N-CSR

As filed with the SEC on March 8, 2013.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-07717

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

570 Carillon Parkway, St. Petersburg, Florida  33716

(Address of Principal Executive Offices) (Zip Code)

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

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

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

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

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

TRANSAMERICA PARTNERS VARIABLE FUNDS

TRANSAMERICA ASSET

ALLOCATION VARIABLE FUNDS

Annual Report

December 31, 2012

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

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

Proxy Voting Policies and Procedures

A description of the proxy voting policies and procedures of the Transamerica Asset Allocation Variable Funds and Transamerica Partners Portfolios is included in the Statement of Additional Information (“SAI”), which is available without charge, upon request: (i) by calling 1-888-233-4339; (ii) on the Subaccounts’ website at www.transamericapartners.com or (iii) on the SEC’s website at www.sec.gov.In addition, the Transamerica Asset Allocation Variable Funds and the Transamerica Partners Portfolios are required to file Form N-PX, with the complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2012, is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolios

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

TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

440 Mamaroneck Avenue

Harrison, New York 10528

December 31, 2012

To Contract Holders with Interests in

                the Transamerica Partners Variable Funds:

We are pleased to present the most recent annual reports for the Transamerica Partners Portfolios and for the Calvert VP SRI Balanced Portfolio. As required under applicable law, we are sending these annual reports to contract holders of Group Variable Annuity Contracts issued by Transamerica Financial Life Insurance Company with unit interests in one or more of the Transamerica Partners Variable Funds. Each subaccount available within the Transamerica Partners Variable Funds, other than the Calvert Subaccount, invests its assets in a corresponding mutual fund that is a series of Transamerica Partners Portfolios. The Calvert Subaccount invests in the Calvert VP SRI Balanced Portfolio, a series of Calvert Variable Series, Inc.

Please call your retirement plan administrator, Transamerica Retirement Solutions Corporation (formerly, Diversified Retirement Corporation), at (800) 755-5801 if you have any questions regarding these reports.

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Dear Fellow Shareholder,

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

This annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.

We believe it is important to understand market conditions over the last year in order to provide a context for reading this report. One year ago, fears that a sovereign default or a large bank failure in Europe would precipitate a global crisis had driven U.S. and many international markets down. In February 2012, the European Central Bank responded by making unlimited loans available to European banks, which used this money to honor deposits and to purchase sovereign bonds. As a result, market fear subsided and global economies improved modestly, helping markets to rally strongly throughout the first quarter of 2012.

Then, in late spring, economic trends in both the United States and abroad faded, causing most equity markets to dip from their March 2012 highs. Fortunately, the onset of summer brought a resurgence in U.S. economics, and at the same time, economic weakness in Europe and Asia moderated. These events, combined with additional easing by global central banks, helped to drive most international equities higher through the summer. In fact, unlimited quantitative easing was announced by the Federal Reserve in September, which pushed U.S. markets to their highs for 2012. However, disappointing corporate earnings followed in October, which, combined with uncertainty regarding the fiscal cliff, caused U.S. markets to retreat modestly, leaving the Standard & Poor’s 500^® Index up 16.00% for the year ending December 31, 2012. During this same period, the Morgan Stanley Capital International – Europe, Australasia, Far East Index gained 17.90% and the Barclays U.S. Aggregate Bond Index gained 4.22%. This serves as a good reminder that it is always important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,
Thomas A. Swank	Christopher A. Staples
President & Chief Executive Officer	Vice President & Chief Investment Officer
Transamerica Asset Allocation Variable Funds	Transamerica Asset Allocation Variable Funds

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      1

Understanding Your Funds’ Expenses

(unaudited)

UNIT HOLDER EXPENSES

Transamerica Asset Allocation Variable Funds (each individually, a “Subaccount” and collectively, the “Subaccounts”) is a separate investment account established by Transamerica Financial Life Insurance Company, Inc. (“TFLIC”), and is used as an investment vehicle under certain tax-deferred annuity contracts issued by TFLIC. Each Subaccount invests in underlying subaccounts of Transamerica Partners Variable Funds (“TPVF”), a unit investment trust. As a contractholder of a Subaccount, you will bear the ongoing costs of managing the corresponding subaccount in which your Subaccount invests. You will also bear the cost of operating the Subaccount. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Subaccounts and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at July 1, 2012 and held for the entire period until December 31, 2012.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number shown under the heading “Expenses paid during Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the Subaccount’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Subaccount’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Subaccount versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

