UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08272

TRANSAMERICA PARTNERS PORTFOLIOS

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices) (Zip Code)

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

Tané T. Tyler, General Counsel, 1801 California St., Suite 5200, Denver, CO 80202

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2017 – March 31, 2017

Item 1. Schedule of Investments.

The unaudited Schedules of Investments of Registrant as of March 31, 2017 are attached.

Transamerica Partners Portfolios

Quarterly Schedules of Investments

March 31, 2017

Money Market Fund

Transamerica Partners Government Money Market Portfolio

Bond Funds

Transamerica Partners High Quality Bond Portfolio

Transamerica Partners Inflation-Protected Securities Portfolio

Balanced Fund

Transamerica Partners Balanced Portfolio

Stock Funds

Transamerica Partners Large Value Portfolio

Transamerica Partners Small Value Portfolio

Transamerica Partners Government Money Market Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2017

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.3%
Federal Agricultural Mortgage Corp.
0.83% (A), 04/03/2018		$  13,500,000		$  13,500,000
5.13%, 04/19/2017 (B)		25,000,000		25,054,467
Federal Farm Credit Banks
0.89% (A), 09/28/2018		13,500,000		13,501,902
0.91% (A), 08/01/2017		2,740,000		2,740,095
0.98% (A), 04/20/2017		350,000		349,991
0.99% (A), 04/17/2017		5,950,000		5,949,950
1.00% (A), 11/13/2017		12,100,000		12,100,388
1.03% (A), 06/22/2017		12,100,000		12,099,725
Federal Home Loan Banks
0.83% (A), 01/18/2019		12,700,000		12,705,415
0.89% (A), 06/01/2018		13,500,000		13,500,000
0.98% (A), 10/04/2017		24,000,000		24,001,967
1.03% (A), 08/25/2017		9,600,000		9,601,683
1.06% (A), 10/27/2017		20,500,000		20,500,000
1.09% (A), 12/18/2017		7,500,000		7,507,589
Federal Home Loan Mortgage Corp.
0.75% (A), 08/10/2018, MTN		26,500,000		26,500,000
Federal National Mortgage Association
1.10% (A), 03/21/2018		15,500,000		15,541,953
Total U.S. Government Agency Obligations (Cost $215,155,125)				215,155,125
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.1%
Federal Agricultural Mortgage Corp.
0.89% (A), 05/09/2017		12,200,000		12,199,871
1.00% (A), 08/25/2017		12,500,000		12,500,253
Federal Farm Credit Discount Notes
0.66% (C), 08/07/2017		5,000,000		4,988,444
0.72% (C), 09/08/2017		14,000,000		13,955,822
Federal Home Loan Bank Discount Notes
0.54% (C), 05/02/2017		28,000,000		27,987,101
0.55% (C), 04/28/2017		25,000,000		24,989,838
0.59% (C), 05/03/2017 - 05/05/2017		40,263,000		40,241,437
0.77% (C), 05/17/2017		24,000,000		23,976,693
0.80% (C), 06/21/2017		24,500,000		24,456,727
Federal Home Loan Banks
0.79% (A), 06/01/2017		12,200,000		12,199,691
0.93% (A), 07/12/2017		14,600,000		14,600,000
1.04% (A), 04/19/2017		19,300,000		19,300,000
Total Short-Term U.S. Government Agency Obligations (Cost $231,395,877)				231,395,877
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 7.8%
U.S. Treasury Bill
0.60% (C), 06/01/2017		25,000,000		24,975,007
0.65% (C), 06/22/2017		34,300,000		34,249,998
0.66% (C), 06/29/2017		12,300,000		12,280,235
Total Short-Term U.S. Government Obligations (Cost $71,505,240)				71,505,240
REPURCHASE AGREEMENTS - 43.7%
Barclays Capital, Inc. 0.78% (C), dated 03/31/2017, to be repurchased at $63,604,134 on 04/03/2017. Collateralized by U.S. Government Agency Obligations and a U.S. Government Obligation, 1.50% - 6.60%, due 12/31/2018 - 11/25/2046, and with a total value of $65,331,075.		63,600,000		63,600,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Barclays Capital, Inc. 1.01% (C), dated 03/23/2017, to be repurchased at $34,057,233 on 05/22/2017. Collateralized by U.S. Government Agency Obligations and a U.S. Government Obligation, 1.50% - 5.67%, due 12/31/2018 - 09/25/2046, and with a total value of $35,088,067. (D)		$  4,000,000		$  34,000,000
Deutsche Bank Securities, Inc. 0.81% (C), dated 03/31/2017, to be repurchased at $15,001,013 on 04/03/2017. Collateralized a U.S. Government Obligation, 0.78% (C), due 06/22/2017, and with a value of $15,300,025.		15,000,000		15,000,000
Goldman Sachs & Co. 0.79% (C), dated 03/31/2017, to be repurchased at $38,402,528 on 04/03/2017. Collateralized by U.S. Government Agency Obligations, 2.58% - 4.50%, due 07/01/2022 - 04/01/2046, and with a total value of $39,168,000.		38,400,000		38,400,000
ING Financial Markets LLC 0.77% (C), dated 03/31/2017, to be repurchased at $84,605,429 on 04/03/2017. Collateralized by U.S. Government Agency Obligations, 0.88% - 1.75%, due 10/26/2017 - 09/12/2019, and with a total value of $86,293,532.		84,600,000		84,600,000
Jefferies LLC 0.95% (C), dated 03/31/2017, to be repurchased at $47,803,784 on 04/03/2017. Collateralized by U.S. Government Agency Obligations, 3.50%, due 01/20/2047 - 04/01/2047, and with a total value of $48,756,000.		47,800,000		47,800,000
Nomura Securities International, Inc. 0.80% (C), dated 03/31/2017, to be repurchased at $119,007,933 on 04/03/2017. Collateralized by U.S. Government Agency Obligations, 1.10% - 9.00%, due 04/01/2017 - 10/20/2066, and with a total value of $121,380,000.		119,000,000		119,000,000
State Street Bank & Trust Co. 0.09% (C), dated 03/31/2017, to be repurchased at $378,266 on 04/03/2017. Collateralized by a U.S. Government Obligation, 1.75%, due 01/31/2023, and with a value of $388,014.		378,263		378,263
Total Repurchase Agreements (Cost $402,778,263)				402,778,263
Total Investments (Cost $920,834,505) (E)				920,834,505
Net Other Assets (Liabilities) - 0.1%				526,766
Net Assets - 100.0%				$  921,361,271

The notes are an integral part of this report. Transamerica Partners Portfolios Page    1 March 31, 2017 Form N-Q

Transamerica Partners Government Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
U.S. Government Agency Obligations	$	—	$	215,155,125	$	—	$	215,155,125
Short-Term U.S. Government Agency Obligations		—		231,395,877		—		231,395,877
Short-Term U.S. Government Obligations		—		71,505,240		—		71,505,240
Repurchase Agreements		—		402,778,263		—		402,778,263
Total Investments	$	—	$	920,834,505	$	—	$	920,834,505

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of March 31, 2017.

^(B)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the value of the 144A security is $25,054,467, representing 2.7% of the Portfolio’s net assets.

^(C)  Rates disclosed reflect the yields at March 31, 2017.

^(D)  Illiquid security. At March 31, 2017, value of the illiquid security is $34,000,000, representing 3.7% of the Portfolio’s net assets.

^(E)  Aggregate cost for federal income tax purposes is $920,834,505.

^(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 March 31, 2017. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

The notes are an integral part of this report. Transamerica Partners Portfolios Page    2 March 31, 2017 Form N-Q

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2017

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 33.9%
American Express Credit Account Master Trust
Series 2014-2, Class A,
1.26%, 01/15/2020		$  2,000,000		$  2,000,374
Series 2014-3, Class A,
1.49%, 04/15/2020		1,000,000		1,001,042
Series 2014-4, Class A,
1.43%, 06/15/2020		1,500,000		1,501,079
AmeriCredit Automobile Receivables Trust
Series 2012-4, Class D,
2.68%, 10/09/2018		1,287,320		1,287,549
Series 2013-2, Class C,
1.79%, 03/08/2019		654,555		654,927
Series 2013-3, Class C,
2.38%, 06/10/2019		774,137		776,380
Series 2014-3, Class D,
3.13%, 10/08/2020		1,270,000		1,286,582
Series 2015-4, Class C,
2.88%, 07/08/2021		750,000		756,093
Series 2016-1, Class C,
2.89%, 01/10/2022		950,000		959,555
Series 2016-4, Class B,
1.83%, 12/08/2021		1,000,000		989,769
Series 2017-1, Class C,
2.71%, 08/18/2022		1,000,000		1,003,927
Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class B,
3.04%, 03/20/2019 (A)		850,000		856,427
Series 2014-1A, Class A,
2.46%, 07/20/2020 (A)		1,250,000		1,256,046
Series 2014-1A, Class B,
2.96%, 07/20/2020 (A)		375,000		376,989
Barclays Dryrock Issuance Trust
Series 2016-1, Class A,
1.52%, 05/16/2022		2,000,000		1,982,462
Capital Auto Receivables Asset Trust
Series 2015-4, Class C,
2.89%, 02/22/2021		1,630,000		1,654,514
Series 2016-1, Class B,
2.67%, 12/21/2020		1,000,000		1,013,139
Series 2016-2, Class B,
2.11%, 03/22/2021		1,000,000		1,000,053
Series 2016-3, Class C,
2.35%, 09/20/2021		725,000		716,500
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7,
5.75%, 07/15/2020		1,000,000		1,019,923
Series 2015-A1, Class A1,
1.39%, 01/15/2021		3,800,000		3,798,285
Series 2015-A8, Class A8,
2.05%, 08/15/2023		3,300,000		3,303,523
Series 2016-A3, Class A3,
1.34%, 04/15/2022		2,920,000		2,894,907
Series 2016-A4, Class A4,
1.33%, 06/15/2022		3,350,000		3,314,375
Series 2016-A6, Class A,
1.82%, 09/15/2022		2,015,000		2,013,999
Series 2017-A1, Class A1,
2.00%, 01/17/2023		2,000,000		2,006,597
CarMax Auto Owner Trust
Series 2013-1, Class D,
1.99%, 08/15/2019		1,150,000		1,150,061
Series 2013-2, Class C,
1.61%, 03/15/2019		2,150,000		2,150,608
Series 2015-2, Class C,
2.39%, 03/15/2021		900,000		902,824

	Principal		Value
ASSET-BACKED SECURITIES (continued)
CarMax Auto Owner Trust (continued)
Series 2016-1, Class A3,
1.61%, 11/16/2020		$  2,000,000		$  1,999,454
Chase Issuance Trust
Series 2014-A7, Class A7,
1.38%, 11/15/2019		2,000,000		2,000,944
CIT Equipment Collateral
Series 2014-VT1, Class C,
2.65%, 10/20/2022 (A)		2,000,000		2,002,807
Citibank Credit Card Issuance Trust
Series 2014-A4, Class A4,
1.23%, 04/24/2019		3,900,000		3,900,232
Series 2017-A2, Class A2,
1.74%, 01/19/2021		3,000,000		3,004,774
CLI Funding V LLC
Series 2013-1A, Class NOTE,
2.83%, 03/18/2028 (A)		642,400		617,634
Series 2013-3A, Class A,
3.67%, 11/18/2028 (A)		424,138		410,710
CNH Equipment Trust
Series 2013-D, Class B,
1.75%, 04/15/2021		1,100,000		1,101,202
Series 2014-A, Class A3,
0.84%, 05/15/2019		67,308		67,267
Series 2014-B, Class B,
1.93%, 11/15/2021		1,050,000		1,051,493
Series 2014-C, Class A3,
1.05%, 11/15/2019		1,080,495		1,079,197
Series 2015-A, Class B,
2.14%, 08/15/2022		2,000,000		2,001,453
Series 2015-B, Class A3,
1.37%, 07/15/2020		845,807		845,230
Series 2015-B, Class B,
2.23%, 10/17/2022		1,825,000		1,827,705
Colony American Homes
Series 2015-1A, Class A,
2.14% (B), 07/17/2032 (A)		1,586,053		1,590,593
Diamond Resorts Owner Trust
Series 2013-2, Class A,
2.27%, 05/20/2026 (A)		863,189		860,851
Series 2014-1, Class A,
2.54%, 05/20/2027 (A)		1,010,994		1,010,942
Series 2015-2, Class A,
2.99%, 05/22/2028 (A)		660,441		657,697
Discover Card Execution Note Trust
Series 2014-A5, Class A,
1.39%, 04/15/2020		2,000,000		2,000,983
Series 2015-A4, Class A4,
2.19%, 04/17/2023		3,000,000		3,012,445
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A2,
3.65%, 08/01/2019		742,458		752,942
Ford Credit Auto Owner Trust
Series 2017-A, Class C,
2.41%, 07/15/2023		2,578,000		2,582,807
Ford Credit Floorplan Master Owner Trust
Series 2015-1, Class B,
1.62%, 01/15/2020		1,050,000		1,048,103
Series 2016-5, Class A1,
1.95%, 11/15/2021		3,150,000		3,148,899
Global SC Finance II SRL
Series 2013-1A, Class A,
2.98%, 04/17/2028 (A)		1,018,958		992,075

The notes are an integral part of this report. Transamerica Partners Portfolios Page    1 March 31, 2017 Form N-Q

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Huntington Auto Trust
Series 2016-1, Class A3,
1.59%, 11/16/2020		$  1,835,000		$  1,832,356
MVW Owner Trust
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		1,612,712		1,604,551
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		898,287		885,173
Nissan Master Owner Trust Receivables
Series 2015-A, Class A2,
1.44%, 01/15/2020		2,090,000		2,089,186
Sierra Receivables Funding Co. LLC
Series 2017-1A, Class A,
2.91%, 03/20/2034 (A)		1,200,000		1,207,346
Sierra Timeshare Receivables Funding LLC
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		531,128		532,466
SMART ABS Trust
Series 2013-2US, Class A4A,
1.18%, 02/14/2019		439,629		438,310
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A,
2.22%, 01/15/2022		2,062,000		2,078,990
Toyota Auto Receivables Owner Trust
Series 2017-A, Class A2A,
1.42%, 09/16/2019		1,375,000		1,374,867
Tricon American Homes Trust
Series 2015-SFR1, Class B,
2.59% (B), 05/17/2032 (A)		730,000		729,999
Verizon Owner Trust
Series 2017-1A, Class B,
2.45%, 09/20/2021(A)		1,350,000		1,357,604
World Financial Network Credit Card Master Trust
Series 2012-C, Class M,
3.32%, 08/15/2022		500,000		507,640
Series 2012-D, Class B,
3.34%, 04/17/2023		1,440,000		1,464,024
Series 2013-A, Class A,
1.61%, 12/15/2021		5,000,000		5,007,565
World Omni Auto Receivables Trust
Series 2015-A, Class A4,
1.75%, 04/15/2021		2,450,000		2,451,751
World Omni Automobile Lease Securitization Trust
Series 2015-A, Class B,
1.94%, 12/15/2020		2,030,000		2,032,057
Series 2016-A, Class A4,
1.61%, 01/15/2022		1,000,000		994,717
Total Asset-Backed Securities (Cost $110,056,501)				109,785,550
CORPORATE DEBT SECURITIES - 31.1%
Banks - 5.9%
Bank of America Corp.
6.88%, 04/25/2018, MTN		3,941,000		4,146,850
Citigroup, Inc.
1.70%, 04/27/2018		3,425,000		3,426,452
JPMorgan Chase & Co.
2.55%, 10/29/2020		1,000,000		1,004,456

