2041 (D)		21,723		23,268
3.00%, TBA (F)		2,667,000		2,657,051
3.13%, 03/01/2041 (D)		23,265		24,756
3.16%, 12/01/2040 (D)		30,492		32,280
3.33%, 10/25/2023 (D)		55,000		57,298
3.50%, 11/01/2028 - 01/01/2029		174,385		185,116
3.50%, TBA (F)		4,214,000		4,361,951
3.52%, 09/01/2041 (D)		38,484		40,714
4.00%, 10/01/2025 - 07/01/2026		66,046		70,604
4.00%, TBA (F)		1,820,000		1,928,254
4.50%, 02/01/2025 - 06/01/2026		214,305		229,424
5.00%, TBA (F)		641,000		708,105
5.50%, 09/01/2036 - 08/01/2037		371,670		422,123
6.00%, 02/01/2038 - 04/01/2040		376,047		428,919
6.50%, 05/01/2040		107,234		123,149
Government National Mortgage Association, Interest Only STRIPS
0.93%, 02/16/2053 (D)		281,492		19,113
Total U.S. Government Agency Obligations (Cost $11,633,365)				11,578,743

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 9.6%
U.S. Treasury Bond
2.75%, 08/15/2042		$  696,300		$  647,831
3.63%, 02/15/2044		2,078,300		2,284,993
4.50%, 02/15/2036		301,000		378,460
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		300,496		370,338
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023		92,246		90,618
0.63%, 01/15/2024		1,074,776		1,093,081
U.S. Treasury Note
0.38%, 05/31/2016 - 10/31/2016		1,235,500		1,234,913
0.50%, 09/30/2016		1,609,600		1,611,738
0.88%, 04/15/2017 - 04/30/2017		1,495,400		1,503,171
1.00%, 11/30/2019		171,400		167,651
1.25%, 11/30/2018		763,300		765,208
1.63%, 03/31/2019 - 11/15/2022		3,032,000		3,023,555
1.88%, 11/30/2021		431,000		428,205
2.00%, 02/15/2025		144,000		139,905
2.25%, 11/15/2024		798,400		793,535
2.50%, 08/15/2023 - 05/15/2024		1,584,700		1,612,828
Total U.S. Government Obligations (Cost $16,058,554)				16,146,030
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.8%
U.S. Treasury Bill
0.00%, 07/23/2015 - 09/17/2015 (L)		755,400		755,396
0.01%, 08/06/2015 - 09/24/2015 (L)		4,003,400		4,003,347
0.02%, 07/23/2015 - 09/10/2015 (L)		4,940,400		4,940,262
0.19%, 04/28/2016 (L) (M)		70,000		69,890
Total Short-Term U.S. Government Obligations (Cost $9,768,878)				9,768,895
	Shares		Value
SECURITIES LENDING COLLATERAL - 5.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (L)		8,888,641		8,888,641
Total Securities Lending Collateral (Cost $8,888,641)				8,888,641
	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.01% (L), dated 06/30/2015, to be repurchased at $2,283,504 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $2,331,147.		$  2,283,503		2,283,503
Total Repurchase Agreement (Cost $2,283,503)				2,283,503
Total Investments (Cost $173,063,348) (N)				187,096,354
Net Other Assets (Liabilities) - (11.1)%				(18,758,878	)
Net Assets - 100.0%				$  168,337,476

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    44

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

FUTURES CONTRACTS: (O)
Description	Long/Short		Number of Contracts		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini		Long		11		09/18/2015	$	—	$	(10,927	)

SECURITY VALUATION:

Valuation Inputs ^(P)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Common Stocks	$	96,995,263		$	—	$	—	$	96,995,263
Preferred Stocks		236,613			—		—		236,613
Asset-Backed Securities		—			4,944,602		—		4,944,602
Corporate Debt Securities		—			25,927,977		—		25,927,977
Foreign Government Obligations		—			1,002,890		—		1,002,890
Mortgage-Backed Securities		—			8,931,674		—		8,931,674
Municipal Government Obligations		—			391,523		—		391,523
U.S. Government Agency Obligations		—			11,578,743		—		11,578,743
U.S. Government Obligations		—			16,146,030		—		16,146,030
Short-Term U.S. Government Obligations		—			9,768,895		—		9,768,895
Securities Lending Collateral		8,888,641			—		—		8,888,641
Repurchase Agreement		—			2,283,503		—		2,283,503
Total Investments	$	106,120,517		$	80,975,837	$	—	$	187,096,354
LIABILITIES
Other Financial Instruments
Futures Contracts (Q)	$	(10,927	)	$	—	$	—	$	(10,927	)
Total Other Financial Instruments	$	(10,927	)	$	—	$	—	$	(10,927	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $8,693,794. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

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

^(D)  Floating or variable rate security. The rate disclosed is as of June 30, 2015.

^(E)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the total aggregate value of 144A securities is $16,876,506, representing 10.0% of the Portfolio’s net assets.

^(F)  When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015.

^(G)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $539,768, representing 0.3% of the Portfolio’s net assets.

^(H)  The security has a perpetual maturity; the date displayed is the next call date.

^(I)  Security in default.

^(J)  Illiquid security. Total aggregate value of illiquid securities is $212,626, representing 0.1% of the Portfolio’s net assets.

^(K)  Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.

^(L)  Rate disclosed reflects the yield at June 30, 2015.

^(M)  All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $69,890.

^(N)  Aggregate cost for federal income tax purposes is $173,063,348. Aggregate gross unrealized appreciation and depreciation for all securities is $18,390,861 and $4,357,855, respectively. Net unrealized appreciation for tax purposes is $14,033,006.

^(O)  Cash in the amount of $90,000 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    45

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(P)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    46

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Aerospace & Defense - 4.0%
Boeing Co.		28,400		$  3,939,648
General Dynamics Corp.		41,610		5,895,721
Huntington Ingalls Industries, Inc.		44,000		4,953,960
Northrop Grumman Corp.		78,400		12,436,592
Spirit Aerosystems Holdings, Inc., Class A (A)		157,000		8,652,270
Triumph Group, Inc.		21,410		1,412,846
				37,291,037
Air Freight & Logistics - 1.5%
FedEx Corp.		79,400		13,529,760
Airlines - 4.3%
Alaska Air Group, Inc.		164,220		10,580,695
Delta Air Lines, Inc.		263,840		10,838,547
JetBlue Airways Corp. (A)		45,920		953,299
Southwest Airlines Co.		258,600		8,557,074
United Continental Holdings, Inc. (A)		163,900		8,688,339
				39,617,954
Auto Components - 2.1%
Cooper Tire & Rubber Co.		145,400		4,918,882
Delphi Automotive PLC, Class A		52,620		4,477,436
Lear Corp.		90,000		10,103,400
				19,499,718
Automobiles - 0.6%
General Motors Co.		180,000		5,999,400
Banks - 0.6%
Huntington Bancshares, Inc., Class A		504,000		5,700,240
Beverages - 0.3%
Dr. Pepper Snapple Group, Inc.		37,300		2,719,170
Biotechnology - 2.4%
Gilead Sciences, Inc.		102,190		11,964,405
United Therapeutics Corp. (A) (B)		61,170		10,640,522
				22,604,927
Capital Markets - 2.7%
Ameriprise Financial, Inc.		33,670		4,206,393
Goldman Sachs Group, Inc.		45,700		9,541,703
Morgan Stanley		162,600		6,307,254
T. Rowe Price Group, Inc. (B)		67,200		5,223,456
				25,278,806
Chemicals - 2.1%
CF Industries Holdings, Inc., Class B		170,150		10,937,242
LyondellBasell Industries NV, Class A		31,800		3,291,936
Mosaic Co.		113,000		5,294,050
				19,523,228
Communications Equipment - 0.4%
Cisco Systems, Inc.		57,940		1,591,032
Juniper Networks, Inc.		76,600		1,989,302
				3,580,334
Consumer Finance - 3.5%
Ally Financial, Inc. (A)		339,100		7,606,013
Capital One Financial Corp.		175,440		15,433,457
Discover Financial Services		158,550		9,135,651
				32,175,121
Diversified Financial Services - 11.0%
Bank of America Corp.		403,980		6,875,740
CBOE Holdings, Inc.		7,320		418,850

	Shares		Value
COMMON STOCKS (continued)
Diversified Financial Services (continued)
Citigroup, Inc.		490,900		$  27,117,316
JPMorgan Chase & Co.		508,270		34,440,375
McGraw-Hill Financial, Inc.		100,400		10,085,180
Moody’s Corp.		102,600		11,076,696
Voya Financial, Inc.		240,800		11,189,976
				101,204,133
Diversified Telecommunication Services - 2.4%
AT&T, Inc.		324,990		11,543,645
CenturyLink, Inc.		149,200		4,383,496
Verizon Communications, Inc.		129,620		6,041,588
				21,968,729
Electric Utilities - 3.3%
American Electric Power Co., Inc.		185,800		9,841,826
Edison International		187,800		10,437,924
Entergy Corp., Class B		145,200		10,236,600
				30,516,350
Electronic Equipment, Instruments & Components - 1.4%
Arrow Electronics, Inc. (A)		40,600		2,265,480
Flextronics International, Ltd. (A)		528,090		5,972,698
Jabil Circuit, Inc.		220,840		4,701,683
				12,939,861
Energy Equipment & Services - 5.4%
Cameron International Corp. (A)		236,800		12,401,216
Dril-Quip, Inc., Class A (A)		7,470		562,117
Ensco PLC, Class A (B)		501,290		11,163,728
Nabors Industries, Ltd.		324,000		4,675,320
National Oilwell Varco, Inc.		41,170		1,987,688
Noble Corp. PLC (B)		399,530		6,148,767
Oceaneering International, Inc.		22,840		1,064,116
Oil States International, Inc. (A)		235,100		8,752,773
Rowan Cos. PLC, Class A (B)		147,900		3,122,169
				49,877,894
Food & Staples Retailing - 2.0%
Kroger Co.		153,600		11,137,536
Wal-Mart Stores, Inc.		48,100		3,411,733
Whole Foods Market, Inc. (B)		96,930		3,822,919
				18,372,188
Food Products - 2.6%
Bunge, Ltd.		120,700		10,597,460
Pilgrim’s Pride Corp. (B)		39,900		916,503
Tyson Foods, Inc., Class A		282,510		12,043,401
				23,557,364
Health Care Providers & Services - 4.0%
Anthem, Inc.		52,970		8,694,496
Cardinal Health, Inc.		133,480		11,165,602
Health Net, Inc. (A)		62,920		4,034,430
McKesson Corp.		48,280		10,853,827
Omnicare, Inc.		2,950		278,037
Quest Diagnostics, Inc. (B)		25,400		1,842,008
				36,868,400
Hotels, Restaurants & Leisure - 0.5%
Darden Restaurants, Inc.		63,700		4,527,796
Household Durables - 0.4%
Whirlpool Corp.		20,690		3,580,405

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    47

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Independent Power and Renewable Electricity Producers - 1.0%
AES Corp.		664,400		$  8,809,944
Insurance - 9.7%
Allstate Corp.		200,800		13,025,896
American International Group, Inc.		320,300		19,800,946
Assurant, Inc.		59,260		3,970,420
Assured Guaranty, Ltd.		175,300		4,205,447
Axis Capital Holdings, Ltd.		111,240		5,936,879
Chubb Corp., Class A		15,900		1,512,726
Everest RE Group, Ltd.		34,960		6,363,069
Hartford Financial Services Group, Inc.		83,780		3,482,735
Lincoln National Corp.		86,400		5,116,608
Prudential Financial, Inc.		9,680		847,194
Reinsurance Group of America, Inc., Class A		40,110		3,805,236
RenaissanceRe Holdings, Ltd.		27,630		2,804,721
Travelers Cos., Inc.		131,400		12,701,124
Unum Group		178,900		6,395,675
				89,968,676
Internet Software & Services - 1.1%
Rackspace Hosting, Inc. (A)		36,600		1,361,154
VeriSign, Inc. (A) (B)		141,000		8,702,520
				10,063,674
IT Services - 0.4%
Amdocs, Ltd.		74,150		4,047,848
Multi-Utilities - 1.0%
Public Service Enterprise Group, Inc.		224,300		8,810,504
Multiline Retail - 1.1%
Kohl’s Corp.		33,080		2,071,139
Macy’s, Inc.		121,000		8,163,870
				10,235,009
Oil, Gas & Consumable Fuels - 7.8%
EOG Resources, Inc.		20,120		1,761,506
Exxon Mobil Corp.		322,900		26,865,280
Hess Corp.		15,460		1,033,965
Marathon Oil Corp.		186,530		4,950,506
Marathon Petroleum Corp.		257,000		13,443,670
Tesoro Corp.		113,620		9,590,664
Valero Energy Corp.		232,300		14,541,980
				72,187,571
Paper & Forest Products - 0.7%
International Paper Co.		136,200		6,481,758
Personal Products - 0.1%
Herbalife, Ltd. (A) (B)		12,720		700,745
Pharmaceuticals - 6.1%
Johnson & Johnson		263,090		25,640,752
Pfizer, Inc.		901,410		30,224,277
				55,865,029
Real Estate Investment Trusts - 0.3%
RLJ Lodging Trust		104,900		3,123,922
Real Estate Management & Development - 1.1%
CBRE Group, Inc., Class A (A)		219,160		8,108,920
Jones Lang LaSalle, Inc.		12,750		2,180,250
				10,289,170
Road & Rail - 0.2%
Avis Budget Group, Inc. (A)		45,900		2,023,272

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 1.8%
Intel Corp.		535,550		$  16,288,753
Software - 3.2%
Electronic Arts, Inc. (A)		14,290		950,285
FactSet Research Systems, Inc. (B)		28,400		4,615,284
Microsoft Corp.		273,240		12,063,546
Symantec Corp.		528,980		12,298,785
				29,927,900
Specialty Retail - 0.8%
Foot Locker, Inc. (B)		105,200		7,049,452
Technology Hardware, Storage & Peripherals - 2.6%
Apple, Inc.		87,100		10,924,517
Hewlett-Packard Co.		48,860		1,466,289
Lexmark International, Inc., Class A		80,900		3,575,780
Western Digital Corp.		99,300		7,787,106
				23,753,692
Textiles, Apparel & Luxury Goods - 0.3%
Coach, Inc., Class A (B)		30,700		1,062,527
Deckers Outdoor Corp. (A) (B)		25,800		1,856,826
				2,919,353
Tobacco - 2.0%
Altria Group, Inc.		109,200		5,340,972
Philip Morris International, Inc.		164,200		13,163,914
				18,504,886
Total Common Stocks (Cost $811,755,402)				911,983,973
SECURITIES LENDING COLLATERAL - 4.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		39,784,367		39,784,367
Total Securities Lending Collateral (Cost $39,784,367)				39,784,367
	Principal		Value
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $712,006 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $728,483.		$  712,006		712,006
Total Repurchase Agreement (Cost $712,006)				712,006
Total Investments (Cost $852,251,775) (D)				952,480,346
Net Other Assets (Liabilities) - (3.2)%				(29,599,059	)
Net Assets - 100.0%				$  922,881,287

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    48

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Common Stocks	$	911,983,973	$	—	$	—	$	911,983,973
Securities Lending Collateral		39,784,367		—		—		39,784,367
Repurchase Agreement		—		712,006		—		712,006
Total Investments	$	951,768,340	$	712,006	$	—	$	952,480,346

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $38,912,618. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at June 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $852,251,775. Aggregate gross unrealized appreciation and depreciation for all securities is $127,797,495 and $27,568,924, respectively. Net unrealized appreciation for tax purposes is $100,228,571.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    49

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Aerospace & Defense - 4.5%
Boeing Co.		25,100		$  3,481,872
General Dynamics Corp.		33,540		4,752,282
Lockheed Martin Corp.		9,400		1,747,460
Northrop Grumman Corp.		27,260		4,324,254
Textron, Inc.		30,500		1,361,215
				15,667,083
Air Freight & Logistics - 1.3%
FedEx Corp.		27,100		4,617,840
Airlines - 3.4%
American Airlines Group, Inc.		51,800		2,068,633
Delta Air Lines, Inc.		89,200		3,664,336
Southwest Airlines Co.		104,000		3,441,360
United Continental Holdings, Inc. (A)		53,700		2,846,637
				12,020,966
Auto Components - 2.3%
Delphi Automotive PLC, Class A		49,900		4,245,991
Goodyear Tire & Rubber Co.		42,740		1,288,611
Magna International, Inc., Class A		45,550		2,554,900
				8,089,502
Automobiles - 1.3%
General Motors Co.		130,900		4,362,897
Banks - 1.2%
Huntington Bancshares, Inc., Class A (B)		361,500		4,088,565
Beverages - 1.0%
Dr. Pepper Snapple Group, Inc.		48,800		3,557,520
Biotechnology - 3.1%
Biogen, Inc. (A)		8,920		3,603,145
Gilead Sciences, Inc.		60,210		7,049,387
				10,652,532
Chemicals - 2.9%
CF Industries Holdings, Inc., Class B		63,500		4,081,780
LyondellBasell Industries NV, Class A		39,990		4,139,765
Mosaic Co.		39,100		1,831,835
				10,053,380
Communications Equipment - 0.9%
Cisco Systems, Inc.		59,740		1,640,460
F5 Networks, Inc., Class B (A)		11,300		1,359,955
				3,000,415
Consumer Finance - 0.2%
Capital One Financial Corp.		9,200		809,324
Diversified Financial Services - 7.9%
Citigroup, Inc.		130,000		7,181,200
JPMorgan Chase & Co.		124,430		8,431,377
McGraw-Hill Financial, Inc.		42,500		4,269,125
Moody’s Corp.		36,970		3,991,281
Voya Financial, Inc.		80,600		3,745,482
				27,618,465
Diversified Telecommunication Services - 2.5%
CenturyLink, Inc.		55,900		1,642,342
Verizon Communications, Inc.		154,600		7,205,906
				8,848,248
Electric Utilities - 1.6%
American Electric Power Co., Inc.		13,200		699,204
Edison International		58,600		3,256,988

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities (continued)
Entergy Corp., Class B (B)		22,000		$  1,551,000
				5,507,192
Electronic Equipment, Instruments & Components - 1.0%
Corning, Inc.		174,360		3,440,123
Energy Equipment & Services - 2.4%
Cameron International Corp. (A)		76,400		4,001,068
Ensco PLC, Class A (B)		154,300		3,436,261
Noble Corp. PLC (B)		67,270		1,035,285
				8,472,614
Food & Staples Retailing - 3.5%
CVS Health Corp.		37,100		3,891,048
Kroger Co.		63,450		4,600,759
Whole Foods Market, Inc.		94,600		3,731,024
				12,222,831
Food Products - 2.0%
Bunge, Ltd.		37,900		3,327,620
Tyson Foods, Inc., Class A		88,300		3,764,229
				7,091,849
Health Care Providers & Services - 7.0%
Aetna, Inc.		39,370		5,018,100
Anthem, Inc.		6,500		1,066,910
Cardinal Health, Inc.		53,300		4,458,545
Express Scripts Holding Co. (A) (B)		25,010		2,224,390
HCA Holdings, Inc. (A)		24,900		2,258,928
Humana, Inc., Class A		16,150		3,089,172
McKesson Corp.		21,120		4,747,987
Quest Diagnostics, Inc.		23,500		1,704,220
				24,568,252
Hotels, Restaurants & Leisure - 2.2%
Darden Restaurants, Inc.		55,500		3,944,940
Wyndham Worldwide Corp.		43,800		3,587,658
				7,532,598
Household Durables - 1.0%
Whirlpool Corp.		20,900		3,616,745
Independent Power and Renewable Electricity Producers - 0.9%
AES Corp.		247,000		3,275,220
Insurance - 5.4%
Allstate Corp.		63,900		4,145,193
American International Group, Inc.		92,800		5,736,896
Assurant, Inc.		22,300		1,494,100
Hartford Financial Services Group, Inc.		54,190		2,252,678
Lincoln National Corp.		23,500		1,391,670
Travelers Cos., Inc.		39,900		3,856,734
				18,877,271
Internet Software & Services - 1.6%
eBay, Inc. (A)		37,200		2,240,928
VeriSign, Inc. (A) (B)		55,300		3,413,116
				5,654,044
IT Services - 0.9%
Xerox Corp.		284,900		3,031,336
Media - 1.2%
Cablevision Systems Corp., Class A (B)		94,030		2,251,078
News Corp., Class A (A)		133,440		1,946,890
				4,197,968