			Actual Expenses				Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account  Value		Expenses Paid  During Period(B)		Ending Account  Value		Expenses Paid  During Period(B)		Annualized Expense  Ratio(C)
Transamerica Asset Allocation Variable Funds -
Short Horizon Subaccount		$1,000.00		$1,036.70		$1.02		$1,024.13		$1.02		0.20%
Transamerica Asset Allocation Variable Funds -
Intermediate Horizon Subaccount		1,000.00		1,050.80		1.03		1,024.13		1.02		0.20
Transamerica Asset Allocation Variable Funds -
Intermediate/Long Horizon Subaccount		1,000.00		1,059.30		1.04		1,024.13		1.02		0.20

(A)

5% return per year before actual expenses.

(B)

Expenses are equal to each Subaccount’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

(C)

Expense ratios do not include expenses of the investment companies in which the Subaccounts invest.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      2

Schedules of Investments Composition

At December 31, 2012

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

(unaudited)

Transamerica Asset Allocation Variable Funds - Short Horizon Subaccount	% of Net
	Assets
Fixed Income		89.4%
Domestic Equity		8.3
International Equity		2.1
Money Market		0.2
Other Assets and Liabilities - net		(0.0)(A)
Total		100.0%
Transamerica Asset Allocation Variable Funds - Intermediate Horizon Subaccount	% of Net
	Assets
Fixed Income		48.9%
Domestic Equity		39.4
International Equity		11.4
Money Market		0.3
Other Assets and Liabilities - net		(0.0)(A)
Total		100.0%
Transamerica Asset Allocation Variable Funds - Intermediate/Long Horizon Subaccount	% of Net
	Assets
Domestic Equity		53.4%
Fixed Income		28.6
International Equity		17.7
Money Market		0.3
Other Assets and Liabilities - net		(0.0)(A)
Total		100.0%

^(A) Amount rounds to less than (0.1)%.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      3

Transamerica Asset Allocation Variable –

Short Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0% л
Domestic Equity - 8.3%
Transamerica Partners Variable Large Growth  ‡		4,406		$253
Transamerica Partners Variable Large Value  ‡		4,825		258
Transamerica Partners Variable Small Core  ‡		4,103		171
Fixed Income - 89.4%
Transamerica Partners Variable Core Bond  ‡		87,882		3,837
Transamerica Partners Variable High Quality Bond  ‡		71,614		1,278
Transamerica Partners Variable High Yield Bond  ‡		32,188		901
Transamerica Partners Variable Inflation-Protected Securities  ‡		46,012		1,343
International Equity - 2.1%
Transamerica Partners Variable International Equity  ‡		8,281		171
Money Market - 0.2%
Transamerica Partners Variable Money Market  ‡		780		16
Total Investment Companies (cost $6,579) П				8,228
Other Assets and Liabilities - Net				(1)
Net Assets				$8,227

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

л Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.

‡ Non-income producing security.

П Aggregate cost for federal income tax purposes is $6,579. Aggregate gross/net unrealized appreciation for all securities in which there is an excess of value over tax cost was $1,649.

VALUATION SUMMARY (all amounts in thousands): э

	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at  12/31/2012
Investment Companies	$8,228	$—	$—	$8,228

  э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      4

Transamerica Asset Allocation Variable –

Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0% л
Domestic Equity - 39.4%
Transamerica Partners Variable Large Growth  ‡		49,373		$2,837
Transamerica Partners Variable Large Value  ‡		55,115		2,946
Transamerica Partners Variable Small Core  ‡		47,456		1,983
Fixed Income - 48.9%
Transamerica Partners Variable Core Bond  ‡		106,312		4,642
Transamerica Partners Variable High Quality Bond  ‡		82,854		1,479
Transamerica Partners Variable High Yield Bond  ‡		45,293		1,268
Transamerica Partners Variable Inflation-Protected Securities  ‡		77,678		2,266
International Equity - 11.4%
Transamerica Partners Variable International Equity  ‡		108,880		2,244
Money Market - 0.3%
Transamerica Partners Variable Money Market  ‡		2,719		57
Total Investment Companies (cost $16,204) П				19,722
Other Assets and Liabilities - Net				(4)
Net Assets				$19,718

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

л Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.

‡ Non-income producing security.

П Aggregate cost for federal income tax purposes is $16,204. Aggregate gross/net unrealized appreciation for all securities in which there is an excess of value over tax cost was $3,518.