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
KeyBank NA
1.70%, 06/01/2018		$  1,330,000		$  1,332,026
2.35%, 03/08/2019		2,000,000		2,015,702
Toronto-Dominion Bank
1.75%, 07/23/2018, MTN		3,820,000		3,828,618
Wells Fargo & Co.
2.55%, 12/07/2020, MTN		3,425,000		3,442,368
				19,196,472
Beverages - 0.6%
Anheuser-Busch InBev Finance, Inc.
2.65%, 02/01/2021		2,000,000		2,015,040
Capital Markets - 3.2%
Deutsche Bank AG
1.35%, 05/30/2017		3,365,000		3,363,809
Goldman Sachs Group, Inc.
2.40% (B), 04/23/2021		3,005,000		3,071,080
Morgan Stanley
2.65%, 01/27/2020		4,000,000		4,038,160
				10,473,049
Chemicals - 0.8%
Airgas, Inc.
1.65%, 02/15/2018		2,575,000		2,578,667
Communications Equipment - 0.3%
Cisco Systems, Inc.
2.20%, 02/28/2021		825,000		825,356
Consumer Finance - 4.0%
Ford Motor Credit Co. LLC
2.24%, 06/15/2018		1,500,000		1,505,123
3.34%, 03/18/2021		2,500,000		2,529,350
General Motors Financial Co., Inc.
3.15%, 01/15/2020 (C)		3,080,000		3,132,748
John Deere Capital Corp.
1.25%, 10/09/2019, MTN		2,875,000		2,832,070
PACCAR Financial Corp.
1.75%, 08/14/2018, MTN		760,000		761,963
Toyota Motor Credit Corp.
1.70%, 02/19/2019, MTN		2,025,000		2,028,406
				12,789,660
Diversified Financial Services - 0.8%
Bear Stearns Cos. LLC
7.25%, 02/01/2018		2,500,000		2,612,807
Diversified Telecommunication Services - 2.2%
AT&T, Inc.
2.80%, 02/17/2021		2,215,000		2,221,581
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/2017		1,300,000		1,300,035
Verizon Communications, Inc.
2.14% (B), 03/16/2022		3,650,000		3,683,200
				7,204,816
Energy Equipment & Services - 1.1%
Schlumberger Norge AS
1.25%, 08/01/2017 (A)		3,450,000		3,446,716
Equity Real Estate Investment Trusts - 1.1%
Ventas Realty, LP
1.25%, 04/17/2017		1,000,000		999,994
Ventas Realty, LP / Ventas Capital Corp.
4.00%, 04/30/2019		2,516,000		2,602,264
				3,602,258

The notes are an integral part of this report. Transamerica Partners Portfolios Page    2 March 31, 2017 Form N-Q

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing - 1.1%
CVS Health Corp.
2.80%, 07/20/2020		$  3,500,000		$  3,558,653
Independent Power & Renewable Electricity Producers - 0.9%
Exelon Generation Co. LLC
5.20%, 10/01/2019		2,795,000		2,990,088
Industrial Conglomerates - 0.7%
Honeywell International, Inc.
1.40%, 10/30/2019		2,350,000		2,332,171
Insurance - 0.7%
Metropolitan Life Global Funding I
1.50%, 01/10/2018 (A)		2,200,000		2,196,150
IT Services - 1.0%
Visa, Inc.
2.20%, 12/14/2020		3,075,000		3,084,016
Media - 0.9%
Comcast Cable Communications LLC
8.88%, 05/01/2017		2,880,000		2,895,693
Multi-Utilities - 0.8%
Public Service Co. of Oklahoma
5.15%, 12/01/2019		2,550,000		2,732,509
Oil, Gas & Consumable Fuels - 3.7%
Chevron Corp.
1.72%, 06/24/2018		1,500,000		1,504,816
Husky Energy, Inc.
6.20%, 09/15/2017		2,420,000		2,470,145
Kinder Morgan, Inc.
7.00%, 06/15/2017		3,270,000		3,305,054
Petroleos Mexicanos
3.04% (B), 07/18/2018		3,250,000		3,298,750
Total Capital International SA
1.55%, 06/28/2017		1,500,000		1,501,097
				12,079,862
Pharmaceuticals - 0.4%
Bayer US Finance LLC
1.50%, 10/06/2017 (A)		1,430,000		1,428,814
Semiconductors & Semiconductor Equipment - 0.3%
Altera Corp.
2.50%, 11/15/2018		1,050,000		1,065,431
Technology Hardware, Storage & Peripherals - 0.6%
Hewlett Packard Enterprise Co.
2.85%, 10/05/2018		1,800,000		1,821,688
Total Corporate Debt Securities (Cost $100,807,214)				100,929,916
MORTGAGE-BACKED SECURITIES - 12.0%
Aventura Mall Trust
Series 2013-AVM, Class A,
3.74% (B), 12/05/2032 (A)		1,600,000		1,682,936
Banc of America Commercial Mortgage Trust
Series 2008-1, Class A4,
6.23% (B), 02/10/2051		3,627,273		3,683,943
CGGS Commercial Mortgage Trust
Series 2016-RNDA, Class AFX,
2.76%, 02/10/2033 (A)		1,700,000		1,712,454
COMM Mortgage Trust
Series 2007-C9, Class AMFL,
1.50% (B), 12/10/2049 (A)		4,000,000		3,979,247
Series 2012-LC4, Class A3,
3.07%, 12/10/2044		1,287,982		1,311,701
Series 2013-CR12, Class A1,
1.30%, 10/10/2046		2,456,144		2,448,769

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Core Industrial Trust
Series 2015-TEXW, Class C,
3.73%, 02/10/2034 (A)		$  1,600,000		$  1,634,978
GS Mortgage Securities Corp. Trust
Series 2012-ALOH, Class A,
3.55%, 04/10/2034 (A)		1,616,000		1,690,794
JPMBB Commercial Mortgage Securities Trust
Series 2013-C17, Class A1,
1.25%, 01/15/2047		789,473		788,405
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-LDP2, Class D,
4.94% (B), 07/15/2042		5,000,000		5,001,352
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C9, Class A2,
1.97%, 05/15/2046		2,566,390		2,573,420
Morgan Stanley Capital I Trust
Series 2005-HQ7, Class E,
5.15% (B), 11/14/2042		4,000,000		3,993,279
Series 2014-MP, Class A,
3.47%, 08/11/2033 (A)		1,700,000		1,765,062
Series 2016-UB12, Class A1,
1.78%, 12/15/2049		2,341,795		2,326,720
UBS Commercial Mortgage Trust
Series 2012-C1, Class A3,
3.40%, 05/10/2045		3,170,207		3,298,833
Wachovia Bank Commercial Mortgage Trust
Series 2007-C32, Class A1A,
5.76% (B), 06/15/2049		257,376		257,323
WFRBS Commercial Mortgage Trust
Series 2013-C18, Class A1,
1.19%, 12/15/2046		797,674		795,048
Total Mortgage-Backed Securities (Cost $39,187,752)				38,944,264
U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.6%
Federal Home Loan Mortgage Corp.
2.63% (B), 06/01/2033		965,574		1,013,355
4.50%, 09/01/2026		1,285,224		1,355,291
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
3.97% (B), 01/25/2021		2,000,000		2,126,050
Federal National Mortgage Association
1.95%, 11/01/2020		2,630,000		2,602,525
5.43%, 04/01/2017		73,297		73,166
FREMF Mortgage Trust
2.43% (B), 03/25/2045 (A)		1,820,000		1,819,751
4.26% (B), 01/25/2045 (A)		1,560,000		1,650,898
Government National Mortgage Association
4.53% (B), 12/20/2061		2,078,808		2,157,776
4.65% (B), 11/20/2061		1,123,417		1,156,499
4.67% (B), 09/20/2063		2,291,945		2,364,814
4.73% (B), 02/20/2063		2,414,781		2,506,909
4.75% (B), 02/20/2061		250,015		255,312
4.82% (B), 02/20/2061		249,559		256,323
4.83% (B), 06/20/2063		1,934,470		2,013,621

The notes are an integral part of this report. Transamerica Partners Portfolios Page    3 March 31, 2017 Form N-Q

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
4.86% (B), 05/20/2062		$  1,980,524		$  2,051,824
4.87% (B), 05/20/2061		516,561		531,192
5.27% (B), 11/20/2060		1,632,034		1,708,382
5.31% (B), 04/20/2061		933,443		973,916
5.48% (B), 01/20/2060		3,601,723		3,734,165
5.67% (B), 06/20/2059		532,297		540,599
5.75%, 12/15/2022		282,198		305,182
Total U.S. Government Agency Obligations (Cost $32,820,895)				31,197,550
U.S. GOVERNMENT OBLIGATIONS - 11.0%
U.S. Treasury - 11.0%
U.S. Treasury Note
0.88%, 07/31/2019		19,477,000		19,270,817
1.13%, 02/28/2021		16,775,000		16,366,109
Total U.S. Government Obligations (Cost $36,082,831)				35,636,926
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.74% (D)		2,445,300		2,445,300
Total Securities Lending Collateral (Cost $2,445,300)				2,445,300
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.09% (D), dated 03/31/2017, to be repurchased at $3,045,736 on 04/03/2017. Collateralized by a U.S. Government Obligation, 1.00%, due 09/15/2018, and with a value of $3,107,362.		$  3,045,713		3,045,713
Total Repurchase Agreement (Cost $3,045,713)				3,045,713
Total Investments (Cost $324,446,206) (E)				321,985,219
Net Other Assets (Liabilities) - 0.7%				2,422,335
Net Assets - 100.0%				$  324,407,554

The notes are an integral part of this report. Transamerica Partners Portfolios Page    4 March 31, 2017 Form N-Q

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	109,785,550	$	—	$	109,785,550
Corporate Debt Securities		—		100,929,916		—		100,929,916
Mortgage-Backed Securities		—		38,944,264		—		38,944,264
U.S. Government Agency Obligations		—		31,197,550		—		31,197,550
U.S. Government Obligations		—		35,636,926		—		35,636,926
Securities Lending Collateral		2,445,300		—		—		2,445,300
Repurchase Agreement		—		3,045,713		—		3,045,713
Total Investments	$	2,445,300	$	319,539,919	$	—	$	321,985,219

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the total value of 144A securities is $39,957,710, representing 12.3% of the Portfolio’s net assets.

^(B) Floating or variable rate securities. The rates disclosed are as of March 31, 2017.

^(C) All or a portion of the security is on loan. The value of the security on loan is $2,396,055. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.

^(D) Rates disclosed reflect the yields at March 31, 2017.

^(E) Aggregate cost for federal income tax purposes is $324,446,206. Aggregate gross unrealized appreciation and depreciation for all securities is $671,308 and $3,132,295, respectively. Net unrealized depreciation for tax purposes is $2,460,987.

^(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 March 31, 2017. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

The notes are an integral part of this report. Transamerica Partners Portfolios Page    5 March 31, 2017 Form N-Q

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2017

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 3.0%
Greece - 0.0% (A)
Hellenic Republic Government Bond
0.00% (B) (C), 10/15/2042		EUR  366,000		$  902
Italy - 1.1%
Italy Buoni Poliennali del Tesoro
1.65%, 04/23/2020 (D)		2,280,246		2,547,543
New Zealand - 1.2%
New Zealand Government Bond
2.50%, 09/20/2035 (D)		NZD  1,800,000		1,316,852
3.00%, 09/20/2030 (D)		2,102,000		1,676,918
				2,993,770
United Kingdom - 0.7%
U.K. Gilt Inflation-Linked
0.13%, 03/22/2026 - 11/22/2065 (D)		GBP  981,257		1,626,551
Total Foreign Government Obligations (Cost $7,063,672)				7,168,766
U.S. GOVERNMENT OBLIGATIONS - 96.2%
U.S. Treasury Inflation-Protected Securities - 96.2%
U.S. Treasury Inflation-Indexed Bond
0.63%, 02/15/2043		$  3,247,292		3,018,969
0.75%, 02/15/2042 - 02/15/2045		9,050,842		8,680,612
1.00%, 02/15/2046		3,919,234		3,978,803
1.38%, 02/15/2044		4,599,415		5,070,877
1.75%, 01/15/2028		6,107,614		6,906,154
2.00%, 01/15/2026		4,440,506		5,037,914
2.13%, 02/15/2040 - 02/15/2041		8,111,555		10,262,157
2.38%, 01/15/2025 - 01/15/2027		11,680,490		13,633,086
2.50%, 01/15/2029		5,857,690		7,161,418
3.38%, 04/15/2032		535,376		751,879
3.63%, 04/15/2028		4,653,534		6,185,542
3.88%, 04/15/2029 (E)		7,613,471		10,528,075
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2019 - 07/15/2026		58,716,412		58,656,749
0.13%, 04/15/2020 (E)		14,965,919		15,189,076
0.25%, 01/15/2025		6,422,126		6,367,500
0.38%, 07/15/2023 - 01/15/2027		23,369,043		23,482,602
0.63%, 07/15/2021 - 01/15/2026		18,252,604		18,731,135
0.88%, 02/15/2047		1,946,109		1,916,252
1.13%, 01/15/2021		10,077,892		10,610,912
1.25%, 07/15/2020		5,299,308		5,607,420
1.38%, 01/15/2020		9,905,638		10,434,887
Total U.S. Government Obligations (Cost $229,416,991)				232,212,019
	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED - 0.0% (A)
Call - 10-Year U.S. Treasury Note Futures
Exercise Price $125
Expiration Date 04/21/2017		138		40,969
Put - 10-Year U.S. Treasury Note Futures
Exercise Price $122
Expiration Date 04/21/2017		80		2,500
Total Exchange-Traded Options Purchased (Cost $79,263)				43,469

	Number of Contracts		Value
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.0% (A) (F)
Call - EUR vs. USD
Exercise Price EUR 1
Expiration Date 05/11/2017, DUB		2,290,000		$  11,199
Call - GBP vs. USD
Exercise Price GBP 1
Expiration Date 04/03/2017, DUB		1,925,000		2
Call - USD vs. JPY
Exercise Price $115
Expiration Date 07/07/2017, DUB		4,840,000		31,615
Put - GBP vs. USD
Exercise Price GBP 1
Expiration Date 05/19/2017, GSB		10,580,000		23,529
Total Over-the-Counter Foreign Exchange Options Purchased (Cost $168,593)				66,345
	Notional Amount		Value
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED - 0.2% (F)
Put - Receives Floating Rate Index 3-Month USD-LIBOR
Exercise Rate 2.68%
Expiration Date 01/12/2021, DUB		$  750,000		91,462
Put - Receives Floating Rate Index 3-Month USD-LIBOR
Exercise Rate 3.25%
Expiration Date 01/05/2022, DUB		6,500,000		145,475
Put - Receives Floating Rate Index 6-Month EUR-EURIBOR
Exercise Rate 2.50%
Expiration Date 06/08/2022, DUB		EUR  3,200,000		183,404
Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $660,622)				420,341
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.6%
Money Market Fund - 0.6%
BlackRock Liquidity Funds T-Fund Portfolio		1,576,999		1,576,999
Total Short-Term Investment Company (Cost $1,576,999)				1,576,999
Total Investments (Cost $238,966,140) (G)				241,487,939
Net Other Assets (Liabilities) - (0.0)% (A)				(62,255	)
Net Assets - 100.0%				$  241,425,684