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    50

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 0.2%
Public Service Enterprise Group, Inc.		20,930		$  822,130
Multiline Retail - 2.3%
Kohl’s Corp. (B)		55,900		3,499,899
Macy’s, Inc.		64,600		4,358,562
				7,858,461
Oil, Gas & Consumable Fuels - 5.1%
Exxon Mobil Corp.		26,500		2,204,800
Marathon Oil Corp.		36,400		966,056
Marathon Petroleum Corp.		84,200		4,404,502
Murphy Oil Corp.		35,100		1,459,107
Tesoro Corp.		47,790		4,033,954
Valero Energy Corp.		73,500		4,601,100
				17,669,519
Paper & Forest Products - 0.5%
International Paper Co.		35,300		1,679,927
Pharmaceuticals - 5.5%
Johnson & Johnson		92,030		8,969,244
Merck & Co., Inc.		43,990		2,504,351
Pfizer, Inc.		225,410		7,557,997
				19,031,592
Professional Services - 0.4%
Dun & Bradstreet Corp.		2,830		345,260
Robert Half International, Inc.		19,500		1,082,250
				1,427,510
Real Estate Management & Development - 0.9%
CBRE Group, Inc., Class A (A)		86,410		3,197,170
Road & Rail - 0.2%
Ryder System, Inc., Class A		9,540		833,510
Semiconductors & Semiconductor Equipment - 2.2%
Intel Corp.		187,500		5,702,813
Micron Technology, Inc. (A) (B)		103,300		1,946,172
				7,648,985
Software - 7.1%
CA, Inc. (B)		136,900		4,009,801
Check Point Software Technologies, Ltd., Class A (A) (B)		21,700		1,726,235
Citrix Systems, Inc. (A)		57,190		4,012,450
Electronic Arts, Inc. (A)		66,000		4,389,000
Microsoft Corp.		148,160		6,541,264
Symantec Corp.		170,200		3,957,150
				24,635,900
Specialty Retail - 1.0%
Bed Bath & Beyond, Inc. (A)		13,700		945,026
Best Buy Co., Inc. (B)		30,900		1,007,649
Lowe’s Cos., Inc.		21,300		1,426,461
				3,379,136
Technology Hardware, Storage & Peripherals - 5.9%
Apple, Inc.		139,900		17,546,957
Western Digital Corp.		37,300		2,925,066
				20,472,023
Textiles, Apparel & Luxury Goods - 1.4%
Coach, Inc., Class A (B)		42,460		1,469,541
Michael Kors Holdings, Ltd. (A)		21,900		921,771

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
NIKE, Inc., Class B		21,800		$  2,354,836
				4,746,148
Tobacco - 2.9%
Altria Group, Inc.		89,100		4,357,881
Philip Morris International, Inc.		70,600		5,660,002
				10,017,883
Total Common Stocks (Cost $294,173,751)				344,294,674
SECURITIES LENDING COLLATERAL - 7.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		26,975,642		26,975,642
Total Securities Lending Collateral (Cost $26,975,642)				26,975,642
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $6,893,922 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $7,032,292.		$  6,893,920		6,893,920
Total Repurchase Agreement (Cost $6,893,920)				6,893,920
Total Investments (Cost $328,043,313) (D)				378,164,236
Net Other Assets (Liabilities) - (8.5)%				(29,617,711	)
Net Assets - 100.0%				$  348,546,525

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    51

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Common Stocks	$	344,294,674	$	—	$	—	$	344,294,674
Securities Lending Collateral		26,975,642		—		—		26,975,642
Repurchase Agreement		—		6,893,920		—		6,893,920
Total Investments	$	371,270,316	$	6,893,920	$	—	$	378,164,236

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $26,359,052. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at June 30, 2015.

^(D) Aggregate cost for federal income tax purposes is $328,043,313. Aggregate gross unrealized appreciation and depreciation for all securities is $59,183,650 and $9,062,727, respectively. Net unrealized appreciation for tax purposes is $50,120,923.

^(E) The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    52

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Aerospace & Defense - 1.9%
Boeing Co.		62,260		$  8,636,707
Honeywell International, Inc.		63,181		6,442,567
TransDigm Group, Inc. (A) (B)		15,550		3,493,618
				18,572,892
Airlines - 0.2%
United Continental Holdings, Inc. (B)		42,440		2,249,744
Automobiles - 0.8%
Tesla Motors, Inc. (A) (B)		29,831		8,002,464
Beverages - 1.0%
Monster Beverage Corp. (B)		69,926		9,371,483
Biotechnology - 7.5%
Alexion Pharmaceuticals, Inc. (B)		38,443		6,949,341
Alkermes PLC (B)		43,693		2,811,208
Biogen, Inc. (B)		42,612		17,212,691
Celgene Corp. (B)		102,428		11,854,505
Gilead Sciences, Inc.		109,759		12,850,584
Incyte Corp. (B)		51,073		5,322,317
Regeneron Pharmaceuticals, Inc., Class A (B)		22,539		11,497,820
Vertex Pharmaceuticals, Inc. (B)		31,149		3,846,278
				72,344,744
Capital Markets - 1.8%
Ameriprise Financial, Inc.		55,249		6,902,257
BlackRock, Inc., Class A		15,390		5,324,632
Morgan Stanley		138,597		5,376,178
				17,603,067
Chemicals - 2.1%
Dow Chemical Co.		111,906		5,726,230
Monsanto Co.		60,323		6,429,828
Sherwin-Williams Co.		13,991		3,847,805
Valspar Corp. (A)		55,150		4,512,373
				20,516,236
Communications Equipment - 0.4%
Cisco Systems, Inc.		135,027		3,707,841
Containers & Packaging - 0.6%
Crown Holdings, Inc. (B)		105,608		5,587,719
Diversified Financial Services - 0.5%
McGraw-Hill Financial, Inc.		50,410		5,063,685
Electrical Equipment - 0.3%
Eaton Corp. PLC		49,530		3,342,780
Electronic Equipment, Instruments & Components - 0.0% (C)
Fitbit, Inc. (B)		3,401		130,020
Energy Equipment & Services - 1.1%
Halliburton Co.		135,991		5,857,133
Schlumberger, Ltd.		57,232		4,932,826
				10,789,959
Food & Staples Retailing - 3.8%
Costco Wholesale Corp.		114,715		15,493,408
CVS Health Corp.		77,561		8,134,598
Kroger Co.		70,334		5,099,918
Walgreens Boots Alliance, Inc.		90,693		7,658,117
				36,386,041
Food Products - 0.8%
Mondelez International, Inc., Class A		192,715		7,928,295

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies - 1.2%
Abbott Laboratories		176,878		$  8,681,172
Zimmer Biomet Holdings, Inc., Class A		28,070		3,066,086
				11,747,258
Health Care Providers & Services - 2.3%
Aetna, Inc.		46,407		5,915,036
Envision Healthcare Holdings, Inc. (B)		81,592		3,221,252
McKesson Corp.		24,818		5,579,335
UnitedHealth Group, Inc.		65,370		7,975,140
				22,690,763
Health Care Technology - 0.5%
Cerner Corp. (B)		72,188		4,985,303
Hotels, Restaurants & Leisure - 4.7%
Chipotle Mexican Grill, Inc., Class A (B)		17,406		10,530,456
Hilton Worldwide Holdings, Inc. (B)		233,500		6,432,925
Marriott International, Inc., Class A		96,317		7,165,022
Starbucks Corp.		395,201		21,188,701
				45,317,104
Household Products - 0.7%
Colgate-Palmolive Co.		102,423		6,699,488
Insurance - 0.5%
Prudential Financial, Inc.		55,090		4,821,477
Internet & Catalog Retail - 6.7%
Amazon.com, Inc. (B)		66,486		28,860,908
JD.com, Inc., ADR (B)		148,239		5,054,950
Netflix, Inc. (B)		17,327		11,382,799
Priceline Group, Inc. (B)		13,941		16,051,249
TripAdvisor, Inc. (A) (B)		28,714		2,502,138
Vipshop Holdings, Ltd., ADR (A) (B)		40,529		901,770
				64,753,814
Internet Software & Services - 9.4%
Akamai Technologies, Inc. (B)		64,045		4,471,622
Alibaba Group Holding, Ltd., ADR (B)		64,178		5,279,924
Facebook, Inc., Class A (B)		309,884		26,577,201
Google, Inc., Class A (B)		29,736		16,058,630
Google, Inc., Class C (B)		29,591		15,402,411
LendingClub Corp. (A) (B)		19,809		292,183
LinkedIn Corp., Class A (B)		39,853		8,234,825
Tencent Holdings, Ltd.		422,047		8,428,363
Twitter, Inc. (B)		77,163		2,794,844
Zillow Group, Inc., Class A (A) (B)		37,930		3,290,048
				90,830,051
IT Services - 6.8%
Accenture PLC, Class A		63,634		6,158,499
Automatic Data Processing, Inc.		53,141		4,263,502
Cognizant Technology Solutions Corp., Class A (B)		83,502		5,101,137
FleetCor Technologies, Inc. (B)		39,873		6,222,580
Genpact, Ltd. (B)		166,350		3,548,246
Jack Henry & Associates, Inc.		51,840		3,354,048
Mastercard, Inc., Class A		269,177		25,162,666
Visa, Inc., Class A (A)		187,157		12,567,593
				66,378,271
Life Sciences Tools & Services - 0.9%
Illumina, Inc. (A) (B)		41,344		9,027,876

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    53

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Machinery - 1.1%
Illinois Tool Works, Inc., Class A		64,405		$  5,911,735
Middleby Corp. (B)		43,290		4,858,437
				10,770,172
Media - 2.5%
Time Warner, Inc.		57,909		5,061,825
Twenty-First Century Fox, Inc., Class A		235,121		7,652,013
Walt Disney Co.		101,070		11,536,130
				24,249,968
Multiline Retail - 1.0%
Dollar General Corp.		65,565		5,097,023
Dollar Tree, Inc. (B)		54,669		4,318,304
				9,415,327
Oil, Gas & Consumable Fuels - 2.1%
Anadarko Petroleum Corp., Class A		32,101		2,505,804
Concho Resources, Inc. (B)		49,775		5,667,382
EOG Resources, Inc.		104,303		9,131,728
Pioneer Natural Resources Co.		18,799		2,607,233
				19,912,147
Personal Products - 1.0%
Coty, Inc., Class A (A) (B)		79,150		2,530,426
Estee Lauder Cos., Inc., Class A		87,006		7,539,940
				10,070,366
Pharmaceuticals - 6.6%
Allergan PLC (B)		73,883		22,420,535
Bristol-Myers Squibb Co.		312,177		20,772,258
Merck & Co., Inc.		73,652		4,193,008
Novo Nordisk A/S, ADR		145,054		7,943,157
Shire PLC, Class B, ADR		35,936		8,678,185
				64,007,143
Professional Services - 1.4%
Equifax, Inc.		50,430		4,896,249
Nielsen NV		103,536		4,635,307
Verisk Analytics, Inc., Class A (B)		52,240		3,800,982
				13,332,538
Real Estate Investment Trusts - 0.6%
American Tower Corp., Class A		59,479		5,548,796
Road & Rail - 1.6%
Canadian Pacific Railway, Ltd.		29,618		4,745,692
Hertz Global Holdings, Inc. (B)		212,720		3,854,487
JB Hunt Transport Services, Inc. (A)		49,420		4,056,888
Norfolk Southern Corp.		29,420		2,570,131
				15,227,198
Semiconductors & Semiconductor Equipment - 1.8%
ARM Holdings PLC, ADR (A)		104,576		5,152,460
Freescale Semiconductor, Ltd. (B)		90,165		3,603,895
NXP Semiconductors NV (B)		44,147		4,335,235
Skyworks Solutions, Inc.		23,890		2,486,949
SunPower Corp., Class A (A) (B)		78,760		2,237,572
				17,816,111
Software - 7.6%
Activision Blizzard, Inc.		187,465		4,538,528
Adobe Systems, Inc. (B)		107,408		8,701,122
FireEye, Inc. (A) (B)		65,809		3,218,718
Intuit, Inc.		43,504		4,383,898
Microsoft Corp.		308,856		13,635,993
PTC, Inc. (B)		39,200		1,607,984

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Red Hat, Inc. (B)		95,819		$  7,275,537
salesforce.com, Inc. (B)		192,380		13,395,419
Splunk, Inc. (A) (B)		76,913		5,354,683
VMware, Inc., Class A (A) (B)		37,438		3,209,934
Workday, Inc., Class A (A) (B)		109,728		8,382,122
				73,703,938
Specialty Retail - 6.0%
Advance Auto Parts, Inc. (A)		45,867		7,306,154
Inditex SA		256,189		8,327,024
Lowe’s Cos., Inc.		142,691		9,556,016
Michaels Cos., Inc. (A) (B)		182,500		4,911,075
O’Reilly Automotive, Inc. (B)		28,760		6,499,185
Ross Stores, Inc.		150,706		7,325,819
Tiffany & Co.		41,683		3,826,499
TJX Cos., Inc.		149,872		9,917,030
				57,668,802
Technology Hardware, Storage & Peripherals - 6.6%
Apple, Inc.		506,373		63,511,834
Textiles, Apparel & Luxury Goods - 2.2%
NIKE, Inc., Class B		119,754		12,935,827
PVH Corp. (A)		18,041		2,078,323
Under Armour, Inc., Class A (A) (B)		78,813		6,576,157
				21,590,307
Tobacco - 0.8%
Altria Group, Inc.		155,484		7,604,722
Total Common Stocks (Cost $739,582,740)				963,277,744
EXCHANGE-TRADED FUND - 0.3%
Capital Markets - 0.3%
iShares Russell 1000 Growth ETF		29,770		2,947,527
Total Exchange-Traded Fund (Cost $3,001,732)				2,947,527
SECURITIES LENDING COLLATERAL - 7.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D)		72,862,319		72,862,319
Total Securities Lending Collateral (Cost $72,862,319)				72,862,319
	Principal		Value
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.01% (D), dated 06/30/2015, to be repurchased at $2,377,983 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $2,428,278.		$  2,377,983		2,377,983
Total Repurchase Agreement (Cost $2,377,983)				2,377,983
Total Investments (Cost $817,824,774) (E)				1,041,465,573
Net Other Assets (Liabilities) - (7.4)%				(72,118,745	)
Net Assets - 100.0%				$  969,346,828

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    54

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Common Stocks	$	946,522,357	$	16,755,387	$	—	$	963,277,744
Exchange-Traded Fund		2,947,527		—		—		2,947,527
Securities Lending Collateral		72,862,319		—		—		72,862,319
Repurchase Agreement		—		2,377,983		—		2,377,983
Total Investments	$	1,022,332,203	$	19,133,370	$	—	$	1,041,465,573

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $71,328,656. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

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

^(D)  Rate disclosed reflects the yield at June 30, 2015.

^(E)  Aggregate cost for federal income tax purposes is $817,824,774. Aggregate gross unrealized appreciation and depreciation for all securities is $238,994,162 and $15,353,363, respectively. Net unrealized appreciation for tax purposes is $223,640,799.

^(F)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    55

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 95.7%
Airlines - 1.2%
Alaska Air Group, Inc.		54,900		$  3,537,207
Copa Holdings SA, Class A (A)		80,600		6,656,754
				10,193,961
Banks - 4.7%
CIT Group, Inc.		165,500		7,694,095
Citizens Financial Group, Inc.		120,008		3,277,418
City National Corp.		36,852		3,331,052
Fifth Third Bancorp		316,760		6,594,943
First Republic Bank, Class A		89,653		5,650,829
Huntington Bancshares, Inc., Class A		145,823		1,649,258
M&T Bank Corp. (A)		47,368		5,917,684
SunTrust Banks, Inc.		139,730		6,011,185
Zions Bancorporation (A)		44,385		1,408,558
				41,535,022
Beverages - 0.8%
Constellation Brands, Inc., Class A		29,631		3,437,788
Dr. Pepper Snapple Group, Inc.		51,502		3,754,496
				7,192,284
Building Products - 0.4%
Fortune Brands Home & Security, Inc.		71,952		3,296,841
Capital Markets - 2.3%
Ameriprise Financial, Inc.		45,211		5,648,210
Invesco, Ltd.		108,085		4,052,107
Legg Mason, Inc.		47,279		2,436,287
Northern Trust Corp.		39,164		2,994,479
T. Rowe Price Group, Inc.		63,955		4,971,222
				20,102,305
Chemicals - 1.2%
Airgas, Inc.		50,226		5,312,906
Albemarle Corp.		45,428		2,510,806
Sherwin-Williams Co.		11,085		3,048,597
				10,872,309
Commercial Services & Supplies - 0.9%
ADT Corp. (A)		231,500		7,771,455
Communications Equipment - 1.8%
ARRIS Group, Inc. (B)		170,600		5,220,360
CommScope Holding Co., Inc. (B)		91,939		2,805,059
EchoStar Corp., Class A (B)		153,924		7,493,020
				15,518,439
Consumer Finance - 0.8%
Ally Financial, Inc. (B)		162,771		3,650,954
Navient Corp.		181,300		3,301,473
				6,952,427
Containers & Packaging - 2.7%
Ball Corp.		51,162		3,589,014
Bemis Co., Inc.		119,400		5,374,194
Rexam, PLC, ADR (A)		150,688		6,568,490
Rock-Tenn Co., Class A		54,700		3,292,940
Silgan Holdings, Inc.		95,757		5,052,140
				23,876,778
Distributors - 0.3%
Genuine Parts Co.		31,806		2,847,591
Diversified Consumer Services - 0.9%
H&R Block, Inc. (A)		259,300		7,688,245

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities - 4.6%
Edison International		62,165		$  3,455,131
PPL Corp.		529,400		15,601,418
Westar Energy, Inc., Class A		318,866		10,911,594
Xcel Energy, Inc.		339,014		10,909,471
				40,877,614
Electrical Equipment - 1.4%
AMETEK, Inc., Class A		79,217		4,339,507
Hubbell, Inc., Class B		47,221		5,113,090
Regal Beloit Corp.		44,594		3,237,079
				12,689,676
Electronic Equipment, Instruments & Components - 1.6%
Amphenol Corp., Class A		77,992		4,521,196
Arrow Electronics, Inc. (B)		114,193		6,371,970
CDW Corp.		91,300		3,129,764
				14,022,930
Energy Equipment & Services - 0.3%
Nabors Industries, Ltd.		207,400		2,992,782
Food & Staples Retailing - 1.8%
Kroger Co.		84,496		6,126,805
Rite Aid Corp. (B)		513,149		4,284,794
Sysco Corp.		157,800		5,696,580
				16,108,179
Food Products - 2.5%
ConAgra Foods, Inc.		152,500		6,667,300
Hershey Co.		40,752		3,620,000
Kellogg Co.		145,900		9,147,930
McCormick & Co., Inc. (A)		28,100		2,274,695
				21,709,925
Gas Utilities - 0.9%
National Fuel Gas Co. (A)		45,682		2,690,213
Questar Corp.		245,634		5,136,207
				7,826,420
Health Care Providers & Services - 5.6%
AmerisourceBergen Corp., Class A		48,267		5,132,713
Brookdale Senior Living, Inc., Class A (A) (B)		100,236		3,478,189
Cardinal Health, Inc.		51,600		4,316,340
Cigna Corp.		47,663		7,721,406
Community Health Systems, Inc. (B)		52,390		3,298,998
Henry Schein, Inc. (B)		19,916		2,830,462
Humana, Inc., Class A		37,401		7,154,063
Laboratory Corp. of America Holdings (B)		67,300		8,158,106
MEDNAX, Inc. (B)		59,900		4,439,189
Universal Health Services, Inc., Class B		17,679		2,512,186
				49,041,652
Hotels, Restaurants & Leisure - 0.7%
Marriott International, Inc., Class A (A)		35,469		2,638,539
Starwood Hotels & Resorts Worldwide, Inc.		41,322		3,350,801
				5,989,340
Household Durables - 1.4%
Jarden Corp. (B)		93,480		4,837,590
Mohawk Industries, Inc. (B)		37,744		7,205,330
				12,042,920
Household Products - 0.0% (C)
Energizer SpinCo, Inc. (B) (D)		3,600		122,400