VALUATION SUMMARY (all amounts in thousands): э

	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at  12/31/2012
Investment Companies	$19,722	$—	$—	$19,722

  э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      5

Transamerica Asset Allocation Variable –

Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0% л
Domestic Equity - 53.4%
Transamerica Partners Variable Large Growth  ‡		98,292		$5,648
Transamerica Partners Variable Large Value  ‡		98,656		5,273
Transamerica Partners Variable Small Core  ‡		94,087		3,932
Fixed Income - 28.6%
Transamerica Partners Variable Core Bond  ‡		91,283		3,985
Transamerica Partners Variable High Quality Bond  ‡		28,284		505
Transamerica Partners Variable High Yield Bond  ‡		40,095		1,123
Transamerica Partners Variable Inflation-Protected Securities  ‡		79,890		2,330
International Equity - 17.7%
Transamerica Partners Variable International Equity  ‡		238,704		4,920
Money Market - 0.3%
Transamerica Partners Variable Money Market  ‡		3,948		83
Total Investment Companies (cost $23,362) П				27,799
Other Assets and Liabilities - Net				(5)
Net Assets				$27,794

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

л Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.

‡ Non-income producing security.

П Aggregate cost for federal income tax purposes is $23,362. Aggregate gross/net unrealized appreciation for all securities in which there is an excess of value over tax cost was $4,437.

VALUATION SUMMARY (all amounts in thousands): э

	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at  12/31/2012
Investment Companies	$27,799	$—	$—	$27,799

  э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      6

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2012

(all amounts except unit value in thousands)

	Short Horizon	Intermediate   Horizon	Intermediate/Long Horizon
Assets:
Investments in affiliated investment companies, at value	$                 8,228	$                19,722	$                     27,799
Receivables:
Units sold	1	21	31
Investments in affiliated investment companies sold	58	–	–
	8,287	19,743	27,830
Liabilities:
Accounts payable and accrued liabilities:
Units redeemed	33	4	3
Investments in affiliated investment companies purchased	26	18	28
Investment advisory fees	1	3	5
	60	25	36
Net Assets	$                 8,227	$                19,718	$                     27,794
Net Assets Consist of:
Cost of accumulation units	3,462	9,215	17,418
Accumulated net investment loss	(239)	(670)	(927)
Undistributed net realized gain	3,355	7,655	6,866
Net unrealized appreciation on investments in affiliated investment companies	1,649	3,518	4,437
Net Assets	$                  8,227	$                 19,718	$                     27,794
Accumulation units	404	981	1,395
Unit value	$                 20.37	$                  20.10	$                       19.93
Investments in affiliated investment companies, at cost	$                 6,579	$                16,204	$                     23,362

STATEMENTS OF OPERATIONS

For the year ended December 31, 2012

(all amounts in thousands)

	Short Horizon		Intermediate     Horizon	Intermediate/Long   Horizon
Investment advisory fees	$	17	$                         43	$                            57
Net investment loss		(17)	(43)	(57)
Net realized and unrealized gain (loss) on investments in affiliates:
Realized gain from investments in affiliated investment companies		532	986	607
Change in net unrealized appreciation on investments in affiliated investment companies		115	1,307	2,907
Net realized and change in unrealized gain on investments in affiliated investment companies		647	2,293	3,514
Net increase in net assets resulting from operations	$	630	$                    2,250	$                       3,457

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      7

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

(all amounts in thousands)

	Short Horizon				Intermediate Horizon				Intermediate/Long Horizon
	Year Ended   December 31,   2012		Year Ended   December 31,   2011		Year Ended   December 31,   2012		Year Ended   December 31,   2011		Year Ended   December 31,   2012		Year Ended   December 31,   2011
From operations:
Net investment loss	$	(17)	$	(19)	$	(43)	$	(47)	$	(57)	$	(60)
Net realized gain on investments in affiliated investment companies		532		315		986		994		607		541
Change in net unrealized appreciation (depreciation) on investments in affiliated investment companies		115		80		1,307		(836)		2,907		(909)
Net increase (decrease) in net assets resulting from operations		630		376		2,250		111		3,457		(428)
From unit transactions:
Units sold		1,582		1,591		2,062		3,096		2,413		3,376
Units redeemed		(2,869)		(2,691)		(6,193)		(5,788)		(6,079)		(5,936)
Net decrease in net assets resulting from unit transactions		(1,287)		(1,100)		(4,131)		(2,692)		(3,666)		(2,560)
Total decrease in net assets		(657)		(724)		(1,881)		(2,581)		(209)		(2,988)
Net assets:
Beginning of year		8,884		9,608		21,599		24,180		28,003		30,991
End of year	$	8,227	$	8,884	$	19,718	$	21,599	$	27,794	$	28,003
Accumulated net investment loss	$	(239)	$	(222)	$	(670)	$	(627)	$	(927)	$	(870)
Units outstanding beginning of year		468		527		1,189		1,334		1,583		1,722
Units sold		80		85		107		169		126		187
Units redeemed		(144)		(144)		(315)		(314)		(314)		(326)
Units outstanding end of year		404		468		981		1,189		1,395		1,583