The notes are an integral part of this report. Transamerica Partners Portfolios Page    1 March 31, 2017 Form N-Q

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price		Expiration Date		Number of Contracts	Premiums (Received)				Value
Call - 10-Year U.S. Treasury Note Futures		USD    126.00		04/21/2017	80		$	(6,134	)		$	(6,250	)

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

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount			Premiums (Received)				Value
Call - EUR vs. USD		BNP		EUR	1.09		05/11/2017		EUR	2,290,000		$	(26,469	)		$	(11,391	)
Call - GBP vs. USD		GSB		GBP	1.29		05/19/2017		GBP	3,925,000			(35,648	)			(16,017	)
Put - GBP vs. USD		GSB		GBP	1.17		05/19/2017		GBP	10,580,000			(60,091	)			(6,376	)
Total												$	(122,208	)		$	(33,784	)

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

Description

Counterparty

Initial Index

Floating Rate

Expiration Date

Notional Amount

Premiums (Received)

Value

Call - Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA

DUB

2.50%

HICP Index

04/26/2022

EUR

1,070,000

$

(74,168

)

$

(200

)

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

Description	Counterparty		Floating Rate Index		Floating Rate		Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)				Value
Call - 2-Year		DUB		3-Month USD-LIBOR		Receive		0.90	%		06/07/2018		USD	16,100,000		$	(79,851	)		$	(3,581	)
Call - 2-Year		DUB		3-Month USD-LIBOR		Receive		1.70			03/29/2019		USD	9,710,000			(35,927	)			(34,411	)
Put - 2-Year		DUB		3-Month USD-LIBOR		Pay		1.90			06/07/2018		USD	16,100,000			(68,279	)			(116,618	)
Put - 2-Year		DUB		3-Month USD-LIBOR		Pay		2.70			03/29/2019		USD	9,710,000			(48,550	)			(48,849	)
Put - 20-Year		DUB		6-Month EUR-EURIBOR		Pay		4.50			06/08/2022		EUR	3,200,000			(150,269	)			(32,150	)
Total																$	(382,876	)		$	(235,609	)

CENTRALLY CLEARED SWAP AGREEMENTS: ^(H)

Interest Rate Swap Agreements

Floating Rate Index	Pay/Receive Fixed Rate		Fixed Rate			Expiration Date		Notional Amount			Fair Value				Premiums Paid (Received)				Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		Receive		1.73	%		08/31/2046		USD	215,000		$	(42,531	)		$	(37,686	)		$	(4,845	)
3-Month USD-LIBOR		Pay		1.86			01/09/2020		USD	9,530,000			15,677				—				15,677
3-Month USD-LIBOR		Pay		2.05			08/31/2021		USD	10,270,000			1,461				—				1,461
3-Month USD-LIBOR		Pay		2.45			11/15/2026		USD	1,330,000			(2,331	)			—				(2,331	)
3-Month USD-LIBOR		Receive		2.68			01/07/2027		USD	2,270,000			(10,115	)			—				(10,115	)
6-Month GBP-LIBOR		Pay		1.61			02/15/2047		GBP	4,075,000			(257,117	)			151				(257,268	)
1-Year OIS Federal Funds Rate		Pay		1.68			08/31/2021		USD	2,940,000			9,193				—				9,193
Total												$	(285,763	)		$	(37,535	)		$	(248,228	)

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

Interest Rate Swap Agreements

Floating Rate Index	Counterparty		Pay/Receive Fixed Rate		Fixed Rate			Expiration Date		Notional Amount			Fair Value				Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Eurostat Eurozone HICP ex Tobacco NSA		DUB		Pay		1.47	%		03/15/2027		EUR	490,000		$	(7,447	)		$	—		$	(7,447	)
Eurostat Eurozone HICP ex Tobacco NSA		DUB		Receive		1.97			03/15/2047		EUR	490,000			25,909				—			25,909
U.K. RPI All Items Monthly		CITI		Receive		3.53			02/15/2027		GBP	3,245,000			24,026				—			24,026
U.K. RPI All Items Monthly		DUB		Pay		3.57			03/15/2047		GBP	355,000			(20,095	)			—			(20,095	)
U.K. RPI All Items Monthly		CITI		Receive		3.61			02/15/2047		GBP	2,265,000			213,086				—			213,086
Total														$	235,479			$	—		$	235,479

The notes are an integral part of this report. Transamerica Partners Portfolios Page    2 March 31, 2017 Form N-Q

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

FUTURES CONTRACTS:

Description	Long/ Short	Number of Contracts			Expiration Date		Unrealized Appreciation			Unrealized Depreciation
90-Day Eurodollar	Short		(155	)		12/17/2018		$	7,516		$	—
2-Year U.S. Treasury Note	Short		(62	)		06/30/2017			6,288			—
5-Year U.S. Treasury Note	Long		250			06/30/2017			13,159			—
10-Year Australia Treasury Bond	Short		(4	)		06/15/2017			—			(8,843	)
10-Year U.S. Treasury Bond	Short		(7	)		06/21/2017			1,358			—
10-Year U.S. Treasury Note	Short		(36	)		06/21/2017			—			(1,689	)
Euro OAT	Long		36			06/08/2017			6,257			—
Euro-BTP Italy Government Bond	Long		27			06/08/2017			—			(640	)
Euro-BTP Italy Government Bond	Short		(200	)		06/08/2017			—			(10,550	)
German Euro Bund	Short		(49	)		06/08/2017			—			(12,721	)
German Euro Schatz	Short		(108	)		06/08/2017			7,871			—
U.K. Gilt	Short		(25	)		06/28/2017			—			(30,093	)
U.S. Treasury Bond	Short		(13	)		06/21/2017			13,422			—
U.S. Treasury Bond	Short		(54	)		06/21/2017			—			(22,540	)
Total								$	55,871		$	(87,076	)

FORWARD FOREIGN CURRENCY CONTRACTS: ^(F)

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
ANZ		04/05/2017	AUD	497,000	USD	379,236	$	436	$	—
ANZ		04/05/2017	USD	279,960	NZD	398,000		999		—
BCLY		04/05/2017	USD	693,724	EUR	645,631		4,817		—
BCLY		04/05/2017	USD	1,781,872	GBP	1,433,000		—		(13,739	)
BOA		04/05/2017	USD	619,084	EUR	578,060		3,712		(1,435	)
CBA		05/08/2017	GBP	524,723	USD	659,943		—		(1,930	)
CITI		04/05/2017	USD	380,901	AUD	497,000		1,229		—
CITI		05/08/2017	GBP	970,000	USD	1,212,912		3,488		—
CITI		05/08/2017	USD	519,398	GBP	415,000		—		(1,021	)
CSI		04/05/2017	USD	128,641	EUR	119,000		1,664		—
DUB		05/08/2017	GBP	4,715,277	USD	5,906,928		12,049		(5,923	)
GSB		04/05/2017	USD	204,050	EUR	193,000		—		(1,886	)
HSBC		04/05/2017	USD	7,554	EUR	7,000		85		—
HSBC		04/18/2017	USD	205,107	EUR	191,000		1,185		—
HSBC		05/08/2017	USD	12,159,540	GBP	9,705,000		—		(10,727	)
MSCS		04/05/2017	USD	207,402	EUR	196,000		—		(1,736	)
MSCS		05/08/2017	GBP	2,955,000	USD	3,697,987		7,643		—
NAB		04/05/2017	USD	2,837,330	NZD	3,944,867		72,345		—
RBS		05/08/2017	GBP	935,000	USD	1,171,756		753		—
SSB		04/05/2017	GBP	107,000	USD	131,527		2,549		—
SSB		04/05/2017	USD	299,834	EUR	282,000		—		(1,068	)
SSB		04/18/2017	USD	9,702	EUR	9,000		93		—
Total							$	113,047	$	(39,465	)

The notes are an integral part of this report. Transamerica Partners Portfolios Page    3 March 31, 2017 Form N-Q

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Foreign Government Obligations	$	—		$	7,168,766		$	—	$	7,168,766
U.S. Government Obligations		—			232,212,019			—		232,212,019
Exchange-Traded Options Purchased		43,469			—			—		43,469
Over-the-Counter Foreign Exchange Options Purchased		—			66,345			—		66,345
Over-the-Counter Interest Rate Swaptions Purchased		—			420,341			—		420,341
Short-Term Investment Company		1,576,999			—			—		1,576,999
Total Investments	$	1,620,468		$	239,867,471		$	—	$	241,487,939
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	26,331		$	—	$	26,331
Over-the-Counter Interest Rate Swap Agreements		—			263,021			—		263,021
Futures Contracts (J)		55,871			—			—		55,871
Forward Foreign Currency Contracts (J)		—			113,047			—		113,047
Total Other Financial Instruments	$	55,871		$	402,399		$	—	$	458,270
LIABILITIES
Other Financial Instruments
Exchange-Traded Options Written	$	(6,250	)	$	—		$	—	$	(6,250	)
Over-the-Counter Foreign Exchange Options Written		—			(33,784	)		—		(33,784	)
Over-the-Counter Inflation-Capped Options Written		—			(200	)		—		(200	)
Over-the-Counter Interest Rate Swaptions Written		—			(235,609	)		—		(235,609	)
Centrally Cleared Interest Rate Swap Agreements		—			(312,094	)		—		(312,094	)
Over-the-Counter Interest Rate Swap Agreements		—			(27,542	)		—		(27,542	)
Futures Contracts (J)		(87,076	)		—			—		(87,076	)
Forward Foreign Currency Contracts (J)		—			(39,465	)		—		(39,465	)
Total Other Financial Instruments	$	(93,326	)	$	(648,694	)	$	—	$	(742,020	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

^(B)  Floating or variable rate security. The rate disclosed is as of March 31, 2017.

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

^(D)  Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2017, the total value of Regulation S securities is $7,167,864, representing 3.0% of the Portfolio’s net assets.

^(E)  All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of all securities segregated as collateral to cover margin requirements for open futures contracts is $550,685.

^(F)  Cash in the amount of $280,000 has been segregated by the broker as collateral for open over-the-counter options, swap agreements, swaptions and/or forward foreign currency contracts.

^(G)  Aggregate cost for federal income tax purposes is $238,966,140. Aggregate gross unrealized appreciation and depreciation for all securities is $4,180,281 and $1,658,482, respectively. Net unrealized appreciation for tax purposes is $2,521,799.

^(H)  Cash in the amount of $950,220 has been segregated by the custodian as collateral for centrally cleared swap agreements.

^(I)  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 March 31, 2017. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

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

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NZD	New Zealand Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

ANZ	Australia & New Zealand Banking Group
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America, N.A.
CBA	Commonwealth Bank of Australia
CITI	Citibank N.A.
CSI	Credit Suisse International
DUB	Deutsche Bank AG

The notes are an integral part of this report. Transamerica Partners Portfolios Page    4 March 31, 2017 Form N-Q

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

COUNTERPARTY ABBREVIATIONS (continued):

GSB	Goldman Sachs Bank
HSBC	HSBC Bank USA
MSCS	Morgan Stanley Capital Services Inc.
NAB	National Australia Bank
RBS	Royal Bank of Scotland PLC
SSB	State Street Bank & Trust Co.

PORTFOLIO ABBREVIATIONS:

BTP	Buoni del Tesoro Poliennali (Italian Treasury Bonds)
HICP	Harmonized Indices of Consumer Prices
LIBOR	London Interbank Offered Rate
NSA	Not Seasonally Adjusted
OAT	Obligations Assimilables du Tresor (Treasury Obligations)
OIS	Overnight Indexed Swap
RPI	Retail Price Index
Schatz	Bundesschatzanweisungen (German Federal Government 2-Year Securities)

The notes are an integral part of this report. Transamerica Partners Portfolios Page    5 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2017

(unaudited)

	Shares		Value
COMMON STOCKS - 60.2%
Aerospace & Defense - 0.9%
General Dynamics Corp.		2,829		$  529,589
L3 Technologies, Inc.		1,073		177,356
Northrop Grumman Corp.		1,177		279,938
Textron, Inc.		1,097		52,206
United Technologies Corp.		3,548		398,121
				1,437,210
Air Freight & Logistics - 0.1%
FedEx Corp.		470		91,721
United Parcel Service, Inc., Class B		771		82,728
				174,449
Airlines - 0.5%
Delta Air Lines, Inc.		6,705		308,162
United Continental Holdings, Inc. (A)		6,029		425,888
				734,050
Auto Components - 0.3%
Delphi Automotive PLC, Class A		3,673		295,640
Lear Corp.		681		96,416
				392,056
Automobiles - 0.3%
Ford Motor Co.		4,128		48,050
General Motors Co.		11,410		403,457
				451,507
Banks - 3.6%
Bank of America Corp.		68,497		1,615,844
BB&T Corp.		4,090		182,823
Citigroup, Inc.		25,179		1,506,208
KeyCorp		19,736		350,906
PNC Financial Services Group, Inc.		950		114,228
Regions Financial Corp.		8,382		121,790
SVB Financial Group (A)		475		88,393
Wells Fargo & Co.		28,824		1,604,344
Zions Bancorporation		1,648		69,216
				5,653,752
Beverages - 1.9%
Coca-Cola Co.		11,702		496,633
Constellation Brands, Inc., Class A		3,205		519,434
Dr Pepper Snapple Group, Inc.		838		82,057
Molson Coors Brewing Co., Class B		5,622		538,082
PepsiCo, Inc.		12,419		1,389,189
				3,025,395
Biotechnology - 1.7%
Alexion Pharmaceuticals, Inc. (A)		2,045		247,936
Biogen, Inc. (A)		2,432		664,958
BioMarin Pharmaceutical, Inc. (A)		449		39,413
Celgene Corp. (A)		6,065		754,668
Gilead Sciences, Inc.		8,633		586,353
Vertex Pharmaceuticals, Inc. (A)		2,472		270,313
				2,563,641

	Shares		Value
COMMON STOCKS (continued)
Building Products - 0.4%
Allegion PLC		3,099		$  234,595
Johnson Controls International PLC		1,994		83,987
Lennox International, Inc.		290		48,517
Masco Corp.		7,382		250,914
				618,013
Capital Markets - 2.0%
Ameriprise Financial, Inc.		740		95,963
Bank of New York Mellon Corp.		11,841		559,251
BlackRock, Inc., Class A		335		128,476
Charles Schwab Corp.		15,031		613,415
Goldman Sachs Group, Inc.		406		93,266
Intercontinental Exchange, Inc.		6,418		384,246
Morgan Stanley		18,721		802,008
State Street Corp.		3,238		257,777
TD Ameritrade Holding Corp.		3,220		125,129
				3,059,531
Chemicals - 1.2%
Dow Chemical Co.		5,159		327,803
E.I. du Pont de Nemours & Co.		9,855		791,652
Eastman Chemical Co.		6,327		511,222
Mosaic Co.		9,511		277,531
				1,908,208
Communications Equipment - 0.2%
Cisco Systems, Inc.		10,781		364,398
Construction & Engineering - 0.1%
Fluor Corp.		1,698		89,349
Construction Materials - 0.0% (B)
Martin Marietta Materials, Inc.		278		60,673
Consumer Finance - 0.6%
American Express Co.		2,710		214,388
Capital One Financial Corp.		4,585		397,336
Discover Financial Services		5,031		344,070
				955,794
Containers & Packaging - 0.3%
Crown Holdings, Inc. (A)		3,345		177,118
Sealed Air Corp., Class A		1,795		78,226
WestRock Co.		4,353		226,486
				481,830
Diversified Financial Services - 0.9%
Berkshire Hathaway, Inc., Class B (A)		7,980		1,330,106
Voya Financial, Inc.		122		4,631
				1,334,737
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		23,384		971,605
CenturyLink, Inc.		2,377		56,026
Verizon Communications, Inc.		8,782		428,123
				1,455,754
Electric Utilities - 1.4%
Edison International		6,236		496,448
NextEra Energy, Inc.		5,643		724,392
PG&E Corp.		6,927		459,676
Pinnacle West Capital Corp.		2,290		190,940
Xcel Energy, Inc.		8,566		380,758
				2,252,214