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    56

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Independent Power and Renewable Electricity Producers - 0.1%
Talen Energy Corp. (B)		59,255		$  1,016,816
Industrial Conglomerates - 0.6%
Carlisle Cos., Inc.		54,330		5,439,520
Insurance - 10.6%
Alleghany Corp. (B)		27,112		12,709,021
Allstate Corp.		154,800		10,041,876
Assured Guaranty, Ltd.		238,800		5,728,812
Chubb Corp., Class A		40,265		3,830,812
Fairfax Financial Holdings, Ltd.		18,900		9,336,600
Hartford Financial Services Group, Inc.		117,302		4,876,244
Loews Corp.		429,429		16,537,311
Marsh & McLennan Cos., Inc.		101,221		5,739,231
Old Republic International Corp.		128,890		2,014,551
Progressive Corp.		413,034		11,494,736
Unum Group		116,667		4,170,845
WR Berkley Corp.		44,620		2,317,117
XL Group PLC, Class A		123,762		4,603,946
				93,401,102
Internet & Catalog Retail - 0.7%
Expedia, Inc.		53,972		5,901,838
IT Services - 4.3%
Amdocs, Ltd.		152,000		8,297,680
Computer Sciences Corp.		99,900		6,557,436
DST Systems, Inc.		27,100		3,414,058
Jack Henry & Associates, Inc.		103,748		6,712,496
Total System Services, Inc.		190,000		7,936,300
Western Union Co. (A)		266,900		5,426,077
				38,344,047
Leisure Products - 0.3%
Brunswick Corp., Class B		43,800		2,227,668
Life Sciences Tools & Services - 0.9%
Bio-Rad Laboratories, Inc., Class A (B)		52,944		7,973,896
Machinery - 2.4%
Babcock & Wilcox Co. (B)		329,800		10,817,440
IDEX Corp.		60,077		4,720,851
Rexnord Corp. (B)		80,751		1,930,756
Snap-on, Inc.		26,250		4,180,313
				21,649,360
Media - 6.1%
AMC Networks, Inc., Class A (B)		67,600		5,533,060
Cablevision Systems Corp., Class A (A)		93,100		2,228,814
CBS Corp., Class B		52,442		2,910,531
Discovery Communications, Inc., Class C (B)		156,300		4,857,804
DISH Network Corp., Class A (B)		69,672		4,717,491
Gannett Co., Inc. (A) (B)		60,547		847,052
Liberty Media Corp., Class C (B)		204,900		7,355,910
Madison Square Garden Co., Class A (B)		39,900		3,331,251
News Corp., Class B (B)		551,100		7,847,664
Shaw Communications, Inc., Class B (A)		368,000		8,018,720
TEGNA, Inc.		121,094		3,883,485
Time, Inc.		93,126		2,142,829
				53,674,611
Multi-Utilities - 5.8%
Alliant Energy Corp.		176,000		10,158,720
CenterPoint Energy, Inc.		290,369		5,525,722
CMS Energy Corp.		481,088		15,317,842

	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities (continued)
NiSource, Inc., Class B		54,914		$  2,503,529
Sempra Energy		30,474		3,015,098
WEC Energy Group, Inc.		334,784		15,055,236
				51,576,147
Multiline Retail - 1.2%
Kohl’s Corp.		117,340		7,346,657
Nordstrom, Inc.		49,162		3,662,569
				11,009,226
Oil, Gas & Consumable Fuels - 3.4%
Chesapeake Energy Corp. (A)		297,700		3,325,309
Energen Corp.		105,614		7,213,436
EQT Corp.		72,362		5,885,925
Marathon Petroleum Corp.		43,800		2,291,178
PBF Energy, Inc., Class A		72,404		2,057,722
Southwestern Energy Co. (A) (B)		196,189		4,459,376
Valero Energy Corp.		73,400		4,594,840
				29,827,786
Personal Products - 0.5%
Edgewell Personal Care Co.		35,430		4,660,816
Professional Services - 0.5%
Equifax, Inc.		49,372		4,793,527
Real Estate Investment Trusts - 6.1%
American Campus Communities, Inc.		71,904		2,710,062
Annaly Capital Management, Inc.		1,684,200		15,477,798
AvalonBay Communities, Inc.		27,818		4,447,264
Boston Properties, Inc.		21,109		2,555,033
Brixmor Property Group, Inc.		145,230		3,359,170
Equinix, Inc. (A)		12,554		3,188,716
General Growth Properties, Inc.		140,226		3,598,199
Kimco Realty Corp.		185,713		4,185,971
Outfront Media, Inc.		75,314		1,900,925
Rayonier, Inc.		97,227		2,484,150
Regency Centers Corp.		41,760		2,463,005
Vornado Realty Trust, Class A		45,432		4,312,860
Weyerhaeuser Co.		104,791		3,300,916
				53,984,069
Semiconductors & Semiconductor Equipment - 2.5%
Analog Devices, Inc., Class A		69,006		4,429,150
KLA-Tencor Corp.		31,790		1,786,916
Micron Technology, Inc. (B)		261,100		4,919,124
NVIDIA Corp.		275,700		5,544,327
Xilinx, Inc.		116,411		5,140,710
				21,820,227
Software - 2.1%
CA, Inc.		188,700		5,527,023
Citrix Systems, Inc. (B)		46,700		3,276,472
Synopsys, Inc. (B)		193,011		9,776,007
				18,579,502
Specialty Retail - 3.9%
Abercrombie & Fitch Co., Class A (A)		221,000		4,753,710
AutoZone, Inc. (B)		7,265		4,845,029
Bed Bath & Beyond, Inc. (A) (B)		140,032		9,659,407
Best Buy Co., Inc. (A)		140,336		4,576,357
Gap, Inc., Class A (A)		139,026		5,306,622
Tiffany & Co.		55,365		5,082,507
				34,223,632

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    57

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 1.4%
NetApp, Inc.		250,700		$  7,912,092
Western Digital Corp.		60,500		4,744,410
				12,656,502
Textiles, Apparel & Luxury Goods - 1.3%
Fossil Group, Inc. (A) (B)		80,500		5,583,480
PVH Corp.		35,010		4,033,152
VF Corp.		29,233		2,038,709
				11,655,341
Thrifts & Mortgage Finance - 0.5%
Hudson City Bancorp, Inc.		172,150		1,700,842
Ocwen Financial Corp., Class B (A) (B)		227,351		2,318,980
				4,019,822
Trading Companies & Distributors - 0.5%
MSC Industrial Direct Co., Inc., Class A (A)		67,058		4,678,637
Water Utilities - 1.2%
American Water Works Co., Inc.		225,900		10,985,517
Total Common Stocks (Cost $721,744,028)				845,371,104

	Shares		Value
SECURITIES LENDING COLLATERAL - 10.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (E)		92,629,338		$  92,629,338
Total Securities Lending Collateral (Cost $92,629,338)				92,629,338
	Principal		Value
REPURCHASE AGREEMENT - 5.0%
State Street Bank & Trust Co. 0.01% (E), dated 06/30/2015, to be repurchased at $43,853,792 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 09/25/2039 - 05/15/2040, and with a total value of $44,732,567.		$  43,853,780		43,853,780
Total Repurchase Agreement (Cost $43,853,780)				43,853,780
Total Investments (Cost $858,227,146) (F)				981,854,222
Net Other Assets (Liabilities) - (11.2)%				(98,835,520	)
Net Assets - 100.0%				$  883,018,702

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Common Stocks	$	845,371,104	$	—	$	—	$	845,371,104
Securities Lending Collateral		92,629,338		—		—		92,629,338
Repurchase Agreement		—		43,853,780		—		43,853,780
Total Investments	$	938,000,442	$	43,853,780	$	—	$	981,854,222

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $90,635,772. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

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

^(D)  When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015.

^(E)  Rate disclosed reflects the yield at June 30, 2015.

^(F)  Aggregate cost for federal income tax purposes is $858,227,146. Aggregate gross unrealized appreciation and depreciation for all securities is $151,540,197 and $27,913,121, respectively. Net unrealized appreciation for tax purposes is $123,627,076.

^(G)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    58

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Aerospace & Defense - 2.1%
Spirit Aerosystems Holdings, Inc., Class A (A)		50,395		$  2,777,268
Auto Components - 3.4%
BorgWarner, Inc. (B)		76,346		4,339,507
Banks - 7.2%
CIT Group, Inc.		56,482		2,625,848
Comerica, Inc., Class A (B)		60,359		3,097,624
First Republic Bank, Class A (B)		56,749		3,576,889
				9,300,361
Chemicals - 4.9%
Methanex Corp.		60,878		3,388,470
RPM International, Inc. (B)		59,693		2,923,166
				6,311,636
Communications Equipment - 2.8%
F5 Networks, Inc., Class B (A) (B)		29,925		3,601,474
Construction Materials - 2.7%
Eagle Materials, Inc.		45,819		3,497,364
Electronic Equipment, Instruments & Components - 1.8%
Trimble Navigation, Ltd. (A) (B)		100,487		2,357,425
Food & Staples Retailing - 2.7%
Rite Aid Corp. (A) (B)		418,225		3,492,179
Food Products - 2.1%
WhiteWave Foods Co., Class A (A) (B)		56,348		2,754,290
Health Care Equipment & Supplies - 2.5%
Align Technology, Inc. (A) (B)		51,051		3,201,408
Health Care Providers & Services - 9.0%
Brookdale Senior Living, Inc., Class A (A) (B)		92,353		3,204,649
Cardinal Health, Inc. (B)		26,438		2,211,539
Laboratory Corp. of America Holdings (A)		23,017		2,790,121
Universal Health Services, Inc., Class B		23,427		3,328,976
				11,535,285
Household Durables - 3.8%
Mohawk Industries, Inc. (A) (B)		14,856		2,836,011
Whirlpool Corp. (B)		11,646		2,015,340
				4,851,351
Insurance - 2.8%
Hartford Financial Services Group, Inc.		86,038		3,576,600
Internet Software & Services - 2.4%
IAC/InterActiveCorp		38,209		3,043,729
Machinery - 2.5%
WABCO Holdings, Inc. (A)		26,212		3,242,949
Media - 2.4%
Starz, Class A (A) (B)		68,437		3,060,503
Oil, Gas & Consumable Fuels - 3.9%
EQT Corp.		62,309		5,068,214
Pharmaceuticals - 2.4%
Mylan NV (A)		44,946		3,050,035
Professional Services - 6.2%
Equifax, Inc.		41,459		4,025,254
Towers Watson & Co., Class A (B)		31,661		3,982,954
				8,008,208
Road & Rail - 6.7%
Genesee & Wyoming, Inc., Class A (A) (B)		33,144		2,524,910
Old Dominion Freight Line, Inc. (A) (B)		46,234		3,171,884

	Shares		Value
COMMON STOCKS (continued)
Road & Rail (continued)
Ryder System, Inc., Class A (B)		33,917		$  2,963,328
				8,660,122
Semiconductors & Semiconductor Equipment - 6.4%
Broadcom Corp., Class A		72,097		3,712,275
KLA-Tencor Corp. (B)		45,649		2,565,930
Synaptics, Inc. (A) (B)		22,324		1,936,272
				8,214,477
Software - 3.9%
Fortinet, Inc. (A)		120,482		4,979,521
Specialty Retail - 9.5%
Dick’s Sporting Goods, Inc.		50,197		2,598,698
Foot Locker, Inc. (B)		52,004		3,484,788
Signet Jewelers, Ltd.		27,399		3,513,648
Ulta Salon Cosmetics & Fragrance, Inc. (A)		17,000		2,625,650
				12,222,784
Textiles, Apparel & Luxury Goods - 2.7%
Gildan Activewear, Inc., Class A (B)		103,893		3,453,403
Trading Companies & Distributors - 2.6%
Air Lease Corp., Class A (B)		98,990		3,355,761
Total Common Stocks (Cost $111,740,530)				127,955,854
SECURITIES LENDING COLLATERAL - 28.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		36,654,367		36,654,367
Total Securities Lending Collateral (Cost $36,654,367)				36,654,367
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $733,721 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $752,766.		$  733,721		733,721
Total Repurchase Agreement (Cost $733,721)				733,721
Total Investments (Cost $149,128,618) (D)				165,343,942
Net Other Assets (Liabilities) - (28.5)%				(36,685,841	)
Net Assets - 100.0%				$  128,658,101

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    59

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS Investments
Common Stocks	$	127,955,854	$	—	$	—	$	127,955,854
Securities Lending Collateral		36,654,367		—		—		36,654,367
Repurchase Agreement		—		733,721		—		733,721
Total Investments	$	164,610,221	$	733,721	$	—	$	165,343,942

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $35,859,510. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at June 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $149,128,618. Aggregate gross unrealized appreciation and depreciation for all securities is $18,120,628 and $1,905,304, respectively. Net unrealized appreciation for tax purposes is $16,215,324.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    60

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 95.3%
Aerospace & Defense - 1.9%
Cubic Corp.		31,701		$  1,508,334
Air Freight & Logistics - 1.0%
UTi Worldwide, Inc. (A) (B)		76,630		765,534
Banks - 11.9%
First Busey Corp., Class B		101,130		664,424
First Midwest Bancorp, Inc.		72,500		1,375,325
First Niagara Financial Group, Inc. (A)		81,810		772,287
Flushing Financial Corp., Class A		35,833		752,851
Great Western Bancorp, Inc.		31,400		757,054
Hancock Holding Co. (A)		27,400		874,334
International Bancshares Corp.		55,300		1,485,911
MB Financial, Inc.		31,180		1,073,839
Webster Financial Corp.		47,400		1,874,670
				9,630,695
Beverages - 1.1%
C&C Group PLC		230,272		902,623
Building Products - 0.0% (C)
Tyman PLC		4,939		24,911
Capital Markets - 0.8%
Solar Capital, Ltd.		35,200		633,600
Chemicals - 3.3%
Innospec, Inc.		17,900		806,216
Koppers Holdings, Inc.		17,160		424,195
Sensient Technologies Corp.		20,900		1,428,306
				2,658,717
Commercial Services & Supplies - 9.7%
ACCO Brands Corp. (B)		127,100		987,567
Essendant, Inc. (A)		38,230		1,500,527
G&K Services, Inc., Class A		28,200		1,949,748
Matthews International Corp., Class A (A)		25,300		1,344,442
SP Plus Corp. (A) (B)		50,400		1,315,944
Steelcase, Inc., Class A		38,400		726,144
				7,824,372
Construction & Engineering - 0.8%
Primoris Services Corp. (A)		33,340		660,132
Containers & Packaging - 0.9%
Greif, Inc., Class A		19,800		709,830
Electrical Equipment - 0.6%
Babcock & Wilcox Enterprises, Inc. (B) (D)		10,100		188,466
Thermon Group Holdings, Inc. (B)		10,300		247,921
				436,387
Electronic Equipment, Instruments & Components - 5.5%
Belden, Inc.		29,890		2,427,964
Coherent, Inc. (B)		12,810		813,179
CTS Corp.		2,600		50,102
ScanSource, Inc. (B)		30,800		1,172,248
				4,463,493
Energy Equipment & Services - 2.2%
Era Group, Inc. (B)		30,790		630,579
SEACOR Holdings, Inc. (A) (B)		14,630		1,037,852
Tesco Corp., Class B		12,700		138,430
				1,806,861
Food & Staples Retailing - 1.3%
Casey’s General Stores, Inc. (A)		11,000		1,053,140

	Shares		Value
COMMON STOCKS (continued)
Food Products - 2.8%
Cranswick PLC		39,037		$  978,937
Post Holdings, Inc. (A) (B)		23,150		1,248,479
				2,227,416
Gas Utilities - 2.8%
Laclede Group, Inc. (A)		17,300		900,638
New Jersey Resources Corp. (A)		18,900		520,695
WGL Holdings, Inc. (A)		15,500		841,495
				2,262,828
Health Care Equipment & Supplies - 4.2%
Haemonetics Corp. (A) (B)		23,500		971,960
ICU Medical, Inc., Class B (B)		11,900		1,138,354
STERIS Corp. (A)		19,400		1,250,136
				3,360,450
Health Care Providers & Services - 1.9%
Amsurg Corp., Class A (A) (B)		16,400		1,147,180
Corvel Corp. (B)		12,200		390,644
				1,537,824
Health Care Technology - 2.6%
Allscripts Healthcare Solutions, Inc. (A) (B)		87,100		1,191,528
MedAssets, Inc. (A) (B)		40,800		900,048
				2,091,576
Household Durables - 2.7%
Helen of Troy, Ltd. (B)		22,285		2,172,565
Insurance - 2.2%
AMERISAFE, Inc.		14,200		668,252
Primerica, Inc. (A)		24,300		1,110,267
				1,778,519
IT Services - 1.3%
Forrester Research, Inc.		29,320		1,056,106
Life Sciences Tools & Services - 2.5%
Charles River Laboratories International, Inc. (B)		20,800		1,463,072
ICON PLC (B)		8,100		545,130
				2,008,202
Machinery - 8.2%
Albany International Corp., Class A		41,200		1,639,760
CIRCOR International, Inc.		10,320		562,750
ESCO Technologies, Inc.		28,000		1,047,480
Luxfer Holdings PLC, ADR		35,100		456,300
Mueller Industries, Inc.		60,300		2,093,616
TriMas Corp. (B)		28,700		849,520
				6,649,426
Multiline Retail - 1.7%
Fred’s, Inc., Class A		69,400		1,338,726
Oil, Gas & Consumable Fuels - 4.1%
Dorian LPG, Ltd. (A) (B)		44,170		736,756
RSP Permian, Inc. (B)		39,100		1,099,101
Scorpio Tankers, Inc. (A)		149,200		1,505,428
				3,341,285
Paper & Forest Products - 1.3%
Deltic Timber Corp. (A)		15,840		1,071,418
Pharmaceuticals - 1.1%
Phibro Animal Health Corp., Class A (A)		23,500		915,090

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    61

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Professional Services - 2.3%
FTI Consulting, Inc. (A) (B)		28,900		$  1,191,836
Mistras Group, Inc. (B)		36,061		684,438
				1,876,274
Real Estate Investment Trusts - 2.7%
DiamondRock Hospitality Co.		54,530		698,529
Education Realty Trust, Inc. (A)		24,499		768,289
Summit Hotel Properties, Inc.		56,850		739,618
				2,206,436
Semiconductors & Semiconductor Equipment - 1.0%
Micrel, Inc.		58,397		811,718
Specialty Retail - 4.1%
Ascena Retail Group, Inc., Class B (A) (B)		79,700		1,327,404
Cato Corp., Class A		27,920		1,082,179
Stage Stores, Inc.		52,200		915,066
				3,324,649
Technology Hardware, Storage & Peripherals - 1.6%
Diebold, Inc. (A)		36,200		1,267,000
Thrifts & Mortgage Finance - 1.5%
Northwest Bancshares, Inc.		92,000		1,179,440
Trading Companies & Distributors - 1.7%
GATX Corp. (A)		25,300		1,344,695
Total Common Stocks (Cost $53,795,092)				76,900,272

	Shares		Value
SECURITIES LENDING COLLATERAL - 15.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (E)		12,562,325		$  12,562,325
Total Securities Lending Collateral (Cost $12,562,325)				12,562,325
	Principal		Value
REPURCHASE AGREEMENT - 5.3%
State Street Bank & Trust Co. 0.01% (E), dated 06/30/2015, to be repurchased at $4,311,129 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $4,400,039.		$  4,311,128		4,311,128
Total Repurchase Agreement (Cost $4,311,128)				4,311,128
Total Investments (Cost $70,668,545) (F)				93,773,725
Net Other Assets (Liabilities) - (16.2)%				(13,043,057	)
Net Assets - 100.0%				$  80,730,668

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS Investments
Common Stocks	$	74,993,801	$	1,906,471	$	—	$	76,900,272
Securities Lending Collateral		12,562,325		—		—		12,562,325
Repurchase Agreement		—		4,311,128		—		4,311,128
Total Investments	$	87,556,126	$	6,217,599	$	—	$	93,773,725

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $12,274,469. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

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

^(D)  When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015.

^(E)  Rate disclosed reflects the yield at June 30, 2015.