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      8

FINANCIAL HIGHLIGHTS

For the years ended:

For a unit outstanding throughout each period					Short Horizon
	December 31, 2012		December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008
Unit value
Beginning of year		$18.99		$18.24		$16.95		$14.66		$16.28
Investment operations
From net investment loss(A)		(0.04)		(0.04)		(0.04)		(0.03)		(0.03)
From net realized and unrealized gains (loss) on investments in affiliated investment companies		1.42		0.79		1.33		2.32		(1.59)
Total from investment operations		1.38		0.75		1.29		2.29		(1.62)
Unit value
End of year		$20.37		$18.99		$18.24		$16.95		$14.66
Total return		7 .30%		4 .07%		7 .65%		15 .62%		(9 .95)%
Net Assets End of Year (000’s)		$                    8,227		$                    8,884		$                    9,608		$                    10,112		$                    9,450
Ratio and supplemental data
Expenses to average net assets(B)		0 .20%		0 .20%		0 .20%		0 .20%		0 .20%
Net investment loss to average net assets		(0 .20)%		(0 .20)%		(0 .20)%		(0 .20)%		(0 .20)%
Portfolio turnover rate(C)		51%		46%		36%		28%		125%
For a unit outstanding throughout each period	Intermediate Horizon
	December 31, 2012		December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008
Unit value
Beginning of year		$18.17		$18.13		$16.22		$13.46		$18.16
Investment operations
From net investment loss(A)		(0.04)		(0.04)		(0.03)		(0.03)		(0.03)
From net realized and unrealized gains (loss) on investments in affiliated investment companies		1.97		0.08		1.94		2.79		(4.67)
Total from investment operations		1.93		0.04		1.91		2.76		(4.70)
Unit value
End of year		$20.10		$18.17		$18.13		$16.22		$13.46
Total return		10 .67%		0 .19%		11 .81%		20 .51%		(25 .88)%
Net Assets End of Year (000’s)		$                    19,718		$                    21,599		$                24,180		$                    24,295		$                    21,990
Ratio and supplemental data
Expenses to average net assets(B)		0 .20%		0 .20%		0 .20%		0 .20%		0 .20%
Net investment loss to average net assets		(0 .20)%		(0 .20)%		(0 .20)%		(0 .20)%		(0 .20)%
Portfolio turnover rate(C)		37%		42%		25%		34%		111%

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      9

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

For a unit outstanding throughout each period	Intermediate/Long Horizon
	December 31, 2012	December 31, 2011	December 31, 2010	December 31, 2009	December 31, 2008
Unit value
Beginning of year	$17.70	$17.99	$15.78	$12.89	$19.30
Investment operations
From net investment loss(A)	(0.04)	(0.04)	(0.03)	(0.03)	(0.03)
From net realized and unrealized gains (loss) on investments in affiliated investment companies	2.27	(0.25)	2.24	2.92	(6.38)
Total from investment operations	2.23	(0.29)	2.21	2.89	(6.41)
Unit value
End of year	$19.93	$17.70	$17.99	$15.78	$12.89
Total return	12.60%	(1.66)%	14.05%	22.42%	(33.21)%
Net Assets End of Year (000’s)	$                27,794	$                 28,003	$                 30,991	$                 30,478	$                 33,453
Ratio and supplemental data
Expenses to average net assets(B)	0.20%	0.20%	0.20%	0.20%	0.20%
Net investment loss to average net assets	(0.20)%	(0.20)%	(0.20)%	(0.20)%	(0.20)%
Portfolio turnover rate(C)	30%	34%	23%	54%	105%

(A)

 Calculation is based on average number of units outstanding.

(B)

  Ratios exclude expenses incurred by the underlying affiliated investment companies in which the Subaccounts invest.