The notes are an integral part of this report. Transamerica Partners Portfolios Page    1 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment - 0.3%
Eaton Corp. PLC		6,092		$  451,722
Electronic Equipment, Instruments & Components - 0.4%
TE Connectivity, Ltd.		7,882		587,603
Energy Equipment & Services - 0.4%
Halliburton Co.		4,071		200,334
Schlumberger, Ltd.		5,170		403,777
				604,111
Equity Real Estate Investment Trusts - 1.4%
AvalonBay Communities, Inc.		2,069		379,868
Brixmor Property Group, Inc.		2,039		43,757
Camden Property Trust		330		26,552
Equinix, Inc.		604		241,823
Essex Property Trust, Inc.		370		85,666
HCP, Inc.		4,630		144,826
Kimco Realty Corp.		6,938		153,260
Liberty Property Trust, Series C		1,831		70,585
Macerich Co., Class A		269		17,324
Prologis, Inc., Class A		4,495		233,201
Public Storage		716		156,740
Regency Centers Corp.		979		64,996
Simon Property Group, Inc.		1,586		272,840
SL Green Realty Corp.		1,178		125,598
Spirit Realty Capital, Inc.		3,621		36,681
STORE Capital Corp.		3,744		89,407
				2,143,124
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.		3,343		560,588
CVS Health Corp.		1,270		99,695
Kroger Co.		4,215		124,300
Wal-Mart Stores, Inc.		1,139		82,099
Walgreens Boots Alliance, Inc.		8,813		731,920
				1,598,602
Food Products - 0.8%
Archer-Daniels-Midland Co.		3,445		158,608
J.M. Smucker, Co.		286		37,489
Kraft Heinz Co.		3,776		342,898
Mondelez International, Inc., Class A		16,115		694,234
				1,233,229
Health Care Equipment & Supplies - 1.1%
Abbott Laboratories		11,640		516,932
Becton Dickinson and Co.		1,012		185,641
Boston Scientific Corp. (A)		24,481		608,843
Cooper Cos., Inc.		243		48,573
Danaher Corp.		2,753		235,464
Zimmer Biomet Holdings, Inc., Class A		1,124		137,252
				1,732,705
Health Care Providers & Services - 1.5%
Aetna, Inc.		4,071		519,256
Cigna Corp.		1,156		169,342
HCA Holdings, Inc. (A)		588		52,326
Humana, Inc., Class A		1,743		359,302
UnitedHealth Group, Inc.		7,788		1,277,310
				2,377,536

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure - 0.6%
Royal Caribbean Cruises, Ltd., Class A		2,710		$  265,878
Starbucks Corp.		10,528		614,730
Yum! Brands, Inc.		144		9,202
				889,810
Household Durables - 0.3%
D.R. Horton, Inc.		4,581		152,593
Newell Brands, Inc.		1,005		47,406
PulteGroup, Inc.		6,902		162,542
Toll Brothers, Inc. (A)		1,480		53,443
				415,984
Household Products - 1.0%
Kimberly-Clark Corp.		4,650		612,080
Procter & Gamble Co.		10,392		933,721
				1,545,801
Industrial Conglomerates - 1.7%
General Electric Co.		47,417		1,413,027
Honeywell International, Inc.		9,222		1,151,551
				2,564,578
Insurance - 1.6%
American International Group, Inc.		6,596		411,788
Arthur J. Gallagher & Co.		5,453		308,313
Chubb, Ltd.		4,195		571,569
Everest Re Group, Ltd.		363		84,873
Hartford Financial Services Group, Inc.		1,840		88,449
MetLife, Inc.		16,160		853,571
XL Group, Ltd.		3,532		140,785
				2,459,348
Internet & Catalog Retail - 0.0% (B)
TripAdvisor, Inc. (A)		1,060		45,750
Internet & Direct Marketing Retail - 1.1%
Amazon.com, Inc. (A)		1,973		1,749,143
Internet Software & Services - 3.1%
Alphabet, Inc., Class A (A)		1,696		1,437,869
Alphabet, Inc., Class C (A)		1,781		1,477,446
Facebook, Inc., Class A (A)		13,464		1,912,561
				4,827,876
IT Services - 2.3%
Accenture PLC, Class A		10,075		1,207,791
Automatic Data Processing, Inc.		900		92,151
Cognizant Technology Solutions Corp., Class A (A)		2,176		129,516
Fidelity National Information Services, Inc.		5,566		443,165
International Business Machines Corp.		840		146,278
Mastercard, Inc., Class A		580		65,233
Vantiv, Inc., Class A (A)		1,453		93,166
Visa, Inc., Class A		13,553		1,204,455
WEX, Inc. (A)		1,613		166,945
				3,548,700
Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		3,349		177,062
Illumina, Inc. (A)		1,409		240,432
Thermo Fisher Scientific, Inc.		1,736		266,649
				684,143
Machinery - 1.1%
Cummins, Inc.		1,423		215,158
Deere & Co.		800		87,088

The notes are an integral part of this report. Transamerica Partners Portfolios Page    2 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Fortive Corp.		672		$  40,468
Ingersoll-Rand PLC		3,017		245,342
PACCAR, Inc.		3,026		203,347
Parker-Hannifin Corp.		629		100,841
Pentair PLC		600		37,668
Snap-on, Inc.		1,625		274,089
Stanley Black & Decker, Inc.		4,290		570,012
				1,774,013
Media - 2.8%
Charter Communications, Inc., Class A (A)		2,544		832,702
Comcast Corp., Class A		29,502		1,108,980
DISH Network Corp., Class A (A)		4,938		313,514
Sirius XM Holdings, Inc. (C)		20,459		105,364
Time Warner, Inc.		3,489		340,910
Twenty-First Century Fox, Inc., Class A		32,394		1,049,242
Walt Disney Co.		5,672		643,148
				4,393,860
Metals & Mining - 0.1%
Alcoa Corp.		1,970		67,768
Newmont Mining Corp.		2,203		72,611
				140,379
Multi-Utilities - 0.5%
Ameren Corp.		6,910		377,217
CMS Energy Corp.		5,701		255,063
NiSource, Inc., Class B		4,170		99,204
				731,484
Multiline Retail - 0.2%
Dollar General Corp.		3,667		255,700
Macy’s, Inc.		1,490		44,163
				299,863
Oil, Gas & Consumable Fuels - 3.6%
Anadarko Petroleum Corp., Class A		5,720		354,640
Apache Corp.		1,805		92,759
Cabot Oil & Gas Corp.		8,445		201,920
Chevron Corp.		6,788		728,827
Concho Resources, Inc. (A)		1,306		167,612
Diamondback Energy, Inc. (A)		3,629		376,382
EOG Resources, Inc.		6,005		585,788
EQT Corp.		4,388		268,107
Exxon Mobil Corp.		16,719		1,371,125
Kinder Morgan, Inc.		6,930		150,658
Marathon Petroleum Corp.		1,548		78,236
Occidental Petroleum Corp.		6,344		401,956
Pioneer Natural Resources Co.		3,453		643,052
Valero Energy Corp.		2,106		139,607
				5,560,669
Pharmaceuticals - 3.6%
Allergan PLC		3,542		846,255
Bristol-Myers Squibb Co.		16,164		878,998
Eli Lilly & Co.		9,226		775,999
Johnson & Johnson		7,538		938,858
Merck & Co., Inc.		8,685		551,845
Pfizer, Inc.		44,805		1,532,779
				5,524,734

	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 0.9%
Canadian Pacific Railway, Ltd.		1,721		$  252,849
Norfolk Southern Corp.		1,460		163,476
Union Pacific Corp.		9,614		1,018,315
				1,434,640
Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc., Class A		9,207		754,514
Broadcom, Ltd.		5,218		1,142,533
Lam Research Corp.		866		111,160
Microchip Technology, Inc.		2,150		158,627
NVIDIA Corp.		1,290		140,520
QUALCOMM, Inc.		840		48,165
Texas Instruments, Inc.		12,615		1,016,264
				3,371,783
Software - 2.8%
Adobe Systems, Inc. (A)		8,400		1,093,092
Microsoft Corp.		46,732		3,077,770
Oracle Corp.		2,410		107,510
Snap, Inc., Class A (A) (C)		2,300		51,819
Workday, Inc., Class A (A)		1,097		91,358
				4,421,549
Specialty Retail - 2.4%
AutoZone, Inc. (A)		40		28,922
Best Buy Co., Inc.		3,600		176,940
Home Depot, Inc.		8,053		1,182,422
Lowe’s Cos., Inc.		10,302		846,928
O’Reilly Automotive, Inc. (A)		1,437		387,760
Ross Stores, Inc.		3,359		221,257
TJX Cos., Inc.		10,714		847,263
				3,691,492
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.		25,915		3,722,949
Hewlett Packard Enterprise Co.		4,122		97,691
HP, Inc.		23,670		423,220
				4,243,860
Textiles, Apparel & Luxury Goods - 0.2%
NIKE, Inc., Class B		3,940		219,576
PVH Corp.		363		37,560
				257,136
Tobacco - 0.8%
Altria Group, Inc.		3,960		282,823
Philip Morris International, Inc.		6,860		774,494
Reynolds American, Inc., Class A		3,725		234,750
				1,292,067
Wireless Telecommunication Services - 0.0% (B)
T-Mobile US, Inc. (A)		928		59,940
Total Common Stocks (Cost $81,310,824)				93,669,795
PREFERRED STOCKS - 0.2%
Banks - 0.1%
Citigroup Capital XIII
7.41% (D)		3,392		90,397
Capital Markets - 0.0% (B)
State Street Corp.
Series D, 5.90% (D)		1,536		41,411

The notes are an integral part of this report. Transamerica Partners Portfolios Page    3 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Shares		Value
PREFERRED STOCKS (continued)
Electric Utilities - 0.0% (B)
SCE Trust III
Series H, 5.75% (D)		320		$  8,704
Thrifts & Mortgage Finance - 0.1%
Federal Home Loan Mortgage Corp.
Series Z, 8.38% (A) (D)		14,925		93,281
Federal National Mortgage Association
Series O, 0.00% (A) (D) (E)		600		6,750
Series S, 8.25% (A) (D)		10,800		71,172
				171,203
Total Preferred Stocks (Cost $814,042)				311,715
	Principal		Value
ASSET-BACKED SECURITIES - 2.7%
American Tower Trust #1
Series 2013-1A, Class 1A,
1.55%, 03/15/2043 (F)		$  200,000		199,517
Avis Budget Rental Car Funding AESOP LLC
Series 2013-1A, Class A,
1.92%, 09/20/2019 (F)		100,000		99,985
BlueMountain CLO, Ltd.
Series 2015-2A, Class A1,
2.45% (D), 07/18/2027 (F)		235,000		235,479
BXG Receivables Note Trust
Series 2015-A, Class A,
2.88%, 05/02/2030 (F)		99,092		97,754
Hertz Vehicle Financing LLC
Series 2016-3A, Class A,
2.27%, 07/25/2020 (F)		110,000		109,157
ICG US CLO, Ltd.
Series 2014-1A, Class A1,
2.18% (D), 04/20/2026 (F)		235,000		234,281
JGWPT XXVI LLC
Series 2012-2A, Class A,
3.84%, 10/15/2059 (F)		185,539		181,368
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (F)		76,700		76,065
Series 2016-1A, Class A,
2.25%, 12/20/2033 (F)		89,829		88,517
New Residential Advanced Receivables Trust
Series 2017-T1, Class AT1,
3.21%, 02/15/2051 (F)		100,000		99,335
New Residential Mortgage Loan Trust
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (F)		196,565		202,703
NRZ Advance Receivables Trust
Series 2016-T4, Class AT4,
3.11%, 12/15/2050 (F)		300,000		298,394
OCP CLO, Ltd.
Series 2015-8A, Class A1,
2.55% (D), 04/17/2027 (F)		220,000		220,254
Ocwen Master Advance Receivables Trust
Series 2015-T3, Class AT3,
3.21%, 11/15/2047 (F)		290,000		289,828
Palmer Square CLO, Ltd.
Series 2015-2A, Class A1A,
2.53% (D), 07/20/2027 (F)		250,000		250,115

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SBA Tower Trust
Series 2014-1A, Class C,
2.90% (D), 10/15/2044 (F)		$  380,000		$  381,181
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B,
2.70%, 10/20/2030 (F)		23,186		23,229
Series 2014-1A, Class A,
2.07%, 03/20/2030 (F)		52,700		52,649
Series 2014-2A, Class A,
2.05%, 06/20/2031 (F)		45,515		45,443
Series 2015-1A, Class A,
2.40%, 03/22/2032 (F)		37,472		37,567
Series 2015-1A, Class B,
3.05%, 03/22/2032 (F)		39,101		39,323
Series 2016-2A, Class A,
2.33%, 07/20/2033 (F)		72,768		72,755
Silverleaf Finance XVIII LLC
Series 2014-A, Class A,
2.81%, 01/15/2027 (F)		45,049		44,947
SolarCity LMC Series III LLC
Series 2014-2, Class A,
4.02%, 07/20/2044 (F)		139,104		134,624
SpringCastle America Funding LLC
Series 2016-AA, Class A,
3.05%, 04/25/2029 (F)		130,374		131,173
Towd Point Mortgage Trust
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (F)		206,935		206,741
Trafigura Securitisation Finance PLC
Series 2014-1A, Class A,
1.86% (D), 10/15/2018 (F)		290,000		289,742
VSE VOI Mortgage LLC
Series 2016-A, Class A,
2.54%, 07/20/2033 (F)		85,306		84,960
Total Asset-Backed Securities (Cost $4,248,799)				4,227,086
CORPORATE DEBT SECURITIES - 15.5%
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		54,000		57,868
5.10%, 01/15/2044		49,000		52,735
				110,603
Airlines - 0.6%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		130,183		127,342
3.70%, 04/01/2028		159,371		160,168
Delta Air Lines Pass-Through Trust
6.82%, 02/10/2024		251,406		290,374
United Airlines Pass-Through Trust
3.75%, 03/03/2028		274,136		278,270
				856,154
Auto Components - 0.1%
BorgWarner, Inc.
3.38%, 03/15/2025		105,000		104,412
Automobiles - 0.1%
Ford Motor Co.
4.35%, 12/08/2026		150,000		152,959
General Motors Co.
4.88%, 10/02/2023		30,000		32,007
6.25%, 10/02/2043		20,000		22,027
				206,993