^(F)  Aggregate cost for federal income tax purposes is $70,668,545. Aggregate gross unrealized appreciation and depreciation for all securities is $24,109,028 and $1,003,848, respectively. Net unrealized appreciation for tax purposes is $23,105,180.

^(G)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    62

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 99.0%
Aerospace & Defense - 1.1%
Ducommun, Inc. (A)		41,990		$  1,077,883
Moog, Inc., Class A (A)		14,250		1,007,190
Triumph Group, Inc.		14,755		973,683
				3,058,756
Air Freight & Logistics - 0.4%
Atlas Air Worldwide Holdings, Inc. (A)		18,465		1,014,836
Auto Components - 0.3%
Cooper Tire & Rubber Co.		29,055		982,931
Banks - 4.7%
Banc of California, Inc.		70,965		975,769
Banner Corp.		20,375		976,574
Cathay General Bancorp		29,915		970,742
Eagle Bancorp, Inc. (A)		22,140		973,274
First BanCorp (A)		164,200		791,444
First Merchants Corp.		39,995		987,876
First NBC Bank Holding Co. (A)		27,445		988,020
Glacier Bancorp, Inc.		33,030		971,743
Heartland Financial USA, Inc.		26,400		982,608
Investors Bancorp, Inc.		79,225		974,468
National Penn Bancshares, Inc.		86,390		974,479
Popular, Inc. (A)		30,085		868,253
S&T Bancorp, Inc.		33,195		982,240
Wilshire Bancorp, Inc.		78,350		989,560
				13,407,050
Biotechnology - 0.7%
Myriad Genetics, Inc. (A) (B)		28,241		959,911
PDL Biopharma, Inc.		149,395		960,610
				1,920,521
Building Products - 0.4%
Quanex Building Products Corp.		49,085		1,051,892
Capital Markets - 1.1%
Cowen Group, Inc., Class A (A)		160,630		1,028,032
Investment Technology Group, Inc.		35,180		872,464
Janus Capital Group, Inc. (B)		59,558		1,019,633
Piper Jaffray Cos. (A)		5,186		226,317
				3,146,446
Chemicals - 1.3%
A. Schulman, Inc.		22,316		975,655
Cabot Corp.		22,685		845,924
Kronos Worldwide, Inc. (B)		85,335		935,272
Stepan Co.		18,285		989,401
				3,746,252
Commercial Services & Supplies - 2.9%
ABM Industries, Inc.		29,560		971,637
ACCO Brands Corp. (A)		133,565		1,037,800
Brady Corp., Class A		38,685		957,067
Ennis, Inc.		37,105		689,782
Essendant, Inc. (B)		25,115		985,764
Pitney Bowes, Inc.		45,075		938,011
Quad/Graphics, Inc.		49,690		919,762
R.R. Donnelley & Sons Co. (B)		53,970		940,697
Tetra Tech, Inc.		38,065		975,986
				8,416,506

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment - 2.4%
Brocade Communications Systems, Inc.		78,846		$  936,690
Comtech Telecommunications Corp.		34,359		998,129
Harmonic, Inc. (A)		142,238		971,486
InterDigital, Inc. (B)		17,140		975,095
NETGEAR, Inc. (A)		34,020		1,021,280
Plantronics, Inc.		17,125		964,309
Polycom, Inc. (A)		80,977		926,377
ShoreTel, Inc. (A)		24,695		167,432
				6,960,798
Construction & Engineering - 1.7%
Aegion Corp., Class A (A) (B)		53,415		1,011,680
Comfort Systems USA, Inc., Class A		43,120		989,604
EMCOR Group, Inc.		20,670		987,406
MYR Group, Inc. (A)		33,845		1,047,841
Tutor Perini Corp. (A)		42,675		920,927
				4,957,458
Consumer Finance - 0.7%
Cash America International, Inc. (B)		37,775		989,327
Nelnet, Inc., Class A		23,345		1,011,072
				2,000,399
Containers & Packaging - 0.7%
Avery Dennison Corp.		16,115		982,048
Sonoco Products Co.		22,165		949,992
				1,932,040
Diversified Consumer Services - 1.9%
Apollo Education Group, Inc., Class A (A)		59,037		760,397
Capella Education Co.		17,708		950,388
K12, Inc. (A)		68,002		860,225
Regis Corp. (A)		61,655		971,683
Steiner Leisure, Ltd., Class A (A)		18,065		971,536
Strayer Education, Inc. (A)		21,729		936,520
				5,450,749
Diversified Telecommunication Services - 1.0%
Inteliquent, Inc.		57,840		1,064,256
magicJack VocalTec, Ltd. (A) (B)		124,495		924,998
Vonage Holdings Corp. (A)		199,895		981,484
				2,970,738
Electric Utilities - 0.3%
IDACORP, Inc. (B)		16,990		953,819
Electrical Equipment - 0.7%
General Cable Corp. (B)		48,770		962,232
Regal Beloit Corp.		13,720		995,935
				1,958,167
Electronic Equipment, Instruments & Components - 5.1%
AVX Corp.		74,245		999,338
Benchmark Electronics, Inc. (A)		43,530		948,083
Celestica, Inc. (A)		82,655		962,104
Checkpoint Systems, Inc.		94,890		965,980
Coherent, Inc. (A)		14,985		951,248
DTS, Inc. (A)		29,820		909,212
II-VI, Inc. (A)		51,690		981,076
Insight Enterprises, Inc. (A)		31,075		929,453
Itron, Inc. (A) (B)		27,265		939,007
Jabil Circuit, Inc.		43,960		935,908
Methode Electronics, Inc.		22,350		613,508

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    63

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Multi-Fineline Electronix, Inc. (A)		34,555		$  755,372
Plexus Corp. (A)		21,675		951,099
Rogers Corp. (A)		702		46,430
Sanmina Corp. (A)		49,410		996,106
Tech Data Corp. (A)		15,770		907,721
TTM Technologies, Inc. (A)		95,620		955,244
				14,746,889
Energy Equipment & Services - 3.7%
Atwood Oceanics, Inc.		36,260		958,714
Diamond Offshore Drilling, Inc.		36,260		935,871
Gulfmark Offshore, Inc., Class A (B)		86,465		1,002,994
Helix Energy Solutions Group, Inc., Class A (A)		74,085		935,694
Nabors Industries, Ltd.		68,660		990,764
Newpark Resources, Inc. (A)		122,745		997,917
Noble Corp. PLC (B)		59,345		913,320
Parker Drilling Co. (A)		270,000		896,400
SEACOR Holdings, Inc. (A) (B)		14,645		1,038,916
Superior Energy Services, Inc.		43,685		919,132
Tidewater, Inc. (B)		41,900		952,387
				10,542,109
Food & Staples Retailing - 0.7%
SpartanNash Co.		30,160		981,406
SUPERVALU, Inc. (A)		115,285		932,656
				1,914,062
Food Products - 0.7%
Cal-Maine Foods, Inc. (B)		18,445		962,829
Dean Foods Co.		56,770		917,971
				1,880,800
Gas Utilities - 0.3%
Southwest Gas Corp.		18,585		988,908
Health Care Equipment & Supplies - 5.4%
Alere, Inc. (A)		19,420		1,024,405
Analogic Corp. (B)		12,105		955,085
Anika Therapeutics, Inc. (A)		28,690		947,631
CONMED Corp.		17,030		992,338
Cyberonics, Inc. (A)		16,135		959,387
Greatbatch, Inc. (A)		18,870		1,017,470
Hill-Rom Holdings, Inc.		17,762		965,010
ICU Medical, Inc., Class B (A)		10,380		992,951
Meridian Bioscience, Inc. (B)		55,845		1,040,951
Merit Medical Systems, Inc. (A)		46,015		991,163
Natus Medical, Inc. (A)		22,965		977,390
NuVasive, Inc. (A)		20,216		957,834
OraSure Technologies, Inc. (A)		171,585		924,843
STERIS Corp. (B)		14,825		955,323
SurModics, Inc. (A)		42,355		991,954
Thoratec Corp. (A)		22,070		983,660
				15,677,395
Health Care Providers & Services - 6.9%
Alliance HealthCare Services, Inc. (A)		47,328		884,560
Almost Family, Inc. (A)		25,545		1,019,501
Amsurg Corp., Class A (A)		13,980		977,901
Bio-Reference Laboratories, Inc. (A)		25,070		1,034,137
Chemed Corp. (B)		7,622		999,244
Health Net, Inc. (A)		15,595		999,951
IPC Healthcare, Inc. (A)		17,615		975,695

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
Kindred Healthcare, Inc.		43,415		$  880,890
Landauer, Inc. (B)		27,995		997,742
LHC Group, Inc. (A)		26,750		1,023,188
LifePoint Health, Inc. (A)		12,810		1,113,829
Magellan Health, Inc. (A)		14,010		981,681
Molina Healthcare, Inc. (A) (B)		14,160		995,448
Owens & Minor, Inc.		28,965		984,810
Patterson Cos., Inc.		20,390		991,974
PharMerica Corp. (A)		30,510		1,015,983
Select Medical Holdings Corp. (B)		60,505		980,181
Triple-S Management Corp., Class B (A)		38,962		999,765
US Physical Therapy, Inc.		18,725		1,025,381
VCA, Inc. (A)		19,385		1,054,641
				19,936,502
Health Care Technology - 2.0%
Computer Programs & Systems, Inc. (B)		18,220		973,312
HMS Holdings Corp. (A) (B)		55,380		950,874
MedAssets, Inc. (A)		44,429		980,104
Merge Healthcare, Inc. (A)		206,625		991,800
Omnicell, Inc. (A)		26,015		981,026
Quality Systems, Inc. (B)		59,275		982,187
				5,859,303
Hotels, Restaurants & Leisure - 1.8%
Brinker International, Inc.		17,265		995,327
Cracker Barrel Old Country Store, Inc. (B)		7,095		1,058,290
Isle of Capri Casinos, Inc. (A)		56,255		1,021,028
Marriott Vacations Worldwide Corp.		11,195		1,027,142
Ruth’s Hospitality Group, Inc.		61,785		995,974
				5,097,761
Household Durables - 0.3%
Helen of Troy, Ltd. (A)		10,225		996,835
Independent Power and Renewable Electricity Producers - 0.3%
Atlantic Power Corp. (B)		321,380		989,850
Insurance - 2.1%
Aspen Insurance Holdings, Ltd.		20,565		985,064
Employers Holdings, Inc.		43,215		984,438
Hanover Insurance Group, Inc.		13,270		982,378
Horace Mann Educators Corp.		27,160		988,081
Maiden Holdings, Ltd.		46,830		738,977
Safety Insurance Group, Inc.		4,413		254,674
Selective Insurance Group, Inc. (B)		36,385		1,020,599
				5,954,211
Internet & Catalog Retail - 0.7%
Nutrisystem, Inc.		39,130		973,554
PetMed Express, Inc. (B)		56,870		982,145
				1,955,699
Internet Software & Services - 1.0%
DHI Group, Inc. (A)		110,635		983,545
Liquidity Services, Inc. (A) (B)		96,455		928,862
Monster Worldwide, Inc. (A) (B)		155,720		1,018,409
				2,930,816
IT Services - 2.0%
CACI International, Inc., Class A (A)		11,510		931,044
Convergys Corp. (B)		38,135		972,061
CSG Systems International, Inc. (B)		31,233		988,837
ManTech International Corp., Class A		33,370		967,730

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    64

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
NeuStar, Inc., Class A (A)		34,210		$  999,274
Sykes Enterprises, Inc. (A)		39,963		969,103
				5,828,049
Life Sciences Tools & Services - 2.4%
Affymetrix, Inc. (A) (B)		81,650		891,618
Bio-Rad Laboratories, Inc., Class A (A)		6,670		1,004,569
Bruker Corp. (A) (B)		47,785		975,292
Cambrex Corp. (A)		22,260		978,104
Charles River Laboratories International, Inc. (A)		13,585		955,569
ICON PLC (A)		15,000		1,009,500
PAREXEL International Corp. (A)		15,000		964,650
				6,779,302
Machinery - 4.5%
Actuant Corp., Class A		43,730		1,009,726
AGCO Corp. (B)		18,145		1,030,273
Blount International, Inc. (A)		81,905		894,403
Briggs & Stratton Corp. (B)		53,005		1,020,876
Federal Signal Corp.		64,665		964,155
FreightCar America, Inc., Class A		22,605		471,992
Hyster-Yale Materials Handling, Inc.		14,095		976,502
Kadant, Inc.		17,600		830,720
Kennametal, Inc. (B)		27,400		934,888
Meritor, Inc. (A)		72,095		945,886
SPX Corp.		13,620		985,952
Terex Corp.		39,545		919,421
Timken Co.		25,975		949,906
Wabash National Corp. (A) (B)		74,880		938,995
				12,873,695
Media - 0.7%
Harte-Hanks, Inc.		164,485		980,330
John Wiley & Sons, Inc., Class A		17,210		935,708
				1,916,038
Metals & Mining - 2.5%
Dominion Diamond Corp. (A)		66,720		934,747
Kaiser Aluminum Corp. (B)		11,615		964,974
Materion Corp.		26,880		947,520
Schnitzer Steel Industries, Inc., Class A		51,665		902,588
Silver Standard Resources, Inc. (A)		153,555		964,325
Steel Dynamics, Inc.		44,550		922,853
Thompson Creek Metals Co., Inc. (A)		729,340		598,059
U.S. Steel Corp. (B)		43,253		891,877
				7,126,943
Multi-Utilities - 1.0%
Avista Corp.		32,730		1,003,175
MDU Resources Group, Inc.		47,040		918,691
Vectren Corp. (B)		23,730		913,130
				2,834,996
Multiline Retail - 0.3%
Big Lots, Inc. (B)		21,155		951,763
Oil, Gas & Consumable Fuels - 2.2%
Cloud Peak Energy, Inc. (A) (B)		210,485		980,860
Denbury Resources, Inc.		151,910		966,148
Hugoton Royalty Trust		195,386		683,851
Pacific Ethanol, Inc. (A) (B)		91,015		939,275
Peabody Energy Corp. (B)		400,600		877,314
REX American Resources Corp., Class A (A) (B)		15,610		993,420

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
World Fuel Services Corp.		19,995		$  958,760
				6,399,628
Paper & Forest Products - 1.3%
Domtar Corp.		24,290		1,005,606
Mercer International, Inc. (A)		70,685		966,971
P.H. Glatfelter Co.		42,700		938,973
Schweitzer-Mauduit International, Inc.		22,785		908,666
				3,820,216
Personal Products - 1.0%
Avon Products, Inc. (B)		154,510		967,233
Medifast, Inc. (A) (B)		31,670		1,023,574
USANA Health Sciences, Inc. (A) (B)		7,235		988,735
				2,979,542
Pharmaceuticals - 0.7%
SciClone Pharmaceuticals, Inc. (A)		106,030		1,041,215
Sucampo Pharmaceuticals, Inc., Class A (A) (B)		59,310		974,463
				2,015,678
Professional Services - 1.4%
CRA International, Inc. (A)		34,175		952,457
Heidrick & Struggles International, Inc.		37,990		990,779
Insperity, Inc.		20,035		1,019,782
Resources Connection, Inc.		60,375		971,434
				3,934,452
Real Estate Investment Trusts - 8.4%
AG Mortgage Investment Trust, Inc. (B)		55,225		954,288
Agree Realty Corp.		33,880		988,280
Corporate Office Properties Trust		39,472		929,171
DuPont Fabros Technology, Inc. (B)		33,149		976,238
Dynex Capital, Inc. (B)		126,880		966,826
EPR Properties		16,390		897,844
First Potomac Realty Trust (B)		93,285		960,835
Franklin Street Properties Corp.		89,346		1,010,503
Government Properties Income Trust (B)		52,885		981,017
Hatteras Financial Corp.		56,055		913,697
Highwoods Properties, Inc.		24,155		964,992
Hospitality Properties Trust		33,595		968,208
Inland Real Estate Corp.		100,239		944,251
Investors Real Estate Trust		144,467		1,031,494
Lexington Realty Trust (B)		115,160		976,557
Mack-Cali Realty Corp. (B)		51,823		955,098
MFA Financial, Inc.		133,415		985,937
New York Mortgage Trust, Inc.		123,720		925,426
Omega Healthcare Investors, Inc.		29,225		1,003,294
Parkway Properties, Inc.		57,325		999,748
Piedmont Office Realty Trust, Inc., Class A		59,175		1,040,888
PS Business Parks, Inc.		13,400		966,810
Saul Centers, Inc.		20,370		1,002,000
Select Income REIT		45,470		938,501
Senior Housing Properties Trust		52,910		928,571
				24,210,474
Road & Rail - 0.6%
ArcBest Corp.		28,765		914,727
Con-way, Inc.		24,185		927,978
				1,842,705

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    65

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 4.5%
Advanced Energy Industries, Inc. (A)		34,460		$  947,306
Cabot Microelectronics Corp., Class A (A)		20,924		985,730
Cohu, Inc.		63,542		840,661
Fairchild Semiconductor International, Inc., Class A (A)		56,810		987,358
FormFactor, Inc., Class A (A)		104,800		964,160
Integrated Device Technology, Inc. (A) (B)		43,640		946,988
Intersil Corp., Class A		74,085		926,803
Kulicke & Soffa Industries, Inc. (A)		80,220		939,376
Microsemi Corp. (A)		26,955		942,077
MKS Instruments, Inc.		25,305		960,072
Pericom Semiconductor Corp.		69,135		909,125
PMC-Sierra, Inc. (A)		108,225		926,406
Tessera Technologies, Inc.		26,195		994,886
Xcerra Corp. (A)		109,695		830,391
				13,101,339
Software - 0.3%
Rovi Corp. (A) (B)		57,495		917,045
Specialty Retail - 6.5%
Aaron’s, Inc.		26,960		976,222
American Eagle Outfitters, Inc. (B)		56,510		973,102
Buckle, Inc. (B)		21,205		970,553
Build-A-Bear Workshop, Inc. (A)		60,585		968,754
Caleres, Inc.		30,505		969,449
Cato Corp., Class A		24,040		931,790
Chico’s FAS, Inc. (B)		59,255		985,411
Children’s Place, Inc.		15,010		981,804
Citi Trends, Inc. (A)		39,085		945,857
DSW, Inc., Class A		28,715		958,220
Express, Inc. (A)		53,585		970,424
Guess?, Inc. (B)		49,826		955,164
Hibbett Sports, Inc. (A)		20,555		957,452
Kirkland’s, Inc.		35,905		1,000,672
Outerwall, Inc. (B)		12,635		961,650
Select Comfort Corp. (A)		33,485		1,006,894
Shoe Carnival, Inc.		34,470		994,804
Stage Stores, Inc. (B)		51,760		907,353
Tilly’s, Inc., A Shares (A)		39,258		379,625
Zumiez, Inc. (A) (B)		33,630		895,567
				18,690,767
Technology Hardware, Storage & Peripherals - 0.9%
Lexmark International, Inc., Class A		21,876		966,919
Logitech International SA		54,465		798,457
QLogic Corp. (A)		64,765		919,015
				2,684,391
Textiles, Apparel & Luxury Goods - 2.0%
Columbia Sportswear Co.		16,115		974,313
Culp, Inc.		23,635		732,685
Fossil Group, Inc. (A)		13,570		941,215
Movado Group, Inc. (B)		36,620		994,599
Perry Ellis International, Inc. (A)		42,270		1,004,758
Wolverine World Wide, Inc.		34,345		978,146
				5,625,716
Thrifts & Mortgage Finance - 1.1%
Brookline Bancorp, Inc.		17,582		198,501
HomeStreet, Inc. (A)		41,725		952,165

	Shares		Value
COMMON STOCKS (continued)
Thrifts & Mortgage Finance (continued)
Washington Federal, Inc.		41,275		$  963,771
WSFS Financial Corp. (B)		36,310		993,078
				3,107,515
Trading Companies & Distributors - 0.7%
Kaman Corp.		23,240		974,686
WESCO International, Inc. (A)		13,585		932,474
				1,907,160
Wireless Telecommunication Services - 0.7%
Shenandoah Telecommunications Co.		30,570		1,046,411
Spok Holdings, Inc.		56,450		950,618
				1,997,029
Total Common Stocks (Cost $280,045,058)				284,944,941
SECURITIES LENDING COLLATERAL - 18.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		54,218,654		54,218,654
Total Securities Lending Collateral (Cost $54,218,654)				54,218,654
	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at 4,116,564 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $4,200,921.		$  4,116,562		4,116,562
Total Repurchase Agreement (Cost $4,116,562)				4,116,562
Total Investments (Cost $338,380,274) (D)				343,280,157
Net Other Assets (Liabilities) - (19.2)%				(55,260,178	)
Net Assets - 100.0%				$  288,019,979