(C)

  Does not include the Portfolio activity of the underlying affiliated investment companies.

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

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

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      10

NOTES TO FINANCIAL STATEMENTS

At December 31, 2012

(all amounts in thousands)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Asset Allocation Variable Funds (the “Separate Account”), is a non-diversified separate account of Transamerica Financial Life Insurance Company (“TFLIC”), and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a management investment company. The Separate Account is composed of three different subaccounts that are separate investment funds: Transamerica Asset Allocation Variable – Short Horizon Subaccount (“Short Horizon”), Transamerica Asset Allocation Variable – Intermediate Horizon Subaccount (“Intermediate Horizon”), and Transamerica Asset Allocation Variable – Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”) (individually, a “Subaccount” and collectively, the “Subaccounts”). Each Subaccount invests all of its investable assets among certain Transamerica Partners Variable Funds (“TPVF”). Certain TPVF subaccounts invest all their investable assets in the Transamerica Partners Portfolios.

This report should be read in conjunction with the Subaccounts’ current prospectus, which contains more complete information about the Subaccounts, including investment objectives and strategies.

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

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

Operating expenses: The Separate Account accounts separately for the assets, liabilities, and operations of each Subaccount. Each Subaccount will indirectly bear its share of fees and expenses incurred by TPVF in which it invests. These expenses are not reflected in the expenses in the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Security transactions: Security transactions are recorded on the trade date. Net realized gain (loss) from investments in affiliates for the Subaccounts are from investments in units of affiliated investment companies.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The value of each Subaccount’s investment in a corresponding subaccount of TPVF is valued at the unit value per share of each Subaccount determined as of the close of business of the New York Stock Exchange (“NYSE”), normally, 4:00 P.M. Eastern time, each day the NYSE is open for business. The Subaccount utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

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

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

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

The Subaccounts’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed an internal valuation committee (the “Valuation Committee”) to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of portfolio investments. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Subaccounts use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized as 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 investment valuations as well as the fair valuation guidelines.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      11

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 2. (continued)

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

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

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

Investment company securities: Investment company securities are valued at the net asset value of the underlying subaccounts. These securities are actively traded and no valuation adjustments are applied. Exchange Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy.

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

NOTE 3. RELATED PARTY TRANSACTIONS

The Separate Account has entered into an Investment Advisory Agreement with TAM. TAM is directly owned by Western Reserve Life Assurance Co. of Ohio and AUSA Holding Company (“AUSA”), both of which are indirect, wholly-owned subsidiaries of AEGON NV. AUSA is wholly-owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.

Pursuant to the Investment Advisory Agreement TAM provides general investment advice to each Subaccount. For providing these services and facilities and for bearing the related expenses, TAM receives a monthly fee from each Subaccount which is accrued daily and payable monthly at an annual rate equal to 0.20% of the average daily net assets of each Subaccount.

TFLIC is the legal holder of the assets in the Subaccounts and will at all times maintain assets in the Subaccounts with a total market value of at least equal to the contract liabilities for the Subaccounts.

Certain Managing Board Members and officers of TFLIC are also trustees, officers or employees of TAM or its affiliates. No interested Managing Board Members receive compensation from the Separate Account. Similarly, none of the Separate Account’s officers receive compensation from the Subaccounts. The independent board members are also trustees of the Transamerica Partners Portfolios for which they receive fees.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by the Trust to an Independent Trustee on a current basis for services rendered as Trustee. Deferred compensation amounts will accumulate based on the value of Class A (or comparable) shares of a series of Transamerica Funds (without imposition of a sales charge), or investment options under Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds, as elected by the Trustee. After December 31, 2012, shares of Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds will no longer be available as investment options under the Deferred Compensation Plan.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      12

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 4. SECURITIES TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold for the year ended December 31, 2012 were as follows:

	Purchases of  affiliated investments:		Proceeds from maturities and sales of     affiliated investments:
Fund	Long-term	U.S. Government	Long-term	U.S. Government
Short Horizon	$4,481	$–	$5,786	$–
Intermediate Horizon	8,000	–	12,175	–
Intermediate/Long Horizon	8,558	–	12,281	–