The notes are an integral part of this report. Transamerica Partners Portfolios Page    4 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 2.9%
Bank of America Corp.
3.30%, 01/11/2023, MTN		$  121,000		$  121,751
4.10%, 07/24/2023		60,000		62,848
4.45%, 03/03/2026, MTN		45,000		46,150
5.75%, 12/01/2017		75,000		76,978
Bank One Corp.
8.00%, 04/29/2027		65,000		84,927
Barclays Bank PLC
10.18%, 06/12/2021 (F)		390,000		489,076
BNP Paribas SA
6.75% (D), 03/14/2022 (C) (F) (G)		200,000		202,250
Branch Banking & Trust Co.
3.80%, 10/30/2026		110,000		114,268
Citigroup, Inc.
1.70%, 04/27/2018		203,000		203,086
2.48% (D), 09/01/2023		165,000		169,669
6.68%, 09/13/2043		20,000		25,464
Commerzbank AG
8.13%, 09/19/2023 (F)		255,000		298,636
Cooperatieve Rabobank UA
11.00% (D), 06/30/2019 (F) (G)		405,000		472,837
Discover Bank
3.45%, 07/27/2026		250,000		239,984
First Horizon National Corp.
3.50%, 12/15/2020		110,000		113,027
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (F)		65,000		61,148
JPMorgan Chase & Co.
2.55%, 10/29/2020		248,000		249,105
3.25%, 09/23/2022		239,000		243,362
4.85%, 02/01/2044		20,000		22,103
6.75% (D), 02/01/2024 (G)		13,000		14,332
Nordea Bank AB
4.25%, 09/21/2022 (F)		470,000		489,254
Royal Bank of Scotland Group PLC
6.00%, 12/19/2023		65,000		68,705
6.40%, 10/21/2019		60,000		65,378
Toronto-Dominion Bank
3.63% (D), 09/15/2031		150,000		146,887
Wells Fargo & Co.
2.13%, 04/22/2019		95,000		95,362
4.10%, 06/03/2026, MTN		137,000		139,875
4.13%, 08/15/2023		92,000		96,367
5.38%, 11/02/2043		67,000		74,612
5.90% (D), 06/15/2024 (G)		43,000		44,896
				4,532,337
Beverages - 0.5%
Anheuser-Busch InBev Finance, Inc.
3.65%, 02/01/2026		27,000		27,302
4.90%, 02/01/2046		194,000		209,660
Constellation Brands, Inc.
3.70%, 12/06/2026		52,000		51,947
Molson Coors Brewing Co.
2.10%, 07/15/2021		130,000		126,945
3.00%, 07/15/2026		64,000		60,860
4.20%, 07/15/2046		21,000		19,665
Pernod Ricard SA
5.75%, 04/07/2021 (F)		300,000		333,680
				830,059
Biotechnology - 0.4%
AbbVie, Inc.
3.20%, 05/14/2026		128,000		123,043

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology (continued)
Amgen, Inc.
4.40%, 05/01/2045		$  31,000		$  30,090
Biogen, Inc.
4.05%, 09/15/2025		110,000		113,986
Celgene Corp.
5.00%, 08/15/2045		226,000		236,558
Gilead Sciences, Inc.
2.95%, 03/01/2027		149,000		141,313
4.15%, 03/01/2047		31,000		28,910
				673,900
Capital Markets - 1.5%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		205,000		211,413
7.30%, 06/28/2019		160,000		177,908
Credit Suisse Group Funding Guernsey, Ltd.
3.80%, 06/09/2023		80,000		80,327
Deutsche Bank AG
2.36% (D), 08/20/2020		70,000		70,350
6.00%, 09/01/2017		55,000		55,909
Goldman Sachs Group, Inc.
5.75%, 01/24/2022		155,000		174,356
6.25%, 02/01/2041		20,000		25,117
6.75%, 10/01/2037		75,000		92,545
Macquarie Group, Ltd.
6.25%, 01/14/2021 (F)		230,000		255,439
Morgan Stanley
5.00%, 11/24/2025		220,000		236,232
5.75%, 01/25/2021		280,000		310,816
Oaktree Capital Management, LP
6.75%, 12/02/2019 (F)		175,000		193,789
State Street Corp.
2.13% (D), 06/01/2077		11,000		9,639
UBS AG
7.63%, 08/17/2022		250,000		289,050
UBS Group Funding Switzerland AG
4.25%, 03/23/2028 (F)		200,000		202,866
				2,385,756
Chemicals - 0.1%
LyondellBasell Industries NV
5.00%, 04/15/2019		60,000		63,193
Monsanto Co.
4.40%, 07/15/2044		110,000		106,913
				170,106
Commercial Services & Supplies - 0.2%
ERAC USA Finance LLC
3.85%, 11/15/2024 (F)		140,000		142,712
Hutchison Whampoa International 14, Ltd.
1.63%, 10/31/2017 (F)		200,000		199,815
				342,527
Communications Equipment - 0.2%
Harris Corp.
5.55%, 10/01/2021		205,000		227,641
Construction & Engineering - 0.1%
SBA Tower Trust
2.24%, 04/15/2043 (F)		65,000		65,008
2.88%, 07/15/2046 (F)		58,000		57,659
				122,667

The notes are an integral part of this report. Transamerica Partners Portfolios Page    5 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction Materials - 0.3%
LafargeHolcim Finance US LLC
4.75%, 09/22/2046 (F)		$  200,000		$  200,218
Martin Marietta Materials, Inc.
4.25%, 07/02/2024		200,000		206,521
				406,739
Consumer Finance - 0.3%
Ally Financial, Inc.
3.50%, 01/27/2019		60,000		60,450
4.13%, 03/30/2020		120,000		122,400
American Express Co.
4.05%, 12/03/2042		50,000		49,026
BMW US Capital LLC
2.80%, 04/11/2026 (F)		82,857		79,548
Discover Financial Services
3.75%, 03/04/2025		193,000		189,336
				500,760
Containers & Packaging - 0.1%
International Paper Co.
4.75%, 02/15/2022		96,000		104,275
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		64,814		66,596
				170,871
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College
3.62%, 10/01/2037		15,000		15,024
Diversified Financial Services - 0.0%
Kaupthing ehf
7.63%, 02/28/2020 (F) (H) (I) (J)		710,000		—	(K)
Diversified Telecommunication Services - 0.7%
AT&T, Inc.
3.00%, 06/30/2022		255,000		253,673
3.40%, 05/15/2025		130,000		125,570
4.35%, 06/15/2045		70,000		61,613
4.60%, 02/15/2021		67,000		71,278
5.00%, 03/01/2021		34,000		36,682
GTP Acquisition Partners I LLC
2.35%, 06/15/2045 (F)		40,000		39,487
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 (C)		54,000		51,503
Sprint Capital Corp.
6.88%, 11/15/2028		24,000		25,350
Verizon Communications, Inc.
3.45%, 03/15/2021		70,000		71,898
4.50%, 09/15/2020		42,000		44,704
5.15%, 09/15/2023		155,000		170,593
5.50%, 03/16/2047		187,000		196,003
				1,148,354
Electric Utilities - 0.5%
Appalachian Power Co.
3.40%, 06/01/2025		110,000		111,211
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		43,000		49,067
8.88%, 11/15/2018		9,000		9,971
Duke Energy Corp.
3.75%, 04/15/2024 - 09/01/2046		226,000		204,334
Entergy Arkansas, Inc.
3.70%, 06/01/2024		61,000		63,658

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Jersey Central Power & Light Co.
7.35%, 02/01/2019		$  35,000		$  38,110
Niagara Mohawk Power Corp.
4.88%, 08/15/2019 (F)		65,000		69,346
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		12,000		12,786
5.30%, 06/01/2042		25,000		29,748
PacifiCorp
3.60%, 04/01/2024		130,000		134,937
5.75%, 04/01/2037		25,000		30,553
				753,721
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp.
3.00%, 12/21/2020 (F)		100,000		102,253
Schlumberger Investment SA
3.65%, 12/01/2023		33,000		34,421
Weatherford International, Ltd.
5.95%, 04/15/2042		35,000		30,450
				167,124
Equity Real Estate Investment Trusts - 0.9%
CBL & Associates, LP
5.25%, 12/01/2023 (C)		144,000		140,381
EPR Properties
4.50%, 04/01/2025		225,000		224,744
HCP, Inc.
3.40%, 02/01/2025		85,000		82,395
Hospitality Properties Trust
5.00%, 08/15/2022		174,000		185,338
Kilroy Realty, LP
4.25%, 08/15/2029		265,000		268,530
Realty Income Corp.
3.88%, 07/15/2024		190,000		195,183
Simon Property Group, LP
3.38%, 10/01/2024		280,000		282,239
VEREIT Operating Partnership, LP
3.00%, 02/06/2019		60,000		60,192
				1,439,002
Food & Staples Retailing - 0.3%
CVS Health Corp.
2.13%, 06/01/2021		182,000		178,520
5.30%, 12/05/2043		14,000		15,651
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		41,000		40,999
4.30%, 04/22/2044		60,000		63,351
Walgreens Boots Alliance, Inc.
3.30%, 11/18/2021		135,000		138,498
				437,019
Food Products - 0.2%
Bunge, Ltd. Finance Corp.
3.25%, 08/15/2026		129,000		124,679
Kraft Heinz Foods Co.
4.38%, 06/01/2046		44,000		41,290
4.88%, 02/15/2025 (F)		75,000		80,173
Tyson Foods, Inc.
3.95%, 08/15/2024		68,000		69,344
				315,486
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories
3.75%, 11/30/2026		83,553		83,448

The notes are an integral part of this report. Transamerica Partners Portfolios Page    6 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Becton Dickinson and Co.
2.68%, 12/15/2019		$  70,000		$  70,997
Boston Scientific Corp.
2.65%, 10/01/2018		56,000		56,552
Medtronic, Inc.
4.63%, 03/15/2045		117,000		125,624
				336,621
Health Care Providers & Services - 0.2%
Anthem, Inc.
1.88%, 01/15/2018		76,000		76,058
2.30%, 07/15/2018		104,000		104,463
3.30%, 01/15/2023		25,000		25,215
3.70%, 08/15/2021		8,000		8,287
Coventry Health Care, Inc.
5.45%, 06/15/2021		66,000		73,057
Tenet Healthcare Corp.
6.25%, 11/01/2018		55,000		57,716
UnitedHealth Group, Inc.
3.38%, 11/15/2021		19,000		19,750
				364,546
Household Durables - 0.1%
D.R. Horton, Inc.
4.38%, 09/15/2022		94,000		98,940
Industrial Conglomerates - 0.4%
General Electric Co.
5.00% (D), 01/21/2021 (G)		555,000		585,525
6.88%, 01/10/2039, MTN		20,000		28,400
				613,925
Insurance - 0.7%
American International Group, Inc.
8.18% (D), 05/15/2068		26,000		33,800
CNA Financial Corp.
5.88%, 08/15/2020		90,000		99,836
Enstar Group, Ltd.
4.50%, 03/10/2022		46,000		46,579
Fidelity National Financial, Inc.
5.50%, 09/01/2022		60,000		63,362
Lincoln National Corp.
8.75%, 07/01/2019		46,000		52,508
Metropolitan Life Global Funding I
1.30%, 04/10/2017 (F)		195,000		195,003
OneBeacon US Holdings, Inc.
4.60%, 11/09/2022		80,000		81,282
Pacific Life Insurance Co.
9.25%, 06/15/2039 (F)		126,000		195,857
Reinsurance Group of America, Inc.
3.80% (D), 12/15/2065		291,000		266,265
				1,034,492
IT Services - 0.0% (B)
Mastercard, Inc.
3.38%, 04/01/2024		33,000		34,124
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.
2.40%, 02/01/2019		133,000		134,122
2.95%, 09/19/2026		76,000		72,361
				206,483

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd.
2.13%, 04/27/2020 (F)		$  200,000		$  196,448
Media - 0.3%
CBS Corp.
5.75%, 04/15/2020		85,000		93,318
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		100,000		104,000
Comcast Corp.
5.88%, 02/15/2018		116,000		120,406
NBCUniversal Media LLC
4.38%, 04/01/2021		134,000		143,915
4.45%, 01/15/2043		47,000		47,312
				508,951
Metals & Mining - 0.1%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023 (C)		44,000		46,725
Freeport-McMoRan, Inc.
3.88%, 03/15/2023 (C)		45,000		41,383
Rio Tinto Finance USA PLC
2.88%, 08/21/2022		3,000		3,022
				91,130
Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024		22,000		22,703
4.88%, 03/01/2044		33,000		35,137
Public Service Electric & Gas Co.
3.00%, 05/15/2025, MTN		140,000		140,386
				198,226
Oil, Gas & Consumable Fuels - 1.2%
Anadarko Petroleum Corp.
5.55%, 03/15/2026 (C)		68,000		75,465
Apache Corp.
4.25%, 01/15/2044		15,000		14,070
4.75%, 04/15/2043		22,000		21,961
BP Capital Markets PLC
3.12%, 05/04/2026		150,000		146,791
Energy Transfer Partners, LP
5.95%, 10/01/2043		35,000		36,238
EnLink Midstream Partners, LP
4.85%, 07/15/2026		47,000		48,498
EOG Resources, Inc.
2.45%, 04/01/2020		88,000		88,504
Exxon Mobil Corp.
1.82%, 03/15/2019		150,000		150,571
3.04%, 03/01/2026		60,000		59,993
Husky Energy, Inc.
4.00%, 04/15/2024		45,000		45,687
Kerr-McGee Corp.
6.95%, 07/01/2024		50,000		59,029
Kinder Morgan Energy Partners, LP
4.15%, 02/01/2024		117,000		118,536
Laredo Petroleum, Inc.
7.38%, 05/01/2022		60,000		62,250
Murphy Oil Corp.
3.50%, 12/01/2017		61,000		61,000
Nexen Energy ULC
5.88%, 03/10/2035		10,000		11,698
Noble Energy, Inc.
6.00%, 03/01/2041		22,000		24,437
8.25%, 03/01/2019		47,000		52,282

The notes are an integral part of this report. Transamerica Partners Portfolios Page    7 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Petrobras Global Finance BV
6.25%, 03/17/2024		$  70,000		$  71,785
Petroleos Mexicanos
3.50%, 07/18/2018 - 01/30/2023		100,000		99,022
Sabine Pass Liquefaction LLC
4.20%, 03/15/2028 (F)		130,000		128,416
Shell International Finance BV
2.50%, 09/12/2026 (C)		130,000		122,639
3.75%, 09/12/2046		39,000		35,865
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023 (C)		37,000		38,444
4.63%, 03/01/2034		35,000		36,651
Western Gas Partners, LP
5.38%, 06/01/2021		76,000		81,674
Williams Cos., Inc.
3.70%, 01/15/2023		13,000		12,773
7.88%, 09/01/2021		33,000		38,033
Williams Partners, LP
5.40%, 03/04/2044		35,000		35,705
				1,778,017
Pharmaceuticals - 0.1%
Actavis Funding SCS
3.80%, 03/15/2025		127,000		128,159
Road & Rail - 0.2%
Aviation Capital Group Corp.
2.88%, 01/20/2022 (F)		106,596		105,859
7.13%, 10/15/2020 (F)		153,000		175,115
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		18,000		18,239
3.75%, 04/01/2024		12,000		12,639
				311,852
Semiconductors & Semiconductor Equipment - 0.2%
Intel Corp.
2.45%, 07/29/2020		190,000		193,055
KLA-Tencor Corp.
4.13%, 11/01/2021		155,000		162,279
				355,334
Software - 0.1%
Microsoft Corp.
3.30%, 02/06/2027		140,000		142,149
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc.
2.85%, 02/23/2023		240,000		242,271
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
6.02%, 06/15/2026 (F)		115,000		125,371
Hewlett Packard Enterprise Co.
3.60%, 10/15/2020		185,000		190,250
HP, Inc.
3.75%, 12/01/2020		11,000		11,445
				569,337
Tobacco - 0.1%
Reynolds American, Inc.
4.45%, 06/12/2025		47,000		49,473
RJ Reynolds Tobacco Co.
8.13%, 06/23/2019		105,000		118,378
				167,851