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    66

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Common Stocks	$	284,944,941	$	—	$	—	$	284,944,941
Securities Lending Collateral		54,218,654		—		—		54,218,654
Repurchase Agreement		—		4,116,562		—		4,116,562
Total Investments	$	339,163,595	$	4,116,562	$	—	$	343,280,157

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $52,731,343. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at June 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $338,380,274. Aggregate gross unrealized appreciation and depreciation for all securities is $23,686,646 and $18,786,763, respectively. Net unrealized appreciation for tax purposes is $4,899,883.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    67

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Auto Components - 1.5%
Dorman Products, Inc. (A) (B)		22,200		$  1,058,052
Banks - 11.5%
BancorpSouth, Inc. (A)		88,016		2,267,292
Bank of the Ozarks, Inc. (A)		21,218		970,724
Pinnacle Financial Partners, Inc. (A)		18,468		1,004,105
PrivateBancorp, Inc., Class A		62,639		2,494,285
South State Corp. (A)		22,213		1,687,966
				8,424,372
Biotechnology - 1.9%
Eagle Pharmaceuticals, Inc. (A) (B)		17,230		1,393,218
Building Products - 2.4%
AAON, Inc. (A)		30,109		678,055
Advanced Drainage Systems, Inc. (A)		37,710		1,106,034
				1,784,089
Communications Equipment - 1.2%
Ruckus Wireless, Inc. (A) (B)		85,045		879,365
Diversified Financial Services - 3.1%
MarketAxess Holdings, Inc.		24,270		2,251,528
Diversified Telecommunication Services - 1.3%
Cogent Communications Holdings, Inc. (A)		27,793		940,515
Electrical Equipment - 2.1%
EnerSys (A)		22,157		1,557,416
Food Products - 6.0%
Calavo Growers, Inc. (A)		10,299		534,827
J&J Snack Foods Corp.		13,223		1,463,389
TreeHouse Foods, Inc. (B)		29,600		2,398,488
				4,396,704
Health Care Equipment & Supplies - 2.7%
Cantel Medical Corp.		24,154		1,296,345
Neogen Corp. (A) (B)		14,388		682,567
				1,978,912
Health Care Providers & Services - 5.1%
Aceto Corp. (A)		62,105		1,529,646
Air Methods Corp. (A) (B)		31,513		1,302,747
Providence Service Corp. (A) (B)		20,941		927,268
				3,759,661
Health Care Technology - 2.4%
Medidata Solutions, Inc. (A) (B)		32,149		1,746,334
Hotels, Restaurants & Leisure - 4.3%
Krispy Kreme Doughnuts, Inc. (A) (B)		43,932		846,130
Popeyes Louisiana Kitchen, Inc. (B)		12,119		727,019
Sonic Corp. (A)		54,662		1,574,266
				3,147,415
Internet Software & Services - 3.0%
Envestnet, Inc. (A) (B)		31,935		1,291,132
SPS Commerce, Inc. (A) (B)		13,604		895,143
				2,186,275
IT Services - 3.0%
Luxoft Holding, Inc., Class A (B)		1,528		86,408
MAXIMUS, Inc., Class A		32,022		2,104,806
				2,191,214
Life Sciences Tools & Services - 7.5%
Cambrex Corp. (B)		40,279		1,769,859

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (continued)
ICON PLC (A) (B)		44,410		$  2,988,793
PRA Health Sciences, Inc. (A) (B)		20,920		760,024
				5,518,676
Machinery - 3.6%
Proto Labs, Inc. (A) (B)		35,040		2,364,499
Wabash National Corp. (A) (B)		21,759		272,858
				2,637,357
Multiline Retail - 0.6%
Tuesday Morning Corp. (A) (B)		38,244		430,819
Oil, Gas & Consumable Fuels - 2.3%
Matador Resources Co. (A) (B)		27,305		682,625
PDC Energy, Inc. (A) (B)		18,412		987,620
				1,670,245
Pharmaceuticals - 6.7%
IGI Laboratories, Inc. (A) (B)		92,589		583,311
Lannett Co., Inc. (A) (B)		11,785		700,500
Prestige Brands Holdings, Inc. (A) (B)		39,745		1,837,809
Sagent Pharmaceuticals, Inc. (A) (B)		37,898		921,300
Supernus Pharmaceuticals, Inc. (A) (B)		52,450		890,601
				4,933,521
Professional Services - 2.8%
WageWorks, Inc. (B)		50,240		2,032,208
Road & Rail - 2.7%
Celadon Group, Inc.		42,278		874,309
Saia, Inc. (A) (B)		28,542		1,121,415
				1,995,724
Semiconductors & Semiconductor Equipment - 4.5%
CEVA, Inc. (A) (B)		34,958		679,234
Silicon Laboratories, Inc. (A) (B)		47,934		2,588,915
				3,268,149
Software - 5.2%
Ellie Mae, Inc. (A) (B)		43,930		3,065,875
Qualys, Inc. (A) (B)		17,400		702,090
				3,767,965
Specialty Retail - 4.8%
Asbury Automotive Group, Inc. (A) (B)		22,435		2,033,060
Monro Muffler Brake, Inc. (A)		23,434		1,456,657
				3,489,717
Textiles, Apparel & Luxury Goods - 6.3%
G-III Apparel Group, Ltd. (A) (B)		37,984		2,672,174
Steven Madden, Ltd., Class B (B)		44,660		1,910,555
				4,582,729
Total Common Stocks (Cost $58,608,384)				72,022,180
SECURITIES LENDING COLLATERAL - 28.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		20,808,837		20,808,837
Total Securities Lending Collateral (Cost $20,808,837)				20,808,837

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    68

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $1,112,100 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $1,136,434.		$  1,112,100		$  1,112,100
Total Repurchase Agreement (Cost $1,112,100)				1,112,100
Total Investments (Cost $80,529,321) (D)				93,943,117
Net Other Assets (Liabilities) - (28.4)%				(20,788,633	)
Net Assets - 100.0%				$  73,154,484

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS
Investments
Common Stocks	$	72,022,180	$	—	$	—	$	72,022,180
Securities Lending Collateral		20,808,837		—		—		20,808,837
Repurchase Agreement		—		1,112,100		—		1,112,100
Total Investments	$	92,831,017	$	1,112,100	$	—	$	93,943,117

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $20,329,439. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate disclosed reflects the yield at June 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $80,529,321. Aggregate gross unrealized appreciation and depreciation for all securities is $15,279,781 and $1,865,985, respectively. Net unrealized appreciation for tax purposes is $13,413,796.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    69

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 93.0%
Argentina - 0.6%
Arcos Dorados Holdings, Inc., A Shares (A)		542,900		$  2,855,654
Australia - 2.9%
APA Group (A)		285,641		1,815,984
Asciano, Ltd.		916,813		4,703,992
BHP Billiton PLC, ADR (A)		84,700		3,350,732
Challenger, Ltd.		663,239		3,438,773
				13,309,481
Brazil - 0.8%
Localiza Rent a Car SA		360,500		3,558,504
Canada - 2.3%
Canadian National Railway Co.		73,300		4,228,981
Fairfax Financial Holdings, Ltd.		8,800		4,339,267
Newalta Corp. (A)		178,300		2,029,965
				10,598,213
Chile - 0.5%
Banco Santander Chile, ADR		105,000		2,126,250
China - 2.9%
Fosun International, Ltd. (A)		3,353,000		7,881,219
Jintian Pharmaceutical Group, Ltd.		2,200,000		1,174,991
Shenzhen Expressway Co., Ltd., Class H		2,756,000		2,197,248
Sinotrans, Ltd., Class H		3,050,000		2,046,042
				13,299,500
Denmark - 1.0%
Carlsberg A/S, Class B		51,977		4,718,544
France - 6.3%
Arkema SA		46,495		3,350,092
Bollore SA		826,900		4,401,925
Cie Generale des Etablissements Michelin, Class B		31,538		3,304,700
GDF Suez		176,200		3,268,703
Rexel SA		190,024		3,063,325
Sanofi		56,201		5,528,736
Veolia Environnement SA		310,870		6,338,825
				29,256,306
Georgia - 0.6%
Bank of Georgia Holdings PLC		96,700		2,962,827
Germany - 5.1%
Allianz SE, Class A		27,702		4,314,434
Bayer AG		25,031		3,503,573
Merck KGaA		34,200		3,407,868
Metro AG		100,524		3,169,315
Siemens AG, Class A		41,787		4,209,065
Talanx AG (B)		95,000		2,916,781
TUI AG		137,400		2,221,115
				23,742,151
Greece - 0.7%
OPAP SA		323,500		2,579,954
Piraeus Bank SA (B)		2,228,202		822,521
				3,402,475
Guernsey, Channel Islands - 0.1%
Etalon Group, Ltd., GDR (C)		267,631		495,117
Hong Kong - 7.6%
Cheung Kong Infrastructure Holdings, Ltd. (B)		308,000		2,546,949
China Mobile, Ltd.		539,000		6,911,727

	Shares		Value
COMMON STOCKS (continued)
Hong Kong (continued)
CK Hutchison Holdings, Ltd.		308,000		$  4,545,568
First Pacific Co., Ltd.		4,200,000		3,538,131
Guangdong Investment, Ltd.		4,092,000		5,722,375
Noble Group, Ltd. (A)		6,990,500		3,944,597
Shun Tak Holdings, Ltd.		11,130,000		6,174,120
SJM Holdings, Ltd. (A)		1,803,300		1,947,175
				35,330,642
Ireland - 2.6%
DCC PLC		21,000		1,649,812
Ryanair Holdings PLC, ADR		70,100		5,001,635
Smurfit Kappa Group PLC, Class B		195,215		5,377,770
				12,029,217
Israel - 1.5%
Israel Corp., Ltd.		9,437		3,328,250
Teva Pharmaceutical Industries, Ltd., ADR		60,300		3,563,730
				6,891,980
Italy - 2.7%
Eni SpA, Class B		324,215		5,754,299
Mediobanca SpA		256,200		2,512,067
Prysmian SpA		190,138		4,108,081
				12,374,447
Japan - 18.5%
Aisin Seiki Co., Ltd.		92,700		3,946,292
Daiichi Sankyo Co., Ltd.		136,700		2,528,813
Denki Kagaku Kogyo KK		856,000		3,804,911
Electric Power Development Co., Ltd.		62,200		2,198,104
FANUC Corp.		6,300		1,291,041
FUJIFILM Holdings Corp.		144,200		5,153,072
Hitachi, Ltd.		833,800		5,496,669
Japan Airlines Co., Ltd.		191,000		6,663,970
Komatsu, Ltd.		128,900		2,587,795
Kuraray Co., Ltd.		334,700		4,094,014
Mitsubishi Heavy Industries, Ltd.		615,000		3,742,211
MS&AD Insurance Group Holdings, Inc.		188,700		5,879,095
NEC Corp.		1,255,000		3,804,429
Nippon Telegraph & Telephone Corp.		156,200		5,658,477
Nitori Holdings Co., Ltd.		62,700		5,112,931
ORIX Corp.		374,200		5,567,825
Resona Holdings, Inc.		928,400		5,071,172
Softbank Corp.		81,900		4,824,260
Sony Corp. (B)		189,400		5,356,932
Sumitomo Mitsui Financial Group, Inc.		66,500		2,966,242
				85,748,255
Korea, Republic of - 1.6%
Korean Reinsurance Co.		291,102		3,209,964
SK Telecom Co., Ltd.		18,600		4,168,721
				7,378,685
Macau - 0.5%
MGM China Holdings, Ltd.		1,359,572		2,223,990
Malaysia - 0.3%
DRB-Hicom Bhd		3,109,800		1,310,517
Mexico - 2.1%
Alpek SAB de CV, Class A (A)		2,043,400		2,983,683
Credito Real SAB de CV SOFOM ENR		1,107,813		2,477,469
Grupo Aeroportuario del Centro Norte SAB de CV, Class B (B)		651,320		3,200,761

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    70

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Mexico (continued)
Grupo Televisa SAB, ADR		29,000		$  1,125,780
				9,787,693
Netherlands - 2.9%
Boskalis Westminster NV		63,294		3,097,728
Delta Lloyd NV		148,334		2,435,075
Heineken Holding NV, Class A		50,444		3,540,149
Koninklijke Philips NV		175,571		4,466,678
				13,539,630
Nigeria - 0.5%
Guaranty Trust Bank PLC		16,340,000		2,217,249
Panama - 0.8%
Copa Holdings SA, Class A (A)		43,800		3,617,442
Russian Federation - 1.3%
Lukoil OAO, ADR		132,980		5,972,132
South Africa - 1.1%
Steinhoff International Holdings, Ltd. (A)		782,600		4,952,521
Spain - 0.8%
Amadeus IT Holding SA, Class A		98,087		3,909,890
Sweden - 2.6%
Investor AB, Class B		164,281		6,121,510
Svenska Cellulosa AB SCA, Class B		75,297		1,914,704
Telefonaktiebolaget LM Ericsson, Class B		412,800		4,277,462
				12,313,676
Switzerland - 4.3%
GAM Holding AG (B)		231,177		4,858,686
Nestle SA		60,764		4,386,940
Novartis AG		45,115		4,446,599
UBS Group AG		291,474		6,182,073
				19,874,298
Taiwan - 2.0%
ChipMOS TECHNOLOGIES Bermuda, Ltd.		176,100		3,846,024
Yuanta Financial Holding Co., Ltd.		9,808,250		5,308,716
				9,154,740
Thailand - 0.8%
Thai Union Frozen Products PCL		5,985,000		3,862,948
Turkey - 0.7%
Tofas Turk Otomobil Fabrikasi AS		511,535		3,492,814
United Kingdom - 11.8%
Admiral Group PLC		153,539		3,346,112
Aviva PLC		626,375		4,847,144
Barclays PLC		1,295,700		5,303,437
HSBC Holdings PLC		597,200		5,412,247
IG Group Holdings PLC		271,100		3,179,835
Imperial Tobacco Group PLC		107,194		5,165,704
Inchcape PLC		373,788		4,763,119
Johnson Matthey PLC		70,732		3,376,362
Kingfisher PLC		781,120		4,262,533
National Grid PLC, Class B		369,084		4,739,132
Sky PLC		324,060		5,280,189
Unilever PLC		118,358		5,076,981
				54,752,795

	Shares		Value
COMMON STOCKS (continued)
United States - 2.2%
Eros International PLC (A) (B)		215,500		$  5,413,360
Flextronics International, Ltd. (A) (B)		430,700		4,871,217
				10,284,577
Total Common Stocks (Cost $426,720,224)				431,345,160
CONVERTIBLE PREFERRED STOCK - 1.2%
Canada - 1.2%
Suncor Energy, Inc. 3.25% (D)		201,300		5,544,211
Total Convertible Preferred Stock (Cost $6,841,685)				5,544,211
PREFERRED STOCKS - 5.2%
Brazil - 0.8%
Itausa - Investimentos Itau SA 4.61% (D)		1,309,748		3,753,451
Germany - 0.9%
Porsche Automobil Holding SE 2.79% (D)		48,900		4,119,785
Korea, Republic of - 3.5%
Hyundai Motor Co. 3.40% (D)		75,900		6,940,517
Samsung Electronics Co., Ltd. 2.13% (D)		10,286		9,156,841
				16,097,358
Total Preferred Stocks (Cost $27,170,981)				23,970,594
SECURITIES LENDING COLLATERAL - 6.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D)		29,301,890		29,301,890
Total Securities Lending Collateral (Cost $29,301,890)				29,301,890
	Principal		Value
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.01% (D), dated 06/30/2015, to be repurchased at $1,114,592 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 09/25/2039, and with a value of $1,137,819.		$  1,114,592		1,114,592
Total Repurchase Agreement (Cost $1,114,592)				1,114,592
Total Investments (Cost $491,149,372) (E)				491,276,447
Net Other Assets (Liabilities) - (5.9)%				(27,179,794	)
Net Assets - 100.0%				$  464,096,653

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    71

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Insurance		6.4	%	$	31,287,872
Banks		6.2			30,635,396
Pharmaceuticals		4.7			22,979,319
Diversified Financial Services		4.4			21,846,074
Industrial Conglomerates		4.3			21,045,243
Chemicals		4.3			20,937,312
Capital Markets		3.8			18,861,542
Technology Hardware, Storage & Peripherals		3.7			18,114,342
Oil, Gas & Consumable Fuels		3.5			17,270,642
Wireless Telecommunication Services		3.2			15,904,708
Automobiles		3.2			15,863,633
Airlines		3.1			15,283,047
Multi-Utilities		2.9			14,346,660
Road & Rail		2.5			12,491,477
Hotels, Restaurants & Leisure		2.4			11,827,888
Media		2.4			11,819,329
Metals & Mining		2.3			11,231,951
Electronic Equipment, Instruments & Components		2.1			10,367,886
Household Durables		2.1			10,309,453
Specialty Retail		1.9			9,375,464
Beverages		1.7			8,258,693
Food Products		1.7			8,249,888
Machinery		1.6			7,621,047
Auto Components		1.5			7,250,992
Trading Companies & Distributors		1.4			7,007,922
Air Freight & Logistics		1.3			6,447,967
Water Utilities		1.2			5,722,375
Diversified Telecommunication Services		1.2			5,658,477
Transportation Infrastructure		1.1			5,398,009
Containers & Packaging		1.1			5,377,770
Tobacco		1.1			5,165,704
Personal Products		1.0			5,076,981
Distributors		1.0			4,763,119
Communications Equipment		0.9			4,277,462
Electrical Equipment		0.8			4,108,081
IT Services		0.8			3,909,890
Semiconductors & Semiconductor Equipment		0.8			3,846,024
Food & Staples Retailing		0.6			3,169,315
Construction & Engineering		0.6			3,097,728
Real Estate Management & Development		0.6			3,042,066
Consumer Finance		0.5			2,477,469
Independent Power and Renewable Electricity Producers		0.5			2,198,104
Energy Equipment & Services		0.4			2,029,965
Household Products		0.4			1,914,704
Gas Utilities		0.4			1,815,984
Health Care Providers & Services		0.2			1,174,991
Investments, at Value		93.8			460,859,965
Short-Term Investments		6.2			30,416,482
Total Investments		100.0	%	$	491,276,447

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    72

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at June 30, 2015
ASSETS Investments
Common Stocks	$	65,057,703	$	366,287,457	$	—	$	431,345,160
Convertible Preferred Stock		5,544,211		—		—		5,544,211
Preferred Stocks		3,753,451		20,217,143		—		23,970,594
Securities Lending Collateral		29,301,890		—		—		29,301,890
Repurchase Agreement		—		1,114,592		—		1,114,592
Total Investments	$	103,657,255	$	387,619,192	$	—	$	491,276,447

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $28,139,420. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(D)  Rate disclosed reflects the yield at June 30, 2015.

^(E)  Aggregate cost for federal income tax purposes is $491,149,372. Aggregate gross unrealized appreciation and depreciation for all securities is $50,475,798 and $50,348,723, respectively. Net unrealized appreciation for tax purposes is $127,075.