NOTE 5. FEDERAL INCOME TAXES

The operations of the Separate Account form a part of, and are taxed with, the operations of TFLIC, a wholly-owned subsidiary of AEGON USA. TFLIC does not expect, based upon current tax law, to incur any income tax upon the earnings or realized capital gains attributable to the Separate Account. Based upon this expectation, no charges are currently being deducted from the Separate Account for federal income tax purposes. Management has evaluated the Separate Account’s tax positions taken for all open tax years (2009-2011), or expected to be taken in the Separate Account’s 2012 tax returns. Each subaccount is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

NOTE 6. SUBSEQUENT EVENT

On January 15, 2013, a large shareholder of the State Street Navigator Securities Lending Trust – Prime Portfolio (“Navigator”) (the money market mutual fund in which the Portfolio invests the cash collateral received from lending of securities) redeemed its holdings. This resulted in the TAM family of mutual funds becoming a 28.07% shareholder of the Navigator as of January 15, 2013. No individual portfolio of the trust has a significant holding in the Navigator.

Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Subaccounts’ financial statements.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      13

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Financial Life Insurance Company and the Contractholders of Transamerica Asset Allocation Variable Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Asset Allocation Variable Funds (comprising, respectively, Transamerica Asset Allocation - Short Horizon Subaccount, Transamerica Asset Allocation - Intermediate Horizon Subaccount and Transamerica Asset Allocation - Intermediate/Long Horizon Subaccount) (collectively, the “Subaccounts”) as of December 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Subaccounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for periods ended prior to January 1, 2010 were audited by another independent registered public accounting firm whose report, dated March 1, 2010, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Subaccounts’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Subaccounts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2012, by correspondence with the transfer agent and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned Subaccounts constituting Transamerica Asset Allocation Variable Funds at December 31, 2012, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

March 1, 2013

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      14

Board Members and Officers

(unaudited)

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser.

The funds are among the funds advised and sponsored by TAM (collectively, “Transamerica Mutual Funds”). Transamerica Mutual Funds consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 162 funds as of the mailing of this annual report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716.

The Board Members, their year of birth, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in Transamerica Mutual Funds that the Board oversees, and other board memberships they hold are set forth in the table below.

Name and Year of Birth	Position(s)       Held with Trust	Term of   Office and   Length   of Time   Served*	Principal Occupation(s) During Past Five Years	Number of      Funds in  Complex  Overseen  by Board  Member	Other   Directorships   During the Past      Five Years
INTERESTED BOARD MEMBERS
Thomas A. Swank (1960)	Board Member, President and Chief Executive Officer	Since 2012	President and Chief Executive Officer, Transamerica Individual Savings & Retirement (2010 – present); President and Chief Executive Officer, Transamerica Capital Management (2009 – present); Board Member (November 2012 – present), President and Chief Executive Officer, Transamerica Funds, TST, TIS, (May 2012 – present); Board Member (March 2013 - present), President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (May 2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Asset Management, Inc. (“TAM”) (May 2012 – present);	162	N/A

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Name and Year of Birth	Position(s)       Held with   Trust	Term of   Office and   Length   of Time   Served*	Principal Occupation(s) During Past Five Years	Number of      Funds in  Complex  Overseen  by Board  Member	Other   Directorships   During the Past      Five Years
INTERESTED BOARD MEMBER — continued
Thomas A. Swank (continued)			Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Fund Services, Inc. (“TFS”) (May 2012 – present);
			Director and Trust Officer, Massachusetts Fidelity Trust Company (May 2012 – present);
			Director, AEGON Sony Life Insurance Co., LTD. (2011 – present);
			Division President, Monumental Life Insurance Company (2011 – present);
			Division President, Western Reserve Life Assurance Co. of Ohio (2011 – present);
			Vice President, Money Services, Inc. (2011 – present);
			Director, AEGON Financial Services Group, Inc. (2010 – present);
			Director, AFSG Securities Corporation (2010 – present);
			Director and President, Transamerica Advisors Life Insurance Company (2010 – present);
			Director, Chairman of the Board and President, Transamerica Advisors Life Insurance Company of New York (2010 – present);
			Director and President, Transamerica Resources, Inc. (2010 – present);