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Trading Companies & Distributors - 0.1%
International Lease Finance Corp.
8.25%, 12/15/2020		$  115,000		$  135,723
Wireless Telecommunication Services - 0.6%
America Movil SAB de CV
3.13%, 07/16/2022		200,000		201,509
Crown Castle Towers LLC
3.22%, 05/15/2042 (F)		42,000		42,640
4.88%, 08/15/2040 (F)		155,000		164,978
6.11%, 01/15/2040 (F)		335,000		362,726
Sprint Communications, Inc.
9.00%, 11/15/2018 (F)		95,000		103,431
Sprint Corp.
7.88%, 09/15/2023		45,000		49,838
T-Mobile USA, Inc.
6.46%, 04/28/2019		5,000		5,013
6.73%, 04/28/2022		15,000		15,519
6.84%, 04/28/2023		5,000		5,350
				951,004
Total Corporate Debt Securities (Cost $23,971,128)				24,140,567
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Indonesia - 0.1%
Indonesia Government International Bond
5.38%, 10/17/2023 (F)		225,000		248,799
Mexico - 0.1%
Mexico Government International Bond
4.00%, 10/02/2023		110,000		113,300
Peru - 0.1%
Peru Government International Bond
7.35%, 07/21/2025 (C)		100,000		129,500
Republic of Korea - 0.1%
Korea Development Bank
3.50%, 08/22/2017		200,000		201,426
Total Foreign Government Obligations (Cost $666,491)				693,025
MORTGAGE-BACKED SECURITIES - 4.1%
Alternative Loan Trust
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		210,012		148,177
Aventura Mall Trust
Series 2013-AVM, Class A,
3.74% (D), 12/05/2032 (F)		150,000		157,775
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (F)		140,000		138,960
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (F)		315,000		303,448
BBCMS Trust
Series 2013-TYSN, Class B,
4.04%, 09/05/2032 (F)		245,000		256,012
Bear Stearns Commercial Mortgage Securities Trust
Series 2007-PW17, Class A1A,
5.65% (D), 06/11/2050		41,425		41,784
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2,
1.19% (D), 12/25/2046		90,315		69,204

The notes are an integral part of this report. Transamerica Partners Portfolios Page    8 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		$  45,000		$  46,991
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		68,845
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		156,535
Citigroup Commercial Mortgage Trust, Interest Only STRIPS
Series 2013-SMP, Class XA,
0.80% (D), 01/12/2030 (F)		1,152,544		4,066
Citigroup Mortgage Loan Trust
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (F)		209,993		212,125
COMM Mortgage Trust
Series 2010-RR1, Class GEB,
5.54% (D), 12/11/2049 (F)		4,845		4,841
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		20,000		21,640
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (F)		100,000		101,819
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (F)		100,000		102,783
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		45,000		47,271
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (F)		100,000		101,020
Commercial Mortgage Pass-Through Certificates
Series 2012-LTRT, Class A2,
3.40%, 10/05/2030 (F)		132,000		131,344
Commercial Mortgage Trust
Series 2007-GG11, Class AM,
5.87% (D), 12/10/2049		35,000		35,414
Core Industrial Trust
Series 2015-CALW, Class B,
3.25%, 02/10/2034 (F)		225,000		228,317
Credit Suisse Mortgage Capital Certificates
Series 2009-11R, Class 5A1,
2.85% (D), 08/26/2036 (F)		118,281		116,945
CSMC Trust
Series 2010-RR1, Class 2A,
5.70% (D), 09/15/2040 (F)		38,414		38,361
Series 2010-RR2, Class 2A,
5.96% (D), 09/15/2039 (F)		28,339		28,313
Series 2014-4R, Class 21A1,
1.11% (D), 12/27/2035 (F)		214,795		207,428
GMACM Mortgage Loan Trust
Series 2005-AR1, Class 3A,
3.73% (D), 03/18/2035		138,083		134,177
GS Mortgage Securities Corp. II
Series 2013-KING, Class E,
3.44% (D), 12/10/2027 (F)		100,000		97,997
GS Mortgage Securities Trust
Series 2013-G1, Class A2,
3.56% (D), 04/10/2031 (F)		285,000		284,554
Impac CMB Trust
Series 2004-6, Class 1A1,
1.78% (D), 10/25/2034		74,083		70,929
Independent National Mortgage Corp. Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1,
3.95% (D), 08/25/2037		175,453		138,740

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-LD12, Class A1A,
5.85% (D), 02/15/2051		$  64,906		$  65,350
Series 2008-C2, Class ASB,
6.13% (D), 02/12/2051		5,106		5,109
JPMorgan Resecuritization Trust
Series 2014-2, Class 6A1,
3.00% (D), 05/26/2037 (F)		131,281		131,222
LB Commercial Mortgage Trust
Series 2007-C3, Class A1A,
6.01% (D), 07/15/2044		8,056		8,086
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class AM,
6.17% (D), 09/15/2045		30,000		30,663
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1.62% (D), 10/25/2028		46,119		45,087
Merrill Lynch Mortgage Trust
Series 2007-C1, Class A1A,
5.84% (D), 06/12/2050		32,482		32,580
Morgan Stanley Capital Barclays Bank Trust
Series 2016-MART, Class A,
2.20%, 09/13/2031 (F)		100,000		98,138
Morgan Stanley Capital I Trust
Series 2007-IQ13, Class AM,
5.41%, 03/15/2044		6,706		6,691
Series 2007-IQ15, Class AM,
5.94% (D), 06/11/2049		55,000		55,335
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class A,
2.00%, 07/27/2049 (F)		5,559		5,560
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
3.00% (D), 07/26/2048 (F)		253,687		249,970
Motel 6 Trust
Series 2015-MTL6, Class C,
3.64%, 02/05/2030 (F)		545,000		548,228
Nationstar Mortgage Loan Trust
Series 2013-A, Class A,
3.75% (D), 12/25/2052 (F)		135,049		140,307
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (F)		54,846		56,052
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (F)		146,063		149,347
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (F)		103,504		104,428
One Market Plaza Trust
Series 2017-1MKT, Class A,
3.61%, 02/10/2032 (F)		195,000		201,798
Queens Center Mortgage Trust
Series 2013-QCA, Class D,
3.47% (D), 01/11/2037 (F)		130,000		122,533
SCG Trust
Series 2013-SRP1, Class A,
2.56% (D), 11/15/2026 (F)		100,000		99,811
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1,
1.68% (D), 01/19/2034		101,347		97,714
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (F)		186,857		188,138
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (F)		157,012		157,113
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (F)		147,390		147,487

The notes are an integral part of this report. Transamerica Partners Portfolios Page    9 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
UBS-BAMLL Trust
Series 2012-WRM, Class A,
3.66%, 06/10/2030 (F)		$  225,000		$  229,372
Total Mortgage-Backed Securities (Cost $6,545,731)				6,471,934
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%
California - 0.3%
Los Angeles Community College District, General Obligation Unlimited,
6.60%, 08/01/2042		15,000		20,774
State of California, General Obligation Unlimited
7.30%, 10/01/2039		55,000		77,218
7.60%, 11/01/2040		60,000		89,513
7.95%, 03/01/2036		175,000		201,609
University of California, Revenue Bonds,
Series AD,
4.86%, 05/15/2112		10,000		9,875
				398,989
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds,
Series A,
6.64%, 04/01/2057		10,000		11,371
Illinois - 0.0% (B)
State of Illinois, General Obligation Unlimited,
5.10%, 06/01/2033		55,000		50,109
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds,
Series F,
7.41%, 01/01/2040		16,000		23,026
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds,
Series E,
6.81%, 11/15/2040		15,000		20,181
New York City Water & Sewer System, Revenue Bonds,
Series CC,
5.88%, 06/15/2044		15,000		19,354
New York State Dormitory Authority, Revenue Bonds,
Series H,
5.39%, 03/15/2040		10,000		11,936
Port Authority of New York & New Jersey, Revenue Bonds,
Series 181,
4.96%, 08/01/2046		20,000		22,733
				74,204
Total Municipal Government Obligations (Cost $555,553)				557,699
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.5%
Federal Home Loan Mortgage Corp.
3.64% (D), 02/01/2041		18,688		19,829
5.50%, 06/01/2041		32,767		36,332

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association
Zero Coupon, 10/09/2019		$  190,000		$  181,351
2.50%, TBA (L)		537,000		537,252
3.00%, TBA (L)		4,284,000		4,287,306
3.30% (D), 03/01/2041		14,369		15,203
3.33% (D), 10/25/2023		55,000		57,597
3.50%, 11/01/2028 - 01/01/2029		129,281		135,602
3.50%, TBA (L)		2,592,000		2,654,229
3.52% (D), 03/01/2041		7,170		7,547
4.00%, 10/01/2025 - 06/01/2042		82,102		86,501
4.00%, TBA (L)		585,000		613,610
4.50%, 02/01/2025 - 06/01/2026		124,265		130,915
5.00%, 04/01/2039 - 11/01/2039		275,401		305,328
5.00%, TBA (L)		116,000		126,749
5.50%, 09/01/2036 - 12/01/2041		398,823		454,258
6.00%, 02/01/2038 - 02/01/2041		302,368		344,312
6.50%, 05/01/2040		62,424		70,201
Government National Mortgage Association, Interest Only STRIPS
0.80% (D), 02/16/2053		217,654		11,027
Total U.S. Government Agency Obligations (Cost $10,017,440)				10,075,149
U.S. GOVERNMENT OBLIGATIONS - 9.0%
U.S. Treasury - 8.1%
U.S. Treasury Bond
2.25%, 08/15/2046		359,000		303,832
2.50%, 02/15/2045 - 05/15/2046		557,000		500,136
2.75%, 08/15/2042		584,500		557,238
3.00%, 05/15/2042		61,000		60,976
3.50%, 02/15/2039		392,000		431,430
3.63%, 02/15/2044		1,694,300		1,887,821
4.50%, 02/15/2036		611,000		774,872
4.75%, 02/15/2037		606,000		791,232
5.25%, 02/15/2029		807,000		1,034,630
U.S. Treasury Note
0.50%, 07/31/2017		245,000		244,770
0.88%, 04/30/2017		99,000		99,016
1.00%, 09/15/2017 - 11/30/2019		787,400		780,934
1.13%, 06/30/2021 - 09/30/2021		305,000		296,028
1.25%, 11/30/2018		502,300		502,634
1.50%, 08/15/2026		30,000		27,759
1.63%, 03/31/2019 - 05/15/2026		1,305,000		1,287,645
1.75%, 05/15/2023		1,000,000		978,320
1.88%, 11/30/2021		155,000		154,818
2.00%, 12/31/2021 - 02/15/2025		921,000		904,947
2.25%, 11/15/2024		345,400		344,550
2.50%, 08/15/2023 - 05/15/2024		595,300		606,661
				12,570,249
U.S. Treasury Inflation-Protected Securities - 0.9%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		83,444		94,353
2.50%, 01/15/2029		308,383		377,019
U.S. Treasury Inflation-Indexed Note
0.63%, 01/15/2024		896,963		918,218
				1,389,590
Total U.S. Government Obligations (Cost $14,102,485)				13,959,839
COMMERCIAL PAPER - 1.8%
Banks - 0.4%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
1.11% (M), 06/15/2017		600,000		598,637

The notes are an integral part of this report. Transamerica Partners Portfolios Page    10 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services - 1.4%
Anglesea Funding PLC
1.14% (M), 06/15/2017		$  600,000		$  598,600
Barton Capital Corp.
1.17% (M), 06/15/2017		510,000		508,778
Gotham Funding Corp.
1.07% (M), 06/15/2017		600,000		598,688
Victory Receivables Corp.
1.10% (M), 06/15/2017		500,000		498,875
				2,204,941
Total Commercial Paper (Cost $2,803,578)				2,803,578
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.6%
Federal Home Loan Bank Discount Notes
0.54% (M), 04/07/2017		250,000		249,981
0.55% (M), 04/07/2017 - 05/10/2017		1,750,000		1,749,142
0.56% (M), 04/26/2017		2,035,000		2,034,102
Total Short-Term U.S. Government Agency Obligations (Cost $4,033,505)				4,033,225
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.0%
U.S. Treasury Bill
0.49% (M), 04/20/2017		50,000		49,983
0.51% (M), 04/13/2017		350,000		349,930
0.52% (M), 04/20/2017		60,000		59,979
0.53% (M), 05/11/2017		827,000		826,372
0.54% (M), 05/11/2017		50,000		49,962
0.63% (M), 05/25/2017		30,000		29,969
0.73% (M), 06/22/2017		30,000		29,950
0.98% (M), 03/01/2018 (N)		115,000		113,949
Total Short-Term U.S. Government Obligations (Cost $1,510,298)				1,510,094
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.74% (M)		958,099		958,099
Total Securities Lending Collateral (Cost $958,099)				958,099
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.09% (M), dated 03/31/2017, to be repurchased at $1,466,764 on 04/03/2017. Collateralized by U.S. Government Obligations, 1.00%, due 09/15/2018, and with a total value of $1,501,310.		$  1,466,753		1,466,753
Total Repurchase Agreement (Cost $1,466,753)				1,466,753
Total Investments (Cost $153,004,726) (O)				164,878,558
Net Other Assets (Liabilities) - (5.9)%				(9,231,572	)
Net Assets - 100.0%				$  155,646,986

The notes are an integral part of this report. Transamerica Partners Portfolios Page    11 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

FUTURES CONTRACTS:

Description	Long/ Short		Number of Contracts	Expiration Date	Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini		Long	4	06/16/2017	$	2,907	$	—

SECURITY VALUATION:

Valuation Inputs ^(P)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (Q)			Value
ASSETS
Investments
Common Stocks	$	93,669,795	$	—	$	—		$	93,669,795
Preferred Stocks		311,715		—		—			311,715
Asset-Backed Securities		—		4,227,086		—			4,227,086
Corporate Debt Securities		—		24,140,567		—	(K)		24,140,567
Foreign Government Obligations		—		693,025		—			693,025
Mortgage-Backed Securities		—		6,471,934		—			6,471,934
Municipal Government Obligations		—		557,699		—			557,699
U.S. Government Agency Obligations		—		10,075,149		—			10,075,149
U.S. Government Obligations		—		13,959,839		—			13,959,839
Commercial Paper		—		2,803,578		—			2,803,578
Short-Term U.S. Government Agency Obligations		—		4,033,225		—			4,033,225
Short-Term U.S. Government Obligations		—		1,510,094		—			1,510,094
Securities Lending Collateral		958,099		—		—			958,099
Repurchase Agreement		—		1,466,753		—			1,466,753
Total Investments	$	94,939,609	$	69,938,949	$	—	(K)	$	164,878,558
Other Financial Instruments
Futures Contracts (R)	$	2,907	$	—	$	—		$	2,907
Total Other Financial Instruments	$	2,907	$	—	$	—		$	2,907

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

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

^(C)  All or a portion of the securities are on loan. The total value of all securities on loan is $933,936. 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)  Floating or variable rate securities. The rates disclosed are as of March 31, 2017.