^(F)  The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    73

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2015

(unaudited)

	Money Market		High Quality Bond		Inflation- Protected Securities			Core Bond		High Yield Bond
Assets:
Investments, at value (A) (B)	$	658,794,768	$	383,398,381	$	292,772,141		$	1,581,720,905	$	855,632,546
Repurchase agreements, at value (C)		178,687,217		21,508,769		—			19,267,987		15,872,148
Cash on deposit with broker		—		—		498,080			1,346,832		—
Foreign currency, at value (D)		—		—		240,624			—		—
Cash		—		99,170		1,501			24,355		11,096
Unrealized appreciation on forward foreign currency contracts		—		—		553,208			—		—
OTC swap agreements, at value		—		—		261			—		—
Receivables:
Investments sold		—		14,100		1,462,591			12,199,263		3,876,163
Interest		122,068		1,449,399		1,088,310			7,790,219		13,637,096
Net income from securities lending		—		3,768		89			10,687		—
Variation margin receivable on derivative financial instruments		—		—		9,874			—		—
Other		—		—		—			—		91,350
Prepaid expenses		2,113		945		702			3,327		2,072
Total assets		837,606,166		406,474,532		296,627,381			1,622,363,575		889,122,471
Liabilities:
Cash deposit due to broker		—		—		—			443,000		—
Payables and other liabilities:
Investments purchased		—		13,589,866		1,748,119			8,998,931		3,117,690
When-issued or delayed-delivery securities purchased		—		—		—			204,811,193		2,363,199
Investment advisory fees		179,800		113,048		87,062			421,065		427,940
Trustees and CCO fees		3,238		1,281		999			4,806		3,250
Audit and tax fees		9,504		10,427		10,749			14,629		11,241
Custody and accounting fees		26,400		8,900		10,326			37,724		20,313
Legal fees		18,429		6,587		4,726			22,372		16,339
Printing and shareholder reports fees		3,920		3,522		1,372			5,160		3,381
Other		1,862		811		566			2,540		1,595
Collateral for securities on loan		—		17,503,200		—			35,131,510		—
Written options and swaptions, at value (E)		—		—		1,324,203			—		—
Unrealized depreciation on forward foreign currency contracts		—		—		209,426			—		—
Total liabilities		243,153		31,237,642		3,397,548			249,892,930		5,964,948
Net assets	$	837,363,013	$	375,236,890	$	293,229,833		$	1,372,470,645	$	883,157,523
(A) Investments, at cost	$	658,794,768	$	386,888,353	$	295,109,955		$	1,586,847,498	$	873,789,511
(B) Securities loaned, at value	$	—	$	17,143,769	$	—		$	34,406,037	$	—
(C) Repurchase agreements, at cost	$	178,687,217	$	21,508,769	$	—		$	19,267,987	$	15,872,148
(D) Foreign currency, at cost	$	—	$	—	$	240,404		$	—	$	—
(E) Premium received on written options and swaptions	$	—	$	—	$	(1,744,710	)	$	—	$	—

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    74

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At June 30, 2015

(unaudited)

	Balanced		Large Value		Large Core		Large Growth		Mid Value
Assets:
Investments, at value (A) (B)	$	184,812,851	$	951,768,340	$	371,270,316	$	1,039,087,590	$	938,000,442
Repurchase agreements, at value (C)		2,283,503		712,006		6,893,920		2,377,983		43,853,780
Cash on deposit with broker		90,000		—		—		—		—
Cash		1,328		—		—		—		15,842
Receivables:
Investments sold		488,137		28,012,812		810,669		9,225,685		2,499,628
Interest		390,393		—		2		1		12
Dividends		99,577		733,853		365,347		420,289		1,645,548
Tax reclaims		—		—		764		114,143		—
Net income from securities lending		1,610		14,826		4,264		18,842		21,730
Variation margin receivable on derivative financial instruments		1,643		—		—		—		—
Prepaid expenses		355		2,244		832		2,306		2,241
Total assets		188,169,397		981,244,081		379,346,114		1,051,246,839		986,039,223
Liabilities:
Due to custodian		—		—		—		761,058		—
Payables and other liabilities:
Investments purchased		500,793		18,159,813		3,611,346		7,679,554		9,685,618
When-issued or delayed-delivery securities purchased		10,350,801		—		—		—		115,682
Investment advisory fees		63,581		372,718		187,557		536,678		529,655
Trustees and CCO fees		473		3,361		1,249		3,269		3,907
Audit and tax fees		8,243		8,235		8,181		9,640		13,890
Custody and accounting fees		15,356		13,700		5,489		27,254		17,783
Legal fees		2,549		15,100		6,228		14,929		17,675
Printing and shareholder reports fees		542		3,506		1,298		3,723		4,392
Other		942		1,994		2,599		1,587		2,581
Collateral for securities on loan		8,888,641		39,784,367		26,975,642		72,862,319		92,629,338
Total liabilities		19,831,921		58,362,794		30,799,589		81,900,011		103,020,521
Net assets	$	168,337,476	$	922,881,287	$	348,546,525	$	969,346,828	$	883,018,702
(A) Investments, at cost	$	170,779,845	$	851,539,769	$	321,149,393	$	815,446,791	$	814,373,366
(B) Securities loaned, at value	$	8,693,794	$	38,912,618	$	26,359,052	$	71,328,656	$	90,635,772
(C) Repurchase agreements, at cost	$	2,283,503	$	712,006	$	6,893,920	$	2,377,983	$	43,853,780

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    75

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At June 30, 2015

(unaudited)

	Mid Growth		Small Value		Small Core		Small Growth		International Equity
Assets:
Investments, at value (A) (B)	$	164,610,221	$	89,462,597	$	339,163,595	$	92,831,017	$	490,161,855
Repurchase agreements, at value (C)		733,721		4,311,128		4,116,562		1,112,100		1,114,592
Foreign currency, at value (D)		—		—		—		—		241,754
Cash		7,852		—		6,383		—		—
Receivables:
Investments sold		—		—		21,774,529		750,233		—
Interest		—		1		1		—		—
Dividends		51,989		80,353		369,556		20,123		1,325,777
Tax reclaims		—		—		—		—		933,583
Net income from securities lending		4,906		1,809		38,120		3,788		49,295
Prepaid expenses		348		192		740		174		1,213
Total assets		165,409,037		93,856,080		365,469,486		94,717,435		493,828,069
Liabilities:
Payables and other liabilities:
Investments purchased		—		304,165		22,997,460		684,917		22
When-issued or delayed-delivery securities purchased		—		190,853		—		—		—
Investment advisory fees		82,615		55,816		207,536		54,156		311,250
Trustees and CCO fees		443		261		1,172		212		2,090
Audit and tax fees		6,715		7,093		8,045		8,189		15,479
Custody and accounting fees		2,983		2,540		8,054		3,163		83,774
Legal fees		2,062		1,284		5,283		2,871		12,694
Printing and shareholder reports fees		1,005		363		1,648		347		2,165
Other		746		712		1,655		259		2,052
Collateral for securities on loan		36,654,367		12,562,325		54,218,654		20,808,837		29,301,890
Total liabilities		36,750,936		13,125,412		77,449,507		21,562,951		29,731,416
Net assets	$	128,658,101	$	80,730,668	$	288,019,979	$	73,154,484	$	464,096,653
(A) Investments, at cost	$	148,394,897	$	66,357,417	$	334,263,712	$	79,417,221	$	490,034,780
(B) Securities loaned, at value	$	35,859,510	$	12,274,469	$	52,731,343	$	20,329,439	$	28,139,420
(C) Repurchase agreements, at cost	$	733,721	$	4,311,128	$	4,116,562	$	1,112,100	$	1,114,592
(D) Foreign currency, at cost	$	—	$	—	$	—	$	—	$	241,769

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    76

STATEMENTS OF OPERATIONS

For the period ended June 30, 2015

(unaudited)

	Money Market			High Quality Bond			Inflation- Protected Securities			Core Bond			High Yield Bond
Investment Income:
Dividend income	$	—		$	—		$	—		$	82,298		$	196,650
Interest income		1,066,136			3,439,875			(238,451	)		17,595,217			26,199,131
Net income from securities lending		—			13,584			915			80,586			—
Withholding taxes on foreign income		—			(673	)		—			—			—
Total investment income		1,066,136			3,452,786			(237,536	)		17,758,101			26,395,781
Expenses:
Investment advisory fees		1,027,951			647,865			506,275			2,396,542			2,380,623
Trustees and CCO fees		8,468			3,665			2,860			13,598			8,829
Audit and tax fees		10,532			11,150			11,408			15,861			12,504
Custody and accounting fees		70,905			29,733			64,670			93,911			67,656
Legal fees		17,009			8,041			6,215			30,174			18,823
Printing and shareholder reports fees		2,147			1,435			682			3,993			2,603
Other		9,669			4,293			3,254			15,176			9,528
Total expenses before waiver and/or reimbursement		1,146,681			706,182			595,364			2,569,255			2,500,566
Expenses waived and/or reimbursed		—			—			(16,763	)		—			—
Net expenses		1,146,681			706,182			578,601			2,569,255			2,500,566
Net investment income (loss)		(80,545	)		2,746,604			(816,137	)		15,188,846			23,895,215
Net realized gain (loss) on:
Investments		3,649			23,589			(2,302,626	)		5,021,334			(7,478,956	)
Futures contracts		—			—			142,456			—			—
Written options and swaptions		—			—			782,510			—			—
Swap agreements		—			—			(263,918	)		—			—
Foreign currency transactions		—			—			2,642,711			—			—
Net realized gain (loss)		3,649			23,589			1,001,133			5,021,334			(7,478,956	)
Net change in unrealized appreciation (depreciation) on:
Investments		—			(203,574	)		(438,498	)		(18,088,086	)		3,153,620
Futures contracts		—			—			1,179,911			—			—
Written options and swaptions		—			—			399,106			—			—
Swap agreements		—			—			143,421			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			(225,152	)		—			—
Net change in unrealized appreciation (depreciation)		—			(203,574	)		1,058,788			(18,088,086	)		3,153,620
Net realized and change in unrealized gain (loss)		3,649			(179,985	)		2,059,921			(13,066,752	)		(4,325,336	)
Net increase (decrease) in net assets resulting from operations	$	(76,896	)	$	2,566,619		$	1,243,784		$	2,122,094		$	19,569,879

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    77

STATEMENTS OF OPERATIONS (continued)

For the period ended June 30, 2015

(unaudited)

	Balanced			Large Value			Large Core			Large Growth			Mid Value
Investment Income:
Dividend income	$	843,892		$	8,104,954		$	2,971,818		$	4,714,023		$	8,245,865
Interest income		752,556			556			183			451			1,991
Net income from securities lending		7,640			88,865			42,533			72,061			168,599
Withholding taxes on foreign income		(5,317	)		(3,729	)		(7,524	)		(54,935	)		(102,313	)
Total investment income		1,598,771			8,190,646			3,007,010			4,731,600			8,314,142
Expenses:
Investment advisory fees		357,021			2,078,915			1,055,354			2,967,718			2,989,920
Trustees and CCO fees		1,507			9,291			3,506			9,452			9,634
Audit and tax fees		11,754			11,198			10,890			12,549			18,581
Custody and accounting fees		48,026			47,401			20,252			53,060			53,039
Legal fees		2,873			20,183			6,983			20,380			22,725
Printing and shareholder reports fees		418			2,710			1,005			2,633			2,873
Other		1,478			9,954			3,536			10,019			10,098
Total expenses before waiver and/or reimbursement		423,077			2,179,652			1,101,526			3,075,811			3,106,870
Expenses waived and/or reimbursed		(26,386	)		—			—			—			—
Net expenses		396,691			2,179,652			1,101,526			3,075,811			3,106,870
Net investment income (loss)		1,202,080			6,010,994			1,905,484			1,655,789			5,207,272
Net realized gain (loss) on:
Investments		4,417,449			66,838,180			24,682,810			29,617,896			33,118,496
Futures contracts		87,565			—			—			—			—
Foreign currency transactions		(7	)		—			—			(895	)		3
Net realized gain (loss)		4,505,007			66,838,180			24,682,810			29,617,001			33,118,499
Net change in unrealized appreciation (depreciation) on:
Investments		(4,879,165	)		(48,915,764	)		(18,889,942	)		32,639,023			(23,486,301	)
Futures contracts		(9,715	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		10			—			(57	)		(955	)		(328	)
Net change in unrealized appreciation (depreciation)		(4,888,870	)		(48,915,764	)		(18,889,999	)		32,638,068			(23,486,629	)
Net realized and change in unrealized gain (loss)		(383,863	)		17,922,416			5,792,811			62,255,069			9,631,870
Net increase (decrease) in net assets resulting from operations	$	818,217		$	23,933,410		$	7,698,295		$	63,910,858		$	14,839,142

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    78

STATEMENTS OF OPERATIONS (continued)

For the period ended June 30, 2015

(unaudited)

	Mid Growth			Small Value			Small Core			Small Growth			International Equity
Investment Income:
Dividend income	$	263,341		$	679,203		$	2,494,622		$	411,403		$	12,042,185
Interest income		47			178			162			119			32,551
Net income from securities lending		22,875			12,375			301,073			65,056			330,693
Withholding taxes on foreign income		(9,248	)		(3,840	)		(10,945	)		—			(2,209,660	)
Total investment income		277,015			687,916			2,784,912			476,578			10,195,769
Expenses:
Investment advisory fees		465,895			320,729			1,191,283			294,333			1,774,521
Trustees and CCO fees		1,281			767			3,073			669			5,132
Audit and tax fees		9,497			9,941			12,114			9,455			13,104
Custody and accounting fees		9,844			11,649			26,468			10,915			181,162
Legal fees		2,853			1,604			6,863			839			10,553
Printing and shareholder reports fees		215			183			671			143			1,487
Other		1,547			830			3,369			727			6,234
Total expenses before waiver and/or reimbursement		491,132			345,703			1,243,841			317,081			1,992,193
Expenses waived and/or reimbursed		(5,825	)		(13,238	)		—			(1,724	)		—
Net expenses		485,307			332,465			1,243,841			315,357			1,992,193
Net investment income (loss)		(208,292	)		355,451			1,541,071			161,221			8,203,576
Net realized gain (loss) on:
Investments		15,412,912			3,646,726			11,608,019			2,138,084			(8,069,173	)
Foreign currency transactions		—			(329	)		457			—			(130,835	)
Net realized gain (loss)		15,412,912			3,646,397			11,608,476			2,138,084			(8,200,008	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,963,089	)		(44,052	)		(15,119,335	)		3,494,212			29,580,226
Translation of assets and liabilities denominated in foreign currencies		—			82			—			—			(102,580	)
Net change in unrealized appreciation (depreciation)		(2,963,089	)		(43,970	)		(15,119,335	)		3,494,212			29,477,646
Net realized and change in unrealized gain (loss)		12,449,823			3,602,427			(3,510,859	)		5,632,296			21,277,638
Net increase (decrease) in net assets resulting from operations	$	12,241,531		$	3,957,878		$	(1,969,788	)	$	5,793,517		$	29,481,214

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    79

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Money Market						High Quality Bond						Inflation-Protected Securities
	June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014
From operations:
Net investment income (loss)	$	(80,545	)	$	(405,088	)	$	2,746,604		$	5,557,003		$	(816,137	)	$	3,295,015
Net realized gain (loss)		3,649			10,182			23,589			37,515			1,001,133			(2,026,292	)
Net change in unrealized appreciation (depreciation)		—			—			(203,574	)		(2,422,845	)		1,058,788			6,620,161
Net increase (decrease) in net assets resulting from operations		(76,896	)		(394,906	)		2,566,619			3,171,673			1,243,784			7,888,884
From transactions in investors’ beneficial interests:
Contributions		286,775,019			604,412,830			104,771,192			168,879,564			33,402,808			44,535,342
Withdrawals		(311,703,154	)		(728,511,842	)		(103,255,299	)		(200,754,741	)		(24,342,555	)		(44,286,154	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(24,928,135	)		(124,099,012	)		1,515,893			(31,875,177	)		9,060,253			249,188
Net increase (decrease) in net assets		(25,005,031	)		(124,493,918	)		4,082,512			(28,703,504	)		10,304,037			8,138,072
Net assets:
Beginning of period/year		862,368,044			986,861,962			371,154,378			399,857,882			282,925,796			274,787,724
End of period/year	$	837,363,013		$	862,368,044		$	375,236,890		$	371,154,378		$	293,229,833		$	282,925,796
	Core Bond						High Yield Bond						Balanced
	June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014
From operations:
Net investment income (loss)	$	15,188,846		$	34,907,805		$	23,895,215		$	52,214,684		$	1,202,080		$	2,261,478
Net realized gain (loss)		5,021,334			28,880,767			(7,478,956	)		25,943,110			4,505,007			7,008,505
Net change in unrealized appreciation (depreciation)		(18,088,086	)		19,066,627			3,153,620			(50,739,572	)		(4,888,870	)		4,682,230
Net increase (decrease) in net assets resulting from operations		2,122,094			82,855,199			19,569,879			27,418,222			818,217			13,952,213
From transactions in investors’ beneficial interests:
Contributions		148,003,743			243,239,709			58,584,618			112,116,324			27,449,194			27,672,670
Withdrawals		(132,130,880	)		(307,830,084	)		(71,772,029	)		(119,665,792	)		(7,494,375	)		(17,330,758	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		15,872,863			(64,590,375	)		(13,187,411	)		(7,549,468	)		19,954,819			10,341,912
Net increase (decrease) in net assets		17,994,957			18,264,824			6,382,468			19,868,754			20,773,036			24,294,125
Net assets:
Beginning of period/year		1,354,475,688			1,336,210,864			876,775,055			856,906,301			147,564,440			123,270,315
End of period/year	$	1,372,470,645		$	1,354,475,688		$	883,157,523		$	876,775,055		$	168,337,476		$	147,564,440

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    80

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Large Value						Large Core						Large Growth
	June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014
From operations:
Net investment income (loss)	$	6,010,994		$	11,285,487		$	1,905,484		$	3,319,424		$	1,655,789		$	3,799,693
Net realized gain (loss)		66,838,180			108,717,853			24,682,810			33,339,747			29,617,001			172,880,474
Net change in unrealized appreciation (depreciation)		(48,915,764	)		(35,341,767	)		(18,889,999	)		9,785,542			32,638,068			(84,671,004	)
Net increase (decrease) in net assets resulting from operations		23,933,410			84,661,573			7,698,295			46,444,713			63,910,858			92,009,163
From transactions in investors’ beneficial interests:
Contributions		53,574,368			67,987,946			17,259,009			29,197,760			54,665,205			62,275,027
Withdrawals		(74,879,002	)		(156,673,532	)		(23,793,046	)		(37,995,285	)		(75,811,103	)		(169,720,555	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(21,304,634	)		(88,685,586	)		(6,534,037	)		(8,797,525	)		(21,145,898	)		(107,445,528	)
Net increase (decrease) in net assets		2,628,776			(4,024,013	)		1,164,258			37,647,188			42,764,960			(15,436,365	)
Net assets:
Beginning of period/year		920,252,511			924,276,524			347,382,267			309,735,079			926,581,868			942,018,233
End of period/year	$	922,881,287		$	920,252,511		$	348,546,525		$	347,382,267		$	969,346,828		$	926,581,868
	Mid Value						Mid Growth						Small Value
	June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014
From operations:
Net investment income (loss)	$	5,207,272		$	12,714,125		$	(208,292	)	$	798,940		$	355,451		$	752,806
Net realized gain (loss)		33,118,499			205,832,321			15,412,912			10,596,128			3,646,397			9,659,760
Net change in unrealized appreciation (depreciation)		(23,486,629	)		(100,147,711	)		(2,963,089	)		(1,341,660	)		(43,970	)		(5,124,496	)
Net increase (decrease) in net assets resulting from operations		14,839,142			118,398,735			12,241,531			10,053,408			3,957,878			5,288,070
From transactions in investors’ beneficial interests:
Contributions		57,415,206			60,667,605			11,724,147			16,339,479			5,554,421			9,733,013
Withdrawals		(58,169,723	)		(285,213,427	)		(21,436,891	)		(50,406,635	)		(5,374,700	)		(20,725,556	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(754,517	)		(224,545,822	)		(9,712,744	)		(34,067,156	)		179,721			(10,992,543	)
Net increase (decrease) in net assets		14,084,625			(106,147,087	)		2,528,787			(24,013,748	)		4,137,599			(5,704,473	)
Net assets:
Beginning of period/year		868,934,077			975,081,164			126,129,314			150,143,062			76,593,069			82,297,542
End of period/year	$	883,018,702		$	868,934,077		$	128,658,101		$	126,129,314		$	80,730,668		$	76,593,069