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position(s)       Held with Trust	Term of   Office and   Length   of Time   Served*	Principal Occupation(s) During Past Five Years	Number of      Funds in  Complex  Overseen  by Board  Member	Other   Directorships      During the   Past   Five Years
INTERESTED BOARD MEMBER — continued
Thomas A. Swank (continued)			Executive Vice President, Transamerica Life Insurance Company (2010 – present);
			Executive Vice President, Transamerica Financial Life Insurance Company (2009 – present);
			Director, Transamerica Capital, Inc. (2009 – present); and
			President and Chief Operating Officer (2007 – 2009), Senior Vice President, Chief Marketing Officer (2006 – 2007), Senior Vice President, Chief Financial Officer (2003 – 2006), Senior Vice President, Chief Risk Officer (2000 – 2003), Senior Vice President, Chief Investment Officer (1997 – 2000) and High Yield Portfolio Manager (1992 – 1997), Security Benefit Corporation.
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present);	162	First Allied Holdings Inc. (January 2013 – present)
			Consultant, AEGON USA (2010 – 2011);
			Senior Advisor, Lovell Minnick Equity Partners (2010 – present);
			Retired (2010 – present); and
			Managing Director for Strategic Business Development, AEGON USA (1994 – 2010).

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position(s)       Held with Trust	Term of   Office and   Length   of Time   Served*	Principal Occupation(s) During Past Five Years	Number of      Funds in  Complex  Overseen  by Board  Member	Other   Directorships      During the   Past   Five Years
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TII (2003 – 2010); and Partner, KPMG (1975 – 1999).	162	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (1956)	Lead Independent Board Member	Since 2007	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, Transamerica Funds and TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); President, L. J. Hill & Company (a holding company for privately- held assets) (1999 – present); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);	162	Ameris Bancorp (January 2013 – present); Ameris Bank (January 2013 – present)

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position(s)       Held with Trust	Term of   Office and   Length   of Time   Served*	Principal Occupation(s) During Past Five Years	Number of      Funds in  Complex  Overseen  by Board  Member	Other   Directorships      During the   Past   Five Years
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and
			Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present);	162	N/A
			Board Member, TII (2009 – 2010);
			Managing Director, Hilton Capital (2010 – present);
			Principal, Maxam Capital Management, LLC (2006 – 2008); and
			Principal, Cobble Creek Management LP (2004 – 2006).
Russell A. Kimball, Jr. (1944)	Board Member	Since2007	General Manager, Sheraton Sand Key Resort (1975 – present);	162	N/A
			Board Member, TST (1986 – present);
			Board Member, Transamerica Funds, (1986 – 1990), (2002 – present);
			Board Member, TIS (2002 – present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and
			Board Member, TII (2008 – 2010).

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position(s)       Held with Trust	Term of  Office and  Length  of Time  Served*	Principal Occupation(s) During Past Five Years	Number of     Funds in Complex Overseen by Board Member	Other   Directorships   During the Past   Five Years
INDEPENDENT BOARD MEMBERS — continued
Eugene M. Mannella   (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present); Self-employed consultant (2006 – present); Managing Member and Chief Compliance Officer, HedgeServ Investment Services, LLC (limited purpose broker-dealer) (2011 – present); President, ARAPAHO Partners LLC (limited purpose broker- dealer) (1998 – 2008); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).	162	N/A

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position(s)       Held with Trust	Term of  Office and  Length  of Time  Served*	Principal Occupation(s) During Past Five Years	Number of     Funds in Complex Overseen by Board Member	Other   Directorships   During the Past   Five Years
INDEPENDENT BOARD MEMBERS — continued
Norman R. Nielsen,   Ph.D. (1939)	Board Member	Since 2007	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Director, Aspire Inc. (formerly, Iowa Student Loan Service Corporation) (2006 – present); Director, League for Innovation in the Community Colleges (1985 – 2005); Director, Iowa Health Systems (1994 – 2003); Director, U.S. Bank (1985 – 2006); and President, Kirkwood Community College (1985 – 2005).	162	Buena Vista University Board of Trustees (2004 – present)
Joyce G. Norden (1939)	Board Member	Since 1993	Retired (2004 – present); Board Member, TPFG, TPFG II and TAAVF (1993 – present); Board Member, TPP (2002 – present); Board Member, Transamerica Funds, TST and TIS	162	Board of Governors, Reconstructionist Rabbinical College (2007 – 2012)

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position(s)       Held with Trust	Term of  Office and  Length  of Time  Served*	Principal Occupation(s) During Past Five Years	Number of     Funds in Complex Overseen by Board Member	Other   Directorships   During the   Past   Five Years
INDEPENDENT BOARD MEMBERS — continued
Joyce G. Norden (continued)			(2007 – present); Board Member, TII (2008 – 2010); and Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).
Patricia L. Sawyer   (1950)	Board Member	Since 1993	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University; Vice President, American Express (1987 – 1989); Vice President, The Equitable (1986 – 1987); and Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).	162	Honorary Trustee, Bryant University (1996 – present)

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position(s)       Held with Trust	Term of  Office and  Length  of Time  Served*	Principal Occupation(s) During Past Five Years	Number of     Funds in Complex Overseen by Board Member	Other   Directorships   During the Past   Five Years
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter   (1952)	Board Member	Since 2007	Attorney, Englander Fischer (2008 – present); Retired (2004 – 2008); Board Member, TST and TIS (2004 – present); Board Member, Transamerica Funds (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	162	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 –2013)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      23

Officers

The mailing address of each officer is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Year of Birth	Position	Term of Office          and Length of  Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas A. Swank (1960)	Board Member, President and Chief Executive Officer	Since 2012	See table above.
Timothy S. Galbraith (1964)	Vice President and Chief   Investment Officer, Alternative Investments	Since 2012	Vice President and Chief Investment Officer, Alternative Investments, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Alternative Investments (March 2012 – present), TAM; Head of Alternative Investment Strategies, Morningstar Associates, LLC (2009 – March 2012); and Managing Director, Bear Stearns Asset Management (2001 – 2009).
Dennis P. Gallagher     (1970)	Vice President, General Counsel and Secretary	Since 2007	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President, General Counsel and Secretary, TII, (2006 – 2010); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – present); Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – present); Assistant Vice President, TCI (2007 – present); Director, Deutsche Asset Management (1998 – 2006); and Corporate Associate, Ropes & Gray LLP (1995 – 1998).

Transamerica Asset Allocation Variable Funds Annual Report 2012

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Name and Year of Birth	Position	Term of Office           and Length of   Time Served*	Principal Occupation(s) or Employment During Past Five Years
Todd R. Porter (1961)	Vice President and Chief Investment Officer, Asset Allocation	Since 2012	Vice President and Chief Investment Officer, Asset Allocation, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Asset Allocation (April 2012 – present), TAM; Chief Investment Officer, Fund Architects, LLC (2007 – 2012); and Chief Investment Strategist, Morningstar Associates, LLC (1999 – 2006).
Christopher A. Staples     (1970)	Vice President and Chief Investment Officer, Advisory Services	Since 2007	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds, TST and TIS; Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President(2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Elizabeth Strouse (1974)	Vice President, Treasurer and Principal Financial Officer	Since 2010	Vice President, Treasurer and Principal Financial Officer (2011 – present), Assistant Treasurer (2010 – 2011), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF; Vice President, TAM and TFS (2009 – present); Director, Fund Administration, TIAA-CREF (2007 – 2009); and Manager (2006 – 2007) and Senior (2003 – 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      25

Name and Year of Birth	Position	Term of Office           and Length of   Time Served*	Principal Occupation(s) or Employment During Past Five Years
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present); Vice President and Senior Counsel, TAM and TFS (2007 – present); Senior Counsel, United States Securities and Exchange Commission (2004 – 2007); and Associate, Dechert, LLP (1999 – 2004).
Bradley O. Ackerman   (1966)	Deputy Chief Compliance Officer and   Anti-Money Laundering   Officer	Since 2009	Deputy Chief Compliance Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present); Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 – present); Anti-Money Laundering Officer, Transamerica Funds, TST and TIS (2007 – present); Senior Compliance Officer, TAM (2007 – present); and Director, Institutional Services, Rydex Investments (2002 – 2007).
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 – present); Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund (2000 – 2007); and Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management, Inc. (1994 – 2007).
Timothy J. Bresnahan   (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); and Assistant Secretary, TII (2009 – 2010); Vice President and Senior Counsel, TAM (2008 – present).

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      26

Name and   Year of Birth	Position	Term of Office         and Length of   Time Served*	Principal Occupation(s) or Employment   During Past Five Years
Margaret A. Cullem-Fiore     (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present);   Assistant Vice President, TCI (2009 – present);   Vice President and Assistant General Counsel, TAM and TFS (2006 – present);   Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 – 2007); and   Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).

* Elected and serves at the pleasure of the Board.

If an officer has held offices for different funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

Transamerica Asset Allocation Variable Funds Annual Report 2012

Page      27

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          Transamerica Partners Portfolios

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Transamerica Partners High Quality Bond Portfolio

 (unaudited)

MARKET ENVIRONMENT

While not lacking political drama and market volatility in the U.S. and abroad, the fixed income markets still proved to be a decent