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

^(F)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the total value of 144A securities is $15,452,535, representing 9.9% of the Portfolio’s net assets.

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

^(H)  Fair valued as determined in good faith in accordance with procedures established by the Board. At March 31, 2017, value of the security is $0, representing less than 0.1% of the Portfolio’s net assets.

^(I)  Illiquid security. At March 31, 2017, value of the illiquid security is $0, representing less than 0.1% of the Portfolio’s net assets.

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

^(K)  Security deemed worthless.

^(L)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after March 31, 2017.

^(M)  Rates disclosed reflect the yields at March 31, 2017.

^(N)  All or a portion of the security has been segregated as collateral to cover margin requirements for open futures contracts. The total value of all securities segregated as collateral to cover margin requirements for open futures contracts is $113,949.

The notes are an integral part of this report. Transamerica Partners Portfolios Page    12 March 31, 2017 Form N-Q

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(O)  Aggregate cost for federal income tax purposes is $153,004,726. Aggregate gross unrealized appreciation and depreciation for all securities is $13,859,059 and $1,985,227, respectively. Net unrealized appreciation for tax purposes is $11,873,832.

^(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 March 31, 2017. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

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

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

PORTFOLIO ABBREVIATIONS:

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

The notes are an integral part of this report. Transamerica Partners Portfolios Page    13 March 31, 2017 Form N-Q

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2017

(unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Aerospace & Defense - 1.3%
Huntington Ingalls Industries, Inc.		3,364		$  673,608
Spirit Aerosystems Holdings, Inc., Class A		162,547		9,414,722
				10,088,330
Air Freight & Logistics - 1.3%
FedEx Corp.		48,887		9,540,298
Airlines - 3.8%
Delta Air Lines, Inc.		89,493		4,113,098
Hawaiian Holdings, Inc. (A)		137,303		6,377,724
Southwest Airlines Co.		70,386		3,783,952
Spirit Airlines, Inc. (A)		65,756		3,489,671
United Continental Holdings, Inc. (A)		152,663		10,784,114
				28,548,559
Auto Components - 1.7%
Cooper Tire & Rubber Co.		42,228		1,872,812
Dana, Inc.		76,252		1,472,426
Lear Corp.		57,496		8,140,284
Visteon Corp. (A)		14,253		1,396,081
				12,881,603
Automobiles - 1.6%
Fiat Chrysler Automobiles NV (A)		423,781		4,631,926
General Motors Co.		210,671		7,449,327
				12,081,253
Banks - 13.9%
Bank of America Corp.		1,075,378		25,368,167
BankUnited, Inc.		63,882		2,383,438
Citigroup, Inc.		345,359		20,659,375
Citizens Financial Group, Inc.		281,809		9,736,501
JPMorgan Chase & Co.		350,830		30,816,907
Popular, Inc.		110,857		4,515,206
SunTrust Banks, Inc.		200,501		11,087,705
				104,567,299
Beverages - 1.5%
PepsiCo, Inc.		98,369		11,003,556
Biotechnology - 2.8%
Amgen, Inc.		18,830		3,089,438
Biogen, Inc. (A)		5,111		1,397,450
Gilead Sciences, Inc.		128,646		8,737,636
United Therapeutics Corp. (A)		61,274		8,295,274
				21,519,798
Building Products - 1.4%
Owens Corning		166,351		10,208,961
Chemicals - 2.6%
Celanese Corp., Series A		17,907		1,608,944
Huntsman Corp.		93,410		2,292,281
LyondellBasell Industries NV, Class A		117,212		10,688,562
Trinseo SA		74,775		5,017,403
				19,607,190
Construction & Engineering - 1.1%
Quanta Services, Inc. (A)		228,174		8,467,537
Consumer Finance - 0.6%
Ally Financial, Inc.		219,469		4,461,805

	Shares		Value
COMMON STOCKS (continued)
Diversified Financial Services - 1.2%
Voya Financial, Inc.		248,511		$   9,433,478
Diversified Telecommunication Services - 3.7%
AT&T, Inc.		328,806		13,661,889
Verizon Communications, Inc.		296,650		14,461,688
				28,123,577
Electric Utilities - 4.0%
American Electric Power Co., Inc.		174,094		11,686,930
Edison International		140,243		11,164,745
Entergy Corp., Class B		97,857		7,433,218
				30,284,893
Energy Equipment & Services - 3.8%
Dril-Quip, Inc., Class A (A) (B)		24,746		1,349,894
Ensco PLC, Class A		389,643		3,487,305
Helmerich & Payne, Inc. (B)		28,589		1,903,170
Nabors Industries, Ltd.		377,515		4,934,121
Oceaneering International, Inc.		136,105		3,685,723
Patterson-UTI Energy, Inc.		263,011		6,383,277
Rowan Cos. PLC, Class A (A)		421,990		6,574,604
				28,318,094
Equity Real Estate Investment Trusts - 4.1%
American Homes 4 Rent, Class A		64,089		1,471,483
CBL & Associates Properties, Inc. (B)		187,138		1,785,297
Hospitality Properties Trust		210,039		6,622,530
Host Hotels & Resorts, Inc.		266,238		4,968,001
Hudson Pacific Properties, Inc.		81,991		2,840,168
LaSalle Hotel Properties		216,213		6,259,366
Mack-Cali Realty Corp.		99,120		2,670,293
Piedmont Office Realty Trust, Inc., Class A		136,725		2,923,181
RLJ Lodging Trust		60,073		1,412,316
				30,952,635
Food & Staples Retailing - 1.7%
Wal-Mart Stores, Inc.		179,977		12,972,742
Food Products - 3.2%
Bunge, Ltd.		118,782		9,414,661
Dean Foods Co.		208,593		4,100,939
Ingredion, Inc.		38,900		4,684,727
Sanderson Farms, Inc. (B)		60,756		6,308,903
				24,509,230
Health Care Equipment & Supplies - 0.1%
Baxter International, Inc.		10,679		553,813
Health Care Providers & Services - 0.1%
Laboratory Corp. of America Holdings (A)		6,836		980,761
Independent Power & Renewable Electricity Producers - 1.2%
AES Corp.		804,749		8,997,094
Insurance - 10.1%
Allstate Corp.		143,463		11,690,800
American International Group, Inc.		160,238		10,003,658
Aspen Insurance Holdings, Ltd.		6,960		362,268
Assured Guaranty, Ltd.		130,308		4,835,730
Axis Capital Holdings, Ltd.		38,310		2,567,919
Everest Re Group, Ltd.		17,637		4,123,707
Hartford Financial Services Group, Inc.		87,930		4,226,795
Lincoln National Corp.		116,680		7,636,706

The notes are an integral part of this report. Transamerica Partners Portfolios Page    1 March 31, 2017 Form N-Q

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Prudential Financial, Inc.		73,264		$   7,815,804
Reinsurance Group of America, Inc., Class A		41,079		5,216,212
Travelers Cos., Inc.		90,745		10,938,402
Unum Group		150,951		7,078,092
				76,496,093
Internet Software & Services - 2.6%
eBay, Inc. (A)		289,669		9,724,188
VeriSign, Inc. (A) (B)		111,806		9,739,421
				19,463,609
Metals & Mining - 0.4%
Reliance Steel & Aluminum Co.		33,528		2,682,911
Multi-Utilities - 1.0%
Public Service Enterprise Group, Inc.		162,813		7,220,757
Multiline Retail - 0.1%
Big Lots, Inc. (B)		21,425		1,042,969
Oil, Gas & Consumable Fuels - 7.9%
Chevron Corp.		69,155		7,425,172
CONSOL Energy, Inc. (A)		237,152		3,979,411
Exxon Mobil Corp.		246,750		20,235,967
Marathon Petroleum Corp.		157,314		7,950,649
Tesoro Corp.		101,946		8,263,743
Valero Energy Corp.		175,892		11,659,881
				59,514,823
Paper & Forest Products - 0.2%
Domtar Corp.		32,110		1,172,657
Personal Products - 0.4%
Nu Skin Enterprises, Inc., Class A		57,008		3,166,224
Pharmaceuticals - 7.9%
Johnson & Johnson		228,511		28,461,045
Merck & Co., Inc.		139,418		8,858,620
Pfizer, Inc.		656,197		22,448,499
				59,768,164
Professional Services - 0.6%
ManpowerGroup, Inc.		45,799		4,697,603
Road & Rail - 0.4%
Avis Budget Group, Inc. (A)		106,635		3,154,263
Semiconductors & Semiconductor Equipment - 3.9%
Applied Materials, Inc., Class A		270,911		10,538,438
Intel Corp.		444,889		16,047,146
Micron Technology, Inc. (A)		96,113		2,777,666
				29,363,250
Software - 3.3%
Aspen Technology, Inc. (A)		97,113		5,721,898
Citrix Systems, Inc. (A)		4,289		357,660
Intuit, Inc.		79,037		9,167,502
Microsoft Corp.		148,761		9,797,399
				25,044,459
Specialty Retail - 0.8%
Bed Bath & Beyond, Inc.		41,190		1,625,358
Best Buy Co., Inc.		90,134		4,430,086
				6,055,444

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 0.4%
HP, Inc.		160,680		$   2,872,958
Textiles, Apparel & Luxury Goods - 0.4%
Michael Kors Holdings, Ltd. (A)		83,687		3,189,312
Tobacco - 1.6%
Philip Morris International, Inc.		105,169		11,873,580
Trading Companies & Distributors - 0.2%
AerCap Holdings NV (A)		30,032		1,380,571
Total Common Stocks (Cost $644,515,185)				746,262,153
MASTER LIMITED PARTNERSHIP - 0.2%
Capital Markets - 0.2%
Lazard, Ltd., Class A		35,355		1,625,976
Total Master Limited Partnership (Cost $1,519,694)				1,625,976
SECURITIES LENDING COLLATERAL - 2.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.74% (C)		21,505,419		21,505,419
Total Securities Lending Collateral (Cost $21,505,419)				21,505,419
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.09% (C), dated 03/31/2017, to be repurchased at $4,903,848 on 04/03/2017. Collateralized by a U.S. Government Obligation, 1.00%, due 09/15/2018, and with a value of $5,002,703.		$  4,903,811		4,903,811
Total Repurchase Agreement (Cost $4,903,811)				4,903,811
Total Investments (Cost $672,444,109) (D)				774,297,359
Net Other Assets (Liabilities) - (2.7)%				(20,085,968	)
Net Assets - 100.0%				$  754,211,391

The notes are an integral part of this report. Transamerica Partners Portfolios Page    2 March 31, 2017 Form N-Q

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	746,262,153	$	—	$	—	$	746,262,153
Master Limited Partnership		1,625,976		—		—		1,625,976
Securities Lending Collateral		21,505,419		—		—		21,505,419
Repurchase Agreement		—		4,903,811		—		4,903,811
Total Investments	$	769,393,548	$	4,903,811	$	—	$	774,297,359

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $21,053,637. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rates disclosed reflect the yields at March 31, 2017.

^(D)  Aggregate cost for federal income tax purposes is $672,444,109. Aggregate gross unrealized appreciation and depreciation for all securities is $115,005,280 and $13,152,030, respectively. Net unrealized appreciation for tax purposes is $101,853,250.

^(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 March 31, 2017. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

The notes are an integral part of this report. Transamerica Partners Portfolios Page    3 March 31, 2017 Form N-Q

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At March 31, 2017

(unaudited)

	Shares		Value
COMMON STOCKS - 97.3%
Airlines - 1.1%
Hawaiian Holdings, Inc. (A)		14,040		$  652,158
Auto Components - 2.8%
Fox Factory Holding Corp. (A)		30,770		883,099
Tenneco, Inc.		12,740		795,231
				1,678,330
Banks - 18.2%
Associated Banc-Corp.		36,705		895,602
Banc of California, Inc.		24,840		514,188
Berkshire Hills Bancorp, Inc.		23,360		842,128
Cathay General Bancorp		24,210		912,233
Customers Bancorp, Inc. (A)		31,785		1,002,181
Enterprise Financial Services Corp.		13,070		554,168
FB Financial Corp. (A)		18,691		660,914
First Citizens BancShares, Inc., Class A		2,510		841,779
First Merchants Corp.		18,480		726,633
Hanmi Financial Corp., Class B		22,105		679,729
Popular, Inc.		22,815		929,255
Preferred Bank		10,240		549,478
TriCo Bancshares		17,073		606,604
Valley National Bancorp		92,320		1,089,376
				10,804,268
Biotechnology - 1.0%
Retrophin, Inc. (A)		32,390		597,919
Capital Markets - 5.7%
Donnelley Financial Solutions, Inc. (A)		42,280		815,581
Evercore Partners, Inc., Class A		13,485		1,050,482
Piper Jaffray Cos.		11,180		713,843
Stifel Financial Corp. (A)		15,680		786,979
				3,366,885
Chemicals - 0.8%
Rayonier Advanced Materials, Inc. (B)		36,810		495,095
Commercial Services & Supplies - 1.5%
ACCO Brands Corp. (A)		67,080		882,102
Construction & Engineering - 2.6%
EMCOR Group, Inc.		10,330		650,273
Tutor Perini Corp. (A)		28,420		903,756
				1,554,029
Construction Materials - 1.0%
US Concrete, Inc. (A) (B)		9,140		589,987
Electric Utilities - 2.4%
Portland General Electric Co.		14,230		632,097
Spark Energy, Inc., Class A (B)		25,640		819,198
				1,451,295
Electronic Equipment, Instruments & Components - 6.7%
ePlus, Inc. (A)		8,384		1,132,259
Orbotech, Ltd. (A)		24,080		776,580
Sanmina Corp. (A)		25,070		1,017,842
Vishay Intertechnology, Inc. (B)		62,720		1,031,744
				3,958,425

	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 2.1%
McDermott International, Inc. (A)		82,470		$  556,672
Unit Corp. (A)		28,630		691,701
				1,248,373
Equity Real Estate Investment Trusts - 9.6%
CareTrust REIT, Inc.		63,785		1,072,864
Corporate Office Properties Trust		24,950		825,845
DuPont Fabros Technology, Inc.		17,960		890,636
Lexington Realty Trust		97,110		969,158
Summit Hotel Properties, Inc.		67,570		1,079,768
Xenia Hotels & Resorts, Inc.		49,925		852,220
				5,690,491
Gas Utilities - 1.2%
Southwest Gas Holdings, Inc.		8,855		734,168
Health Care Providers & Services - 1.5%
HealthSouth Corp.		20,105		860,695
Hotels, Restaurants & Leisure - 1.3%
Bloomin’ Brands, Inc.		38,000		749,740
Household Durables - 1.2%
LGI Homes, Inc. (A) (B)		21,680		735,169
Household Products - 1.6%
Central Garden & Pet Co., Class A (A)		27,614		958,758
Insurance - 3.4%
CNO Financial Group, Inc.		55,480		1,137,340
Selective Insurance Group, Inc.		18,768		884,911
				2,022,251
IT Services - 1.6%
CoreLogic, Inc. (A)		23,432		954,151
Leisure Products - 1.5%
Nautilus, Inc., Class A (A)		47,753		871,492
Life Sciences Tools & Services - 1.3%
INC Research Holdings, Inc., Class A (A)		16,815		770,968
Machinery - 5.7%
Greenbrier Cos., Inc. (B)		21,420		923,202
Harsco Corp. (A)		52,640		671,160
Timken Co.		20,540		928,408
Wabash National Corp. (B)		41,315		854,807
				3,377,577
Media - 1.3%
AMC Entertainment Holdings, Inc., Class A		23,560		740,962
Metals & Mining - 1.0%
AK Steel Holding Corp. (A) (B)		83,130		597,705
Multi-Utilities - 1.5%
Black Hills Corp. (B)		13,745		913,630
Multiline Retail - 1.4%
Big Lots, Inc. (B)		16,845		820,015
Paper & Forest Products - 1.4%
Louisiana-Pacific Corp. (A)		33,850		840,157
Pharmaceuticals - 1.1%
Prestige Brands Holdings, Inc. (A)		11,560		642,274

The notes are an integral part of this report. Transamerica Partners Portfolios Page    1 March 31, 2017 Form N-Q

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 1.1%
Swift Transportation Co., Class A (A) (B)		32,170		$  660,772
Semiconductors & Semiconductor Equipment - 3.8%
Amkor Technology, Inc. (A)		54,210		628,294
Cirrus Logic, Inc. (A)		12,490		758,018
Rudolph Technologies, Inc. (A)		37,462		839,149
				2,225,461
Thrifts & Mortgage Finance - 6.5%
Dime Community Bancshares, Inc.		35,635		723,390
First Defiance Financial Corp., Class A		12,433		615,558
HomeStreet, Inc. (A)		28,990		810,270
MGIC Investment Corp. (A)		56,950		576,904
Washington Federal, Inc.		33,240		1,100,244
				3,826,366
Trading Companies & Distributors - 2.4%
MRC Global, Inc. (A)		43,245		792,681
Triton International, Ltd.		24,160		623,086
				1,415,767
Total Common Stocks (Cost $49,927,579)				57,687,435
MASTER LIMITED PARTNERSHIPS - 2.0%
Energy Equipment & Services - 1.0%
Archrock Partners, LP		34,200		586,872
Oil, Gas & Consumable Fuels - 1.0%
Tallgrass Energy Partners, LP		11,395		606,214
Total Master Limited Partnerships (Cost $983,864)				1,193,086
SECURITIES LENDING COLLATERAL - 13.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.74% (C)		7,789,939		7,789,939
Total Securities Lending Collateral (Cost $7,789,939)				7,789,939
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.09% (C), dated 03/31/2017, to be repurchased at $439,540 on 04/03/2017. Collateralized by a U.S. Government Obligation, 1.00%, due 09/15/2018, and with a value of $448,897.		$  439,537		439,537
Total Repurchase Agreement (Cost $439,537)				439,537
Total Investments (Cost $59,140,919) (D)				67,109,997
Net Other Assets (Liabilities) - (13.2)%				(7,799,873	)
Net Assets - 100.0%				$  59,310,124

The notes are an integral part of this report. Transamerica Partners Portfolios Page    2 March 31, 2017 Form N-Q

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	57,687,435	$	—	$	—	$	57,687,435
Master Limited Partnerships		1,193,086		—		—		1,193,086
Securities Lending Collateral		7,789,939		—		—		7,789,939
Repurchase Agreement		—		439,537		—		439,537
Total Investments	$	66,670,460	$	439,537	$	—	$	67,109,997

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $7,591,689. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rates disclosed reflect the yields at March 31, 2017.

^(D)  Aggregate cost for federal income tax purposes is $59,140,919. Aggregate gross unrealized appreciation and depreciation for all securities is $8,503,604 and $534,526, respectively. Net unrealized appreciation for tax purposes is $7,969,078.

^(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 March 31, 2017. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

The notes are an integral part of this report. Transamerica Partners Portfolios Page    3 March 31, 2017 Form N-Q

NOTES TO SCHEDULES OF INVESTMENTS

At March 31, 2017

(unaudited)

1. ORGANIZATION

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

Portfolio

Transamerica Partners Government Money Market Portfolio (“Government Money Market”)

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

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

Transamerica Partners Balanced Portfolio (“Balanced”)

Transamerica Partners Large Value Portfolio (“Large Value”)

Transamerica Partners Small Value Portfolio (“Small Value”)

The Portfolios’ Board of Trustees (the “Board”) approved the reorganization of each Portfolio (the “Target Portfolios”) into a new and existing series of Transamerica Funds (the “Destination Funds”).

The proposed reorganizations into existing Destination Funds are as follows:

Target Portfolio	Destination Fund
Government Money Market	Transamerica Government Money Market
Small Value	Transamerica Small Cap Value

The proposed reorganizations into newly organized Destination Funds are as follows:

Target Portfolio	Destination Fund
High Quality Bond	Transamerica High Quality Bond
Inflation-Protected Securities	Transamerica Inflation-Protected Securities
Balanced	Transamerica Balanced II
Large Value	Transamerica Large Value Opportunities

Each proposed reorganization is subject to Target Portfolio shareholder approval and other closing conditions. If the reorganizations are consummated, Target Portfolio shareholders will receive newly-issued Class I3 shares of the corresponding Destination Fund.

Following the close of business on March 10, 2017, the reorganizations of Transamerica Partners International Equity Portfolio into Transamerica International Equity, Transamerica Partners Large Core Portfolio into Transamerica Large Core, Transamerica Partners Large Growth Portfolio into Transamerica Large Growth, Transamerica Partners Mid Growth Portfolio into Transamerica Mid Cap Growth, Transamerica Partners Small Core Portfolio into Transamerica Small Cap Core, and Transamerica Partners Small Growth Portfolio into Transamerica Small Cap Growth were completed.

Following the close of business on March 24, 2017, the reorganizations of Transamerica Partners High Yield Bond Portfolio into Transamerica High Yield Bond, Transamerica Partners Core Bond Portfolio into Transamerica Intermediate Bond, and Transamerica Partners Mid Value Portfolio into Transamerica Mid Cap Value Opportunities were completed.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Portfolios. TAM provides continuous and regular investment management services to the Portfolios.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolios and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolios employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending Portfolio combinations and liquidations where it believes appropriate or

Transamerica Partners Portfolios Page    1 March 31, 2017 Form N-Q

NOTES TO SCHEDULES OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

1. ORGANIZATION (continued)

advisable; regular supervision of the Portfolios’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Portfolios; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation process; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Board, participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolios; oversight of other service providers to the Portfolios, such as the custodian, the transfer agent, the Portfolios’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolios; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM’s investment management services include the provision of supervisory and administrative services to the Portfolios. TAM, not the Portfolios, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM’s expense.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Portfolios.

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

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

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

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

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Portfolios utilize various methods to measure the fair value of their investments on a recurring basis. Generally Accepted Accounting Principles in the United States of America 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 (“Levels”) of inputs of the fair value hierarchy are defined as follows:

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using Net Asset Value (“NAV”) per share, or its equivalent, practical expedient have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolios’ investments, at March 31, 2017, is disclosed within the Security Valuation section of each Portfolio’s Schedule of Investments.

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

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3. SECURITY VALUATION (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 and considers Valuation Committee determinations at its regularly scheduled meetings.

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

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

Equity securities: 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. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Investment companies: Investment companies are valued at the NAV of the underlying portfolios. These investments are actively traded and no valuation adjustments are applied. Investment companies are categorized in Level 1 of the fair value hierarchy.

Foreign equity securities: 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, ETF and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

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

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities 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.

Foreign government obligations: Foreign government obligations 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. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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.

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3. SECURITY VALUATION (continued)

Municipal government obligations and variable rate notes: The fair value of municipal government obligations 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.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

Short-term notes: The Portfolios, with the exception of Government Money Market, normally value short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Government Money Market values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government obligations: U.S. government obligations 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. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency obligations: U.S. government agency obligations 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 obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

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

4. SECURITIES AND OTHER INVESTMENTS

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 March 31, 2017, if any, are identified within 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 March 31, 2017, if any, are identified 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. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of the Portfolios’ other assets. Unsettled TBA commitments are valued at the current value of the underlying securities.

TBA commitments held at March 31, 2017, if any, are identified within the Schedule of Investments.

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4. SECURITIES AND OTHER INVESTMENTS (continued)

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

TIPS held at March 31, 2017, if any, are included within the Schedule of Investments.

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

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

When-issued, delayed-delivery, and forward commitment transactions held at March 31, 2017, if any, are identified within the Schedule of Investments.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolios may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolios invest borrowing proceeds in other securities, the Portfolios will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. The Portfolios may borrow on a secured or on an unsecured basis. If the Portfolios enter into a secured borrowing arrangement, a portion of the Portfolios’ assets will be used as collateral. The 1940 Act requires the Portfolios to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Portfolios’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the Portfolios may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street Bank and Trust Company (“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 – Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act.

The value of loaned securities and related collateral outstanding at March 31, 2017, if any, are shown on a gross basis within the Schedule of Investments.

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.

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolios and their counterparties that provide for the net settlement of all transactions and collateral with the Portfolios, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at March 31, 2017.

Repurchase agreements at March 31, 2017, if any, are included within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2017.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Balanced
Securities Lending Transactions
Common Stocks	$	146,362	$	—	$	—	$	—	$	146,362
Corporate Debt Securities		677,835		—		—		—		677,835
Foreign Government Obligations		133,902		—		—		—		133,902
Total Securities Lending Transactions	$	958,099	$	—	$	—	$	—	$	958,099
Total Borrowings	$	958,099	$	—	$	—	$	—	$	958,099
High Quality Bond
Securities Lending Transactions
Corporate Debt Securities	$	2,445,300	$	—	$	—	$	—	$	2,445,300
Total Borrowings	$	2,445,300	$	—	$	—	$	—	$	2,445,300
Large Value
Securities Lending Transactions
Common Stocks	$	21,505,419	$	—	$	—	$	—	$	21,505,419
Total Borrowings	$	21,505,419	$	—	$	—	$	—	$	21,505,419
Small Value
Securities Lending Transactions
Common Stocks	$	7,789,939	$	—	$	—	$	—	$	7,789,939
Total Borrowings	$	7,789,939	$	—	$	—	$	—	$	7,789,939

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Portfolios’ investment objectives allow the Portfolios to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Portfolios’ investment objectives, the Portfolios may seek to use derivatives to increase or decrease their exposure to the following market risks:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolios.

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolios are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolios will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk

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6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

that the counterparty will not be able to fulfill its obligations to the Portfolios. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolios’ exposure to market risk factors and other associated risks are discussed by derivative type as follows:

Option contracts: The Portfolios are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Government Money Market, may enter into option contracts to manage exposure to various market fluctuations. The Portfolios may purchase or write call and put options on securities and derivative instruments in which each Portfolio owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on futures: The Portfolios may purchase or write options on futures. Purchasing or writing options on futures gives the Portfolios the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

Inflation-capped options: The Portfolios may purchase or write inflation-capped options. Purchasing or writing inflation-capped options gives the Portfolios the right, but not the obligation to buy or sell an option which applies a cap to protect the Portfolios from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products.

Options on foreign currency: The Portfolios may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Portfolios the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

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

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolios pay premiums, which are treated 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 instrument to determine the realized gain or loss.

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

As of March 31, 2017, transactions in written options are as follows:

	Call Options			Put Options
Inflation-Protected Securities		Amount of Premiums	Number of Contracts		Amount of Premiums		Number of Contracts
Balance at December 31, 2016	$	—	—	$	109,409		199
Options written		6,134	80		46,167		165
Options closed		—	—		(155,576	)	(364	)
Options expired		—	—		—		—
Options exercised		—	—		—		—
Balance at March 31, 2017	$	6,134	80	$	—		—

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6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

As of March 31, 2017, transactions in written foreign exchange options, inflation-capped options, and swaptions are as follows:

	Call Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount		Notional Amount			Notional Amount
Balance at December 31, 2016	$	154,019		EUR	1,070,000	GBP	—		USD	16,100,000
Options written		118,758			2,290,000		5,850,000			9,710,000
Options closed		—			—		—			—
Options expired		(20,714	)		—		(1,925,000	)		—
Options exercised		—			—		—			—
Balance at March 31, 2017	$	252,063		EUR	3,360,000	GBP	3,925,000		USD	25,810,000

	Put Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount			Notional Amount
Balance at December 31, 2016	$	262,370		CHF	2,560,000		EUR	7,920,000		GBP	—		USD	16,100,000
Options written		162,597			—			—			16,465,000			9,710,000
Options closed		(53,956	)		—			—			(5,885,000	)		—
Options expired		(43,822	)		(2,560,000	)		(4,720,000	)		—			—
Options exercised		—			—			—			—			—
Balance at March 31, 2017	$	327,189		CHF	—		EUR	3,200,000		GBP	10,580,000		USD	25,810,000

Open option contracts at March 31, 2017, if any, are included within the Schedule of Investments.

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

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

Open OTC and centrally cleared swap agreements at March 31, 2017, if any, are listed within the Schedule of Investments.

Futures contracts: The Portfolios are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Government Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolios are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolios, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolios. Upon entering into such contracts, the Portfolios bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolios may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Transamerica Partners Portfolios Page    8 March 31, 2017 Form N-Q

NOTES TO SCHEDULES OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Open futures contracts at March 31, 2017, if any, are listed within the Schedule of Investments.

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

Open forward foreign currency contracts at March 31, 2017, if any, are listed within the Schedule of Investments.

7. RISK FACTORS

Investing in the Portfolios may involve certain risks, as discussed in the Portfolios’ prospectuses, including but not limited to the following:

Fixed income risk: The market prices of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines.

Inflation-protected security risk: Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

Money market reform risk: Government Money Market operates as a “government” money market fund under new federal regulations. The Portfolio continues to use the special pricing and valuation conventions that currently facilitate a stable share price of $1.00, although there is no guarantee that the Portfolio will be able to maintain a $1.00 share price. The Portfolio does not currently intend to avail itself of the ability to impose “liquidity fees” and/or “gates” on Portfolio redemptions, as permitted under the new regulations. However, the Board reserves the right, with notice to shareholders, to change this policy, thereby permitting the Portfolio to impose such fees and gates in the future.

Money market risk: There is no assurance a money market fund will avoid principal losses if its holdings default or are downgraded or if interest rates rise sharply in an unusually short period. In addition, a money market fund’s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of an investment, it is possible to lose money by investing in it.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions than large capitalization companies. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate, and may offer greater potential for losses.

8. NEW ACCOUNTING PRONOUNCEMENT

In October 2016, the Securities and Exchange Commission adopted new rules and amended existing rules (together the, “Final Rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the Final Rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolios’ financial statements.

9. SUBSEQUENT EVENTS

Effective April 21, 2017, the following Target Portfolios consummated their reorganization:

High Quality Bond

Inflation-Protected Securities

Small Value

Transamerica Partners Portfolios Page    9 March 31, 2017 Form N-Q

NOTES TO SCHEDULES OF INVESTMENTS (continued)

At March 31, 2017

(unaudited)

9. SUBSEQUENT EVENTS (continued)

Effective May 5, 2017, the following Target Portfolios consummated their reorganization:

Large Value

Management has evaluated subsequent events through the date of issuance of this report, and determined that no other material events or transactions would require recognition or disclosure.

Transamerica Partners Portfolios Page    10 March 31, 2017 Form N-Q

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of the date of this filing and concluded that the Registrant’s disclosure control and procedures were effective as of that date.

(b) There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

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

Transamerica Partners Portfolios
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	President and Chief Executive Officer
	(Principal Executive Officer)
	Date: May 25, 2017

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
	President and Chief Executive Officer
	(Principal Executive Officer)
Date:	May 25, 2017

By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Vice President and Treasurer
	(Principal Financial Officer)
Date:	May 25, 2017