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    81

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Small Core						Small Growth						International Equity
	June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014			June 30, 2015 (unaudited)			December 31, 2014
From operations:
Net investment income (loss)	$	1,541,071		$	3,359,210		$	161,221		$	(249,719	)	$	8,203,576		$	16,095,155
Net realized gain (loss)		11,608,476			23,328,860			2,138,084			8,927,234			(8,200,008	)		7,181,699
Net change in unrealized appreciation (depreciation)		(15,119,335	)		(13,556,343	)		3,494,212			(6,868,899	)		29,477,646			(62,059,763	)
Net increase (decrease) in net assets resulting from operations		(1,969,788	)		13,131,727			5,793,517			1,808,616			29,481,214			(38,782,909	)
From transactions in investors’ beneficial interests:
Contributions		20,193,623			20,707,866			6,449,272			9,958,737			38,369,408			81,284,021
Withdrawals		(36,495,161	)		(61,729,892	)		(5,549,432	)		(18,370,607	)		(102,934,158	)		(155,426,237	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(16,301,538	)		(41,022,026	)		899,840			(8,411,870	)		(64,564,750	)		(74,142,216	)
Net increase (decrease) in net assets		(18,271,326	)		(27,890,299	)		6,693,357			(6,603,254	)		(35,083,536	)		(112,925,125	)
Net assets:
Beginning of period/year		306,291,305			334,181,604			66,461,127			73,064,381			499,180,189			612,105,314
End of period/year	$	288,019,979		$	306,291,305		$	73,154,484		$	66,461,127		$	464,096,653		$	499,180,189

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    82

FINANCIAL HIGHLIGHTS

For the period and years ended:

	Money Market
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		(0.01	)%(B)		(0.05	)%		(0.07	)%		(0.11	)%		(0.04	)%		0.02	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	837,363		$	862,368		$	986,862		$	948,358		$	995,629		$	1,065,396
Expenses to average net assets		0.28	%(C)		0.28	%		0.29	%		0.28	%		0.28	%		0.28	%
Net investment income (loss) to average net assets		(0.02	)%(C)		(0.05	)%		(0.07	)%		(0.11	)%		(0.04	)%		0.02	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

	High Quality Bond
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		0.68	%(B)		0.81	%		0.41	%		2.95	%		2.16	%		4.20	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	375,237		$	371,154		$	399,858		$	386,046		$	458,228		$	463,701
Expenses to average net assets		0.38	%(C)		0.38	%		0.39	%		0.38	%		0.38	%		0.38	%
Net investment income (loss) to average net assets		1.48	%(C)		1.47	%		1.81	%		2.10	%		2.43	%		2.99	%
Portfolio turnover rate		29	%(B)		92	%		77	%		68	%		84	%		87	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

	Inflation-Protected Securities
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		0.46	%(B)		3.00	%		(8.26	)%		7.06	%		12.33	%		6.23	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	293,230		$	282,926		$	274,788		$	341,136		$	358,544		$	328,010
Expenses to average net assets
Excluding waiver and/or reimbursement		0.41	%(C)		0.42	%		0.41	%		0.40	%		0.40	%		0.38	%
Including waiver and/or reimbursement		0.40	%(C)		0.40	%		0.40	%		0.40	%		0.40	%		0.38	%
Net investment income (loss) to average net assets		(0.56	)%(C)		1.17	%		0.48	%		1.43	%		3.30	%		2.04	%
Portfolio turnover rate		29	%(B)		81	%		99	%		103	%		134	%		117	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

	Core Bond
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		0.16	%(B)		6.32	%		(0.96	)%		8.28	%		6.20	%		8.26	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,372,471		$	1,354,476		$	1,336,211		$	1,470,033		$	1,588,591		$	1,622,006
Expenses to average net assets		0.38	%(C)		0.38	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income (loss) to average net assets		2.22	%(C)		2.58	%		2.64	%		3.03	%		3.54	%		3.65	%
Portfolio turnover rate		26	%(B)		184	%		200	%		297	%		406	%		633	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    83

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	High Yield Bond
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		2.31	%(B)		3.16	%		7.48	%		15.14	%		4.93	%		15.81	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	883,158		$	876,775		$	856,906		$	819,993		$	729,276		$	709,083
Expenses to average net assets		0.58	%(C)		0.58	%(D)		0.59	%(D)		0.59	%(D)		0.59	%(D)		0.59	%(D)
Net investment income (loss) to average net assets		5.52	%(C)		5.87	%(E)		6.37	%(E)		7.23	%(E)		8.04	%(E)		8.84	%(E)
Portfolio turnover rate		21	%(B)		97	%(F)		51	%(F)		102	%(F)		81	%(F)		98	%(F)

^(A) Total return reflects all Portfolio expenses.

^(B) Not annualized.

^(C) Annualized.

^(D)  Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(E)  Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests.

	Balanced
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		0.66	%(B)		10.99	%		18.33	%		13.47	%		3.60	%		13.91	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	168,337		$	147,564		$	123,270		$	109,602		$	104,111		$	116,337
Expenses to average net assets
Excluding waiver and/or reimbursement		0.53	%(C)		0.58	%		0.63	%		0.61	%		0.62	%		0.59	%
Including waiver and/or reimbursement		0.50	%(C)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss) to average net assets		1.52	%(C)		1.69	%		1.44	%		1.82	%		2.26	%		2.42	%
Portfolio turnover rate		24	%(B)		92	%		123	%		150	%		245	%		211	%

^(A) Total return reflects all Portfolio expenses.

^(B) Not annualized.

^(C) Annualized.

	Large Value
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		2.62	%(B)		9.82	%		38.08	%		17.39	%		2.32	%		14.66	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	922,881		$	920,253		$	924,277		$	785,039		$	877,766		$	1,014,115
Expenses to average net assets (C)		0.47	%(D)		0.47	%		0.48	%		0.48	%		0.47	%		0.47	%
Net investment income (loss) to average net assets (E)		1.30	%(D)		1.24	%		1.69	%		2.08	%(F)		1.70	%		1.65	%
Portfolio turnover rate (G)		40	%(B)		69	%		99	%		48	%		55	%		62	%

^(A) Total return reflects all Portfolio expenses.

^(B) Not annualized.

^(C)  Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(D)  Annualized.

^(E) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.

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

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests.

	Large Core
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		2.21	%(B)		15.16	%		37.28	%		17.30	%		3.51	%		11.79	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	348,547		$	347,382		$	309,735		$	244,984		$	235,204		$	255,995
Expenses to average net assets		0.63	%(C)		0.63	%		0.64	%		0.64	%		0.63	%		0.63	%
Net investment income (loss) to average net assets		1.08	%(C)		1.02	%		1.41	%		1.68	%		1.37	%		1.47	%
Portfolio turnover rate		36	%(B)		70	%		116	%		54	%		63	%		55	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    84

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Large Growth
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		6.96	%(B)		10.75	%		35.32	%		14.91	%		(1.78	)%		16.62	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	969,347		$	926,582		$	942,018		$	825,014		$	1,016,307		$	1,176,583
Expenses to average net assets (C)
Excluding waiver and/or reimbursement		0.64	%(D)		0.65	%		0.66	%		0.66	%		0.65	%		0.66	%
Including waiver and/or reimbursement		0.64	%(D)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets (E)		0.35	%(D)		0.42	%		0.57	%		0.75	%		0.34	%		0.56	%
Portfolio turnover rate (F)		17	%(B)		73	%		49	%		53	%		53	%		119	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(D)  Annualized.

^(E)  Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests.

	Mid Value
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		1.65	%(B)		12.97	%		32.99	%		19.50	%		(2.19	)%		21.29	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	883,019		$	868,934		$	975,081		$	777,964		$	748,835		$	909,134
Expenses to average net assets
Excluding waiver and/or reimbursement		0.70	%(C)		0.70	%		0.70	%		0.70	%		0.70	%		0.69	%
Including waiver and/or reimbursement		0.70	%(C)		0.70	%		0.70	%		0.70	%		0.70	%		0.69	%
Net investment income (loss) to average net assets		1.17	%(C)		1.32	%		0.93	%		1.36	%		1.08	%		1.14	%
Portfolio turnover rate		20	%(B)		92	%		53	%		71	%		69	%		76	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

	Mid Growth
	June 30, 2015   (unaudited)			December 31, 2014			December 31,   2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		9.80	%(B)		8.04	%		30.35	%		13.93	%		(6.90	)%		29.27	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	128,658		$	126,129		$	150,143		$	164,933		$	206,602		$	269,733
Expenses to average net assets
Excluding waiver and/or reimbursement		0.76	%(C)		0.76	%		0.77	%		0.76	%		0.75	%		0.75	%
Including waiver and/or reimbursement		0.75	%(C)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss) to average net assets		(0.32	)%(C)		0.60	%		—	%(D)		0.10	%		(0.33	)%		(0.36	)%
Portfolio turnover rate		32	%(B)		60	%		234	%		178	%		135	%		199	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

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

	Small Value
	June 30, 2015 (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		5.16	%(B)		7.38	%		34.10	%		16.11	%		1.35	%		23.12	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	80,731		$	76,593		$	82,298		$	70,183		$	103,958		$	134,427
Expenses to average net assets
Excluding waiver and/or reimbursement		0.88	%(C)		0.88	%		0.88	%		0.88	%		0.87	%		0.87	%
Including waiver and/or reimbursement		0.85	%(C)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income (loss) to average net assets		0.91	%(C)		0.99	%		0.57	%		1.41	%		0.63	%		0.84	%
Portfolio turnover rate		7	%(B)		18	%		16	%		15	%		16	%		121	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    85

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Small Core
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		(0.72	)%(B)		4.21	%		33.62	%		15.04	%		(2.19	)%		29.89	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	288,020		$	306,291		$	334,182		$	296,936		$	296,060		$	341,598
Expenses to average net assets		0.84	%(C)		0.83	%		0.84	%		0.84	%		0.84	%		0.85	%
Net investment income (loss) to average net assets		1.03	%(C)		1.05	%		0.74	%		1.07	%		0.32	%		0.43	%
Portfolio turnover rate		73	%(B)		148	%		195	%		59	%		59	%		55	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

	Small Growth
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		8.83	%(B)		3.13	%		37.97	%		1.30	%		(6.45	)%		25.65	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	73,154		$	66,461		$	73,064		$	58,300		$	108,124		$	142,731
Expenses to average net assets
Excluding waiver and/or reimbursement		0.90	%(C)		0.91	%		0.93	%		0.94	%		0.94	%		0.93	%
Including waiver and/or reimbursement		0.90	%(C)(D)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income (loss) to average net assets		0.46	%(C)		(0.37	)%		(0.46	)%		(0.20	)%		(0.37	)%		(0.41	)%
Portfolio turnover rate		27	%(B)		78	%		72	%		209	%		120	%		99	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

^(D)  Waiver/reimbursement rounds to less than 0.01%.

	International Equity
	June 30, 2015   (unaudited)			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
Total return (A)		6.22	%(B)		(7.74	)%		13.92	%		17.35	%		(13.51	)%		14.94	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	464,097		$	499,180		$	612,105		$	614,432		$	680,170		$	893,260
Expenses to average net assets		0.83	%(C)		0.83	%		0.85	%		0.82	%		0.82	%		0.81	%
Net investment income (loss) to average net assets		3.42	%(C)		2.80	%		1.31	%		1.65	%		1.70	%		1.45	%
Portfolio turnover rate		13	%(B)		28	%		116	%		23	%		24	%		29	%

^(A)  Total return reflects all Portfolio expenses.

^(B)  Not annualized.

^(C)  Annualized.

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

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At June 30, 2015

(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Partners Portfolios (the “Series Portfolio”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and was organized as a series trust under the laws of the State of New York. The Series Portfolio applies investment company accounting and reporting guidance. The Series Portfolio is composed of fifteen different series that are, in effect, separate investment funds. The portfolios (each, a “Portfolio” and collectively, the “Portfolios”) are listed below. Each Portfolio issues shares of beneficial interest only in private placement transactions that do not involve a public offering within the meaning of Section 4(2) of the Securities Act of 1933, as amended (“Securities Act”). Only “accredited investors”, as defined in Regulation D under the Securities Act, may invest in the Portfolios. Accredited investors include investment companies, insurance company separate accounts, common or commingled trust funds, or other similar organizations or entities.

Portfolio

Transamerica Partners Money Market Portfolio (“Money Market”)

Transamerica Partners High Quality Bond Portfolio (“High Quality Bond”)

Transamerica Partners Inflation-Protected Securities Portfolio (“Inflation-Protected Securities”)

Transamerica Partners Core Bond Portfolio (“Core Bond”)

Transamerica Partners High Yield Bond Portfolio (“High Yield Bond”)

Transamerica Partners Balanced Portfolio (“Balanced”)

Transamerica Partners Large Value Portfolio (“Large Value”)

Transamerica Partners Large Core Portfolio (“Large Core”)

Transamerica Partners Large Growth Portfolio (“Large Growth”)

Transamerica Partners Mid Value Portfolio (“Mid Value”)

Transamerica Partners Mid Growth Portfolio (“Mid Growth”)

Transamerica Partners Small Value Portfolio (“Small Value”)

Transamerica Partners Small Core Portfolio (“Small Core”)

Transamerica Partners Small Growth Portfolio (“Small Growth”)

Transamerica Partners International Equity Portfolio (“International Equity”)

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

Transamerica Fund Services, Inc. (“TFS”) provides supervisory and administrative services to each Portfolio. TFS’s supervisory and administrative services include performing certain administrative services for the Portfolios and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided for the Portfolios by State Street Bank and Trust Company (“State Street”), to whom TFS has outsourced the provision of certain services as described below; to the extent agreed upon by TFS and the Portfolios from time to time, monitoring and verifying the custodian’s daily calculation of Net Asset Value (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of each Portfolio’s investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolios’ custodian and their dividend disbursing agent and monitoring their services to the Portfolios; assisting the Portfolios in preparing reports to shareholders; acting as liaison with the Portfolios’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of the Board and committees

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At June 30, 2015

(unaudited)

NOTE 1. (continued)

of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TFS to perform supervisory and administrative services to the Portfolios. State Street performs back office services to support TFS, including furnishing financial and performance information about the Portfolios for inclusion in regulatory filings and trustees’ and shareholder reports; preparing drafts of regulatory filings, trustees’ materials, tax returns, expenses and budgeting; tax compliance testing; and maintaining books and records. TFS pays all expenses it incurs in connection with providing these services in the Amended and Restated Administrative Services Agreement with the exception of the costs of certain services specifically assumed by the Portfolios, as numerated within the Statements of Operations.

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

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

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Portfolios pursuant to a Securities Lending Agreement. The lending of securities exposes the Portfolios to risks such as, the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolios may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Portfolios in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending securities, the Portfolios seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately in the Statements of Operations. Income from loaned securities in the Statements of Operations is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at June 30, 2015, if any, are shown on a gross basis in the Schedule of Investments and Statements of Assets and Liabilities.

Repurchase agreements: In a repurchase agreement, the Portfolios purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolios’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolios will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolios and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolios, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected in the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2015.

Open repurchase agreements at June 30, 2015, if any, are included within the Schedule of Investments.

Foreign currency denominated investments: The accounting records of the Portfolios are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

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At June 30, 2015

(unaudited)

NOTE 1. (continued)

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

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

Cash overdraft: Throughout the period, the Portfolios may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Payables, if any, are reflected as Due to custodian in the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts and foreign cash overdrafts are reflected in Custody fees and Interest income within the Statements of Operations, respectively.

Forward foreign currency contracts: The Portfolios are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the over-the-counter (“OTC”) inter-bank currency dealer market. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.

Open forward foreign currency contracts at June 30, 2015, if any, are listed in the Schedule of Investments.

Option contracts: The Portfolios are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, enter into option contracts to manage exposure to various market fluctuations. The Portfolios purchase or write put and call options on U.S. securities, indices, futures, swaps (“swaptions”), commodities, and currency transactions. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolios pay premiums, which are included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying investment. Writing put options tends to increase exposure to the underlying investment. When the Portfolios write a covered call or put option, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss. In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolios could result in the Portfolios selling or buying a security or currency at a price different from the current market value.

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

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NOTE 1. (continued)

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

Interest rate swaptions: The Portfolios may write or purchase interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

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

Open option contracts at June 30, 2015, if any, are included within the Schedule of Investments.

Transactions in written options at June 30, 2015 are as follows:

	Call Options						Put Options
Inflation-Protected Securities	Amount of Premiums			Number of Contracts			Amount of Premiums			Number of Contracts
Balance at December 31, 2014	$	114,227			140		$	—			—
Options written		41,362			106			104,598			460,458
Options closed		(114,227	)		(140	)		—			—
Options expired		—			—			(48,149	)		(460,158	)
Options exercised		—			—			(56,449	)		(300	)
Balance at June 30, 2015	$	41,362			106		$	—			—

Transactions in written swaptions and foreign exchange options at June 30, 2015 are as follows:

	Call Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount			Notional Amount		Notional Amount			Notional Amount			Notional Amount
Balance at December 31, 2014	$	232,837		AUD	9,850,000		CHF	—	EUR	1,070,000		GBP	—		USD	8,900,000
Options written		891,512			7,520,000			3,425,625		18,745,000			3,715,000			27,830,000
Options closed		(69,162	)		—			—		(10,680,000	)		—			—
Options expired		(212,741	)		(9,850,000	)		—		—			(3,715,000	)		(8,720,000	)
Options exercised		(108,580	)		—			—		—			—			(8,900,000	)
Balance at June 30, 2015	$	733,866		AUD	7,520,000		CHF	3,425,625	EUR	9,135,000		GBP	—		USD	19,110,000

	Put Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount			Notional Amount
Balance at December 31, 2014	$	564,166		AUD	16,405,000		EUR	3,200,000		GBP	—		USD	22,760,000
Options written		1,154,722			6,970,000			8,190,000			2,910,000			27,375,000
Options closed		(193,033	)		—			(5,440,000	)		—			(13,860,000	)
Options expired		(556,373	)		(19,690,000	)		—			(2,910,000	)		(14,665,000	)
Options exercised		—			—			—			—			—
Balance at June 30, 2015	$	969,482		AUD	3,685,000		EUR	5,950,000		GBP	—		USD	21,610,000

Futures contracts: The Portfolios are subject to equity and commodity 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, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolios are required to deposit with the broker, either in cash or in securities, an initial margin in an

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NOTE 1. (continued)

amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolios, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolios. Upon entering into such contracts, the Portfolios bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolios may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at June 30, 2015, if any, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is shown on the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Portfolios and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swaps”). Centrally cleared swaps listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swaps the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate forward rate to calculate the daily settlement price. The Portfolios, with the exception of Money Market, enter into credit default, cross-currency, interest rate, total return, variance, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses in the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of realized gains or losses in the Statements of Operations. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.

Specific risks and accounting related to each type of swap agreement are identified and described as follows:

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

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

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

Interest rate swap agreements: The Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To

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NOTE 1. (continued)

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

Open centrally cleared swap agreements at June 30, 2015, if any, are listed in the Schedule of Investments. The centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded by the Portfolios, if applicable, and is shown on the Statements of Assets and Liabilities.

Open OTC swap agreements at June 30, 2015, if any, are listed in the Schedule of Investments. The value, as applicable, is shown on the Statements of Assets and Liabilities.

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

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

Open short sale transactions at June 30, 2015, if any, are included within the Schedule of Investments.

Loan participations and assignments: The Portfolios may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Portfolios to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Portfolios assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Portfolios, with the exception of Money Market, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Portfolios that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

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

The Portfolios held no unsecured loan participations at June 30, 2015. Open loan participations and assignments at June 30, 2015, if any, are included within the Schedule of Investments.

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

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TBA commitments held at June 30, 2015, if any, are identified in the Schedule of Investments. Open balances at June 30, 2015, if any, are included in the payable or receivable for When-issued or delayed-delivery securities purchased or sold in the Statements of Assets and Liabilities.

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

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

When-issued securities or delayed-delivery securities held at June 30, 2015, if any, are identified in the Schedule of Investments. Open trades, if any, are reflected as When-issued or delayed-delivery securities purchased in the Statements of Assets and Liabilities.

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

TIPS held at June 30, 2015, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations with a corresponding adjustment to cost.

Payment in-kind securities (“PIKs”): PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty price”) and require a pro-rata adjustment from unrealized appreciation or depreciation on investments to interest receivable in the Statements of Assets and Liabilities.

PIKs held at June 30, 2015, if any, are identified in the Schedule of Investments.

Restricted and illiquid securities: The Portfolios may invest in unregulated restricted securities. Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

Restricted and illiquid securities held at June 30, 2015, if any, are identified in the Schedule of Investments.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, has elected to place security transactions of the Portfolios with broker/dealers with which other Funds or Portfolios advised by TAM has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolios. In no event will

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 1. (continued)

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

Commissions recaptured for the period ended June 30, 2015, are included in Net realized gain (loss) in the Statements of Operations and are summarized as follows:

Portfolio	Commissions Recaptured
Large Growth	$	12,830
Mid Value		25,335
Small Value		122
Small Growth		1,848
International Equity		480

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolios are informed of the ex-dividend dates, net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Dividend income related to a REIT is recorded at management’s estimate of the income and capital gains included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at June 30, 2015, if any, are identified in the Schedule of Investments.

NOTE 2. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, each day the NYSE is open for business. The Portfolios utilize various methods to measure the fair value of their investments on a recurring basis.

GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The hierarchy classification of inputs used to value the Portfolios’ investments, at June 30, 2015, is disclosed in the Security Valuation section of each Portfolio’s Schedule of Investments.

Under supervision of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 2. (continued)

annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Portfolios use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews Valuation Committee determinations at its regularly scheduled meetings.

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

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

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

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

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

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

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

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

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 2. (continued)

data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

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

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal bonds & notes and variable rate notes: The fair value of municipal bonds & notes and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage 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; otherwise they would be categorized in Level 3.

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

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 3. (continued)

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

TPFG	Investments in Portfolio
Money Market		59.98	%
High Quality Bond		30.59
Inflation-Protected Securities		45.14
Core Bond		29.38
High Yield Bond		15.25
Balanced		59.79
Large Value		32.36
Stock Index		5.45
Large Core		27.15
Large Growth		30.24
Mid Value		18.04
Mid Growth		51.96
Small Value		56.61
Small Core		26.73
Small Growth		61.84
International Equity		39.13

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

TPFG II	Investments in Portfolio
Money Market		27.74	%
High Quality Bond		15.93
Inflation-Protected Securities		27.67
Core Bond		28.57
High Yield Bond		41.19
Balanced		3.34
Large Value		11.04
Stock Index		11.62
Large Core		2.70
Large Growth		11.63
Mid Value		45.28
Mid Growth		14.99
Small Value		9.66
Small Core		8.51
Small Growth		15.13
International Equity		10.26

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 3. (continued)

Transamerica Financial Life Insurance Company (“TFLIC”) is a wholly-owned subsidiary of Aegon USA. The percentage of each Portfolio that is owned by TFLIC sub-accounts is as follows:

TFLIC Sub-accounts	Investments in Portfolio
Money Market		3.52	%
High Quality Bond		12.64
Inflation-Protected Securities		9.64
Core Bond		11.54
High Yield Bond		5.13
Balanced		34.59
Large Value		38.14
Large Core		54.88
Large Growth		41.71
Mid Value		7.27
Mid Growth		0.67
Small Value		0.71
Small Core		52.48
Small Growth		0.75
International Equity		27.96

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

CIT Sub-accounts	Investments in Portfolio
Money Market		8.72	%
High Quality Bond		32.16
Inflation-Protected Securities		13.22
Core Bond		26.15
High Yield Bond		20.86
Balanced		2.00
Large Value		13.91
Large Core		12.29
Large Growth		13.90
Mid Value		5.91
Mid Growth		16.26
Small Value		25.65
Small Core		10.81
Small Growth		14.85
International Equity		17.02

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

CTF Sub-accounts	Investments in Portfolio
Money Market		0.04	%
High Quality Bond		8.69
Inflation-Protected Securities		4.33
Core Bond		4.34
High Yield Bond		17.57
Large Value		4.39
Large Core		2.98
Large Growth		2.52
Mid Value		23.50
Mid Growth		16.13
Small Value		7.37
Small Core		1.47
Small Growth		7.43
International Equity		5.63

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 3. (continued)

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

Certain officers and trustees of the Series Portfolio and of the entities that invest in the Series Portfolio are also officers and/or trustees of TAM or its affiliates. No interested trustee, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Series Portfolio or from the entities that invest in the Series Portfolio.

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

For each Portfolio, TAM has entered into investment sub-advisory agreements with the Portfolios’ sub-advisers. It is the responsibility of each sub-adviser to make the day-to-day investment decisions of the Portfolios, and to place the purchase and sales orders for securities transactions of the Portfolios, subject in all cases to the general supervision of TAM. Payment of fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of a Portfolio.

Portfolio	Rate
Money Market		0.2500	%
High Quality Bond		0.3500
Inflation-Protected Securities		0.3500
Core Bond
First $2 billion		0.3500
Over $2 billion		0.3350
High Yield Bond
First $1.25 billion		0.5500
Over $1.25 billion up to $2 billion		0.5250
Over $2 billion		0.5000
Balanced		0.4500
Large Value		0.4500
Large Core		0.6000
Large Growth
First $2 billion		0.6200
Over $2 billion up to $3 billion		0.6100
Over $3 billion up to $4 billion		0.6000
Over $4 billion		0.5800
Mid Value
First $750 million		0.6700
Over $750 million up to $1.5 billion		0.6650
Over $1.5 billion up to $2 billion		0.6550
Over $2 billion		0.6475
Mid Growth		0.7200
Small Value		0.8200
Small Core
First $300 million		0.8000
Over $300 million		0.7700
Small Growth
First $300 million		0.8400
Over $300 million		0.8000
International Equity
First $500 million		0.7400
Over $500 million up to $1 billion		0.7200
Over $1 billion up to $2 billion		0.6900
Over $2 billion		0.6600

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 3. (continued)

TAM has voluntarily elected to waive and/or reimburse fees to the extent that the total operating expenses of the Portfolio exceed the following expense limit percentages to the Portfolio’s daily ANA.

Portfolio	Operating Expense Limit			Operating Expense Limit Effective Through
Money Market		0.30	%	May 1, 2017
High Quality Bond		0.40		May 1, 2017
Inflation-Protected Securities		0.40		May 1, 2017
Core Bond		0.40		May 1, 2017
High Yield Bond		0.60		May 1, 2017
Balanced		0.50		May 1, 2017
Large Value		0.50		May 1, 2017
Large Core		0.65		May 1, 2017
Large Growth		0.65		May 1, 2017
Mid Value		0.70		May 1, 2017
Mid Growth		0.75		May 1, 2017
Small Value		0.85		May 1, 2017
Small Core		0.85		May 1, 2017
Small Growth		0.90		May 1, 2017
International Equity		0.90		May 1, 2017

The expenses waived and/or reimbursed are included in the Statements of Operations. Such fee waivers and/or reimbursements are not subject to recapture by TAM in future years.

TAM also may waive/reimburse additional fees from time to time to help maintain competitive expense ratios. These arrangements are voluntary and may be terminated at any time. Expenses waived and/or reimbursed that are unsettled at year end are included in Due from adviser in the Statements of Assets and Liabilities.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Separate Account to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. As of December 1, 2014, balances to the deferred compensation plan are recorded under the Trustees and CCO fees on the Statements of Assets and Liabilities.

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2015.

NOTE 4. PURCHASES AND SALES OF SECURITIES

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2015 were as follows:

	Purchases of Securities				Sales/Maturities of Securities
Portfolio	Long-Term		U.S. Government		Long-Term		U.S. Government
High Quality Bond	$	65,399,665	$	54,335,441	$	45,683,557	$	61,795,343
Inflation-Protected Securities		4,778,102		91,843,948		9,141,772		72,869,395
Core Bond		177,624,136		169,291,713		124,018,542		178,548,638
High Yield Bond		214,766,010		—		172,572,888		—
Balanced		45,506,596		9,596,664		26,386,809		8,808,563
Large Value		359,989,673		—		366,499,952		—
Large Core		125,507,053		—		129,605,646		—
Large Growth		157,947,857		—		175,968,703		—
Mid Value		173,875,125		—		174,952,187		—
Mid Growth		41,687,344		—		50,832,101		—
Small Value		6,998,510		—		5,311,344		—
Small Core		215,959,405		—		230,710,370		—
Small Growth		19,975,206		—		18,268,788		—
International Equity		61,440,756		—		89,004,340		—

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The following is a summary of the location and each Portfolio’s fair values of derivative investments disclosed, if any, in the Statements of Assets and Liabilities, categorized by primary risk exposure as of June 30, 2015. The primary risks pertaining to each derivative type is disclosed in further detail within the Organization and Significant Accounting Policies section of the notes.

Asset Derivatives
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions (A) (B)	$	1,443,849		$	202,453		$	—		$	—	$	—	$	1,646,302
Net unrealized appreciation on futures contracts (B) (C)		441,083			—			—			—		—		441,083
Centrally cleared swap agreements, at value (B) (D)		150,234			—			—			—		—		150,234
OTC swap agreements, at value		261			—			—			—		—		261
Unrealized appreciation on forward foreign currency contracts		—			553,208			—			—		—		553,208
Total (E)	$	2,035,427		$	755,661		$	—		$	—	$	—	$	2,791,088
Liability Derivatives
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Written options and swaptions, at value (B)	$	(1,137,846	)	$	(186,357	)	$	—		$	—	$	—	$	(1,324,203	)
Net unrealized depreciation on futures contracts (B) (C)		(183,836	)		—			—			—		—		(183,836	)
Centrally cleared swap agreements, at value (B) (D)		(345,973	)		—			—			—		—		(345,973	)
Unrealized depreciation on forward foreign currency contracts		—			(209,426	)		—			—		—		(209,426	)
Total (E)	$	(1,667,655	)	$	(395,783	)	$	—		$	—	$	—	$	(2,063,438	)
Balanced
Net unrealized depreciation on futures contracts (B) (C)	$	—		$	—		$	(10,927	)	$	—	$	—	$	(10,927	)
Total (E)	$	—		$	—		$	(10,927	)	$	—	$	—	$	(10,927	)

^(A)  Included within Investments, at value on the Statements of Assets and Liabilities.

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

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

^(D)  Included within fair value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

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

Transamerica Partners Portfolios Semi-Annual Report 2015

Page    101

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 5. (continued)

The following is a summary of the location and the effect of derivative investments, if any, on the Statements of Operations, categorized by primary risk exposure as of June 30, 2015.

Realized Gain (Loss) on Derivative Instruments
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions (A)	$	(418,195	)	$	(1,043,191	)	$	—		$	—	$	—	$	(1,461,386	)
Futures contracts		142,456			—			—			—		—		142,456
Written options and swaptions		109,362			673,148			—			—		—		782,510
Swap agreements		(263,918	)		—			—			—		—		(263,918	)
Forward foreign currency contracts (B)		—			1,520,931			—			—		—		1,520,931
Total	$	(430,295	)	$	1,150,888		$	—		$	—	$	—	$	720,593
Balanced
Futures contracts	$	—		$	—		$	87,565		$	—	$	—	$	87,565
Total	$	—		$	—		$	87,565		$	—	$	—	$	87,565
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions (C)	$	92,240		$	(359,531	)	$	—		$	—	$	—	$	(267,291	)
Futures contracts		1,179,911			—			—			—		—		1,179,911
Written options and swaptions		194,792			204,314			—			—		—		399,106
Swap agreements		143,421			—			—			—		—		143,421
Forward foreign currency contracts (D)		—			(273,312	)		—			—		—		(273,312	)
Total	$	1,610,364		$	(428,529	)	$	—		$	—	$	—	$	1,181,835
Balanced
Futures contracts	$	—		$	—		$	(9,715	)	$	—	$	—	$	(9,715	)
Total	$	—		$	—		$	(9,715	)	$	—	$	—	$	(9,715	)

^(A)  Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations.

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

^(C)  Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations.

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

The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2015.

	Purchased Options and Swaptions at Value				Written Options and Swaptions at Value						Forward Foreign Currency Contracts at Contract Amount						Futures Contracts at Notional Amount					Swap Agreements at Notional Amount (A)
Portfolio	Calls		Puts		Calls			Puts			Purchased		Sold		Cross Currency		Long		Short
Inflation-Protected Securities	$	325,245	$	919,239	$	(399,068	)	$	(696,959	)	$	82,799,746	$	39,361,345	$	1,465,601		45,128,581		(1,205,457,143	)		16,996,221
Balanced		—		—		—			—			—		—		—		514		—			—

^(A)  USD equivalent of notional amount.

The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties.

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 5. (continued)

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolios and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolios exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolios’ net liability may be delayed or denied.

Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (futures contracts, exchange traded options, and exchange traded swap agreements) while collateral terms are contract specific for OTC traded derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolios may be required to post collateral on derivatives if the Portfolios are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolios fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

The following is a summary of the Portfolios’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolios as of June 30, 2015. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

			Gross Amounts Not Offset in the Statements of Assets and Liabilities									Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (A)		Financial Instruments			Collateral Received (B)		Net Amount		Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (A)		Financial Instruments			Collateral Pledged (B)		Net Amount
	Assets									Liabilities
Inflation-Protected Securities
BNP Paribas	$	34,965	$	(30,151	)	$	—	$	4,814	$	30,151	$	(30,151	)	$	—	$	—
Bank of America, N.A.		50,902		—			—		50,902		—		—			—		—
Barclays Bank PLC		190,275		(49,836	)		—		140,439		49,836		(49,836	)		—		—
Citibank, N.A.		2,568		(2,568	)		—		—		19,108		(2,568	)		—		16,540
Deutsche Bank AG		1,395,065		(1,231,444	)		—		163,621		1,231,444		(1,231,444	)		—		—
Goldman Sachs Bank		—		—			—		—		6,924		—			—		6,924
HSBC Bank USA		29,398		(29,398	)		—		—		59,138		(29,398	)		—		29,740
JPMorgan Chase Bank, N.A.		299,584		(4,269	)		—		295,315		4,269		(4,269	)		—		—
Royal Bank of Canada		4,299		(4,299	)		—		—		9,181		(4,299	)		—		4,882
Standard Chartered Bank		—		—			—		—		32,054		—			—		32,054
UBS AG		32,601		(32,601	)		—		—		72,086		(32,601	)		—		39,485
Other Derivatives (C)		751,431		—			—		751,431		549,247		—			—		549,247
Total	$	2,791,088	$	(1,384,566	)	$	—	$	1,406,522	$	2,063,438	$	(1,384,566	)	$	—	$	678,872

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

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2015

(unaudited)

NOTE 6. FEDERAL INCOME TAXES

The Series Portfolio has received rulings from the Internal Revenue Service that each Portfolio will be treated as a separate partnership for federal income tax purposes. Income taxes are not provided for by the Portfolios because taxable income/(loss) of each Portfolio is included in the income tax returns of the investors. It is intended that the Portfolios’ assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code. The Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Portfolios’ federal tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Portfolios’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. If applicable, the Portfolios recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Portfolios identify their major tax jurisdictions as U.S. Federal, the states of Colorado and New York, and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. For tax purposes, each component of the Portfolios’ net assets are reported at the investor level; therefore, the Statements of Assets and Liabilities do not present the components of net assets. Each investor in the Portfolio will be subject to taxation on its share of the Portfolio’s ordinary income and capital gains; which may differ from GAAP.

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-11, “Transfers and Servicing, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. The guidance changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The guidance is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolios’ financial statements.

In July 2014, the Securities and Exchange Commission voted to amend Rule 2a-7, which governs money market funds. A significant change resulting from these amendments is a requirement that institutional prime and institutional municipal money market funds transact fund shares based on a market-based NAV. Government, treasury, retail prime and retail municipal money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). The amendments have staggered compliance dates; however, the majority of these amendments will be effective on October 14, 2016, two years after the effective date for the rule amendments. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact to the Portfolios’ financial statements.

In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities that Calculate NAV per Share (or its Equivalent)”. The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Sufficient information must be provided to permit reconciliation of the fair value of assets categorized within the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The guidance is required to be presented for annual periods beginning after December 15, 2015, and for interim periods within those fiscal years. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolios’ financial statements.

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TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Trustees” or the “Board”) held on June 9-10, 2015, the Board considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of the following funds (each a “Portfolio” and collectively the “Portfolios”) and Transamerica Asset Management, Inc. (“TAM”):

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

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

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

Following its review and consideration, the Board determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each Agreement was in the best interests of the applicable Portfolio and its investors. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2016. Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including, to the extent applicable, information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. The Trustees also considered information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee, expense and profitability information prepared by TAM. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses for each Portfolio was better made at the level of the funds that invest in the applicable Portfolio (i.e., the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since investors could not invest directly in the Portfolio and that is the manner in which Lipper provided its comparative information.

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

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TRANSAMERICA PARTNERS PORTFOLIOS

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

Nature, Extent and Quality of the Services Provided

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

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

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

Investment Performance

The Board considered the short- and longer-term performance of each Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2014.

Transamerica Partners Balanced Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and in line with the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that J.P. Morgan Investment Management Inc. had commenced sub-advising the Portfolio on July 9, 2010 and Aegon USA Investment Management, LLC had commenced sub-advising the Portfolio on May 1, 2014.

Transamerica Partners Core Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3- and 5-year periods and in line with the median for the past 1- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2014.

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

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TRANSAMERICA PARTNERS PORTFOLIOS

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

Transamerica Partners High Yield Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1- and 5-year periods and below its benchmark for the past 3- and 10-year periods. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2014.

Transamerica Partners Inflation-Protected Securities Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1- and 10-year periods and below the median for the past 3- and 5-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2007.

Transamerica Partners International Equity Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on December 15, 2013.

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

Transamerica Partners Large Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1- and 5-year periods and below the median for the past 3- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board considered recent changes to the portfolio management team and the investment process of one sub-adviser to the Portfolio. The Trustees noted that TAM intends to monitor and report to the Board on these changes and performance going forward. The Board also noted that Jennison Associates LLC had commenced sub-advising the Portfolio on September 16, 2009 and Wellington Management Company LLP had commenced sub-advising the Portfolio on June 19, 2007.

Transamerica Partners Large Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 1-year period and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 1-year period and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 5-year period and below its primary benchmark for the past 1-, 3- and 10-year periods. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on December 31, 2008.

Transamerica Partners Mid Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods and that the

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performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on June 28, 2013.

Transamerica Partners Mid Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and in line with the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that J.P. Morgan Investment Management Inc. had commenced sub-advising the Portfolio on September 16, 2009 and Thompson, Siegel & Walmsley LLC had commenced sub-advising the Portfolio on May 1, 2014.

Transamerica Partners Money Market Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with its benchmark for the past 10-year period and below its benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. The Board noted TAM’s observations that the yields of money market funds have been below average due to a low interest rate environment and that relative performance in the tightly constrained money market universe is largely a function of expenses. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on March 1, 2013.

Transamerica Partners Small Core Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 5-year period and below the median for the past 1-, 3- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1- and 5-year periods and below the median for the past 3- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on June 28, 2013.

Transamerica Partners Small Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1- year period and below the median for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1- year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on August 31, 2012. The Trustees also noted that the performance of the Portfolio had improved during 2015.

Transamerica Partners Small Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 5-year period and below the median for the past 3- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1- and 5-year periods, in line with the median for the 3-year period and below the median for the 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1- and 5- year periods and below its benchmark for the 3- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the 10-year period. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on July 9, 2010.

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

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

Investment Advisory and Sub-Advisory Fees and Total Expense Ratios

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

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

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

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

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

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

Transamerica Partners International Equity Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were

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below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of investors.

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

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

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

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

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

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

Transamerica Partners Small Core Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s

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

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

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

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

Cost of Services Provided and Level of Profitability

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

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to each Portfolio. With respect to Aegon USA Investment Management, LLC (“AUIM”), the Board noted that information about AUIM’s revenues and expenses was incorporated into TAM’s profitability analysis for the Portfolio. As a result, the Board focused on profitability information for TAM and AUIM in the aggregate.

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

Economies of Scale

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

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

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

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

Other Considerations

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

Conclusion

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

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TRANSAMERICA PARTNERS FUNDS

4600 South Syracuse Street, Suite 1100

Denver, Colorado 80237

Customer Service: 1-800-851-9777

Item 2: Code of Ethics.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Experts.

Not applicable for semi-annual reports.

Item 4: Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5: Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6: Investments.

(a) The schedules of investments are included in the Semi-Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial

officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12: Exhibits.

(a)(1) Not Applicable.

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

(a)(3) Not applicable.

(b) A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Partners Portfolios
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	September 8, 2015

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

By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	September 8, 2015
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
	(Principal Financial Officer)
Date:	September 8, 2015

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
12(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
12(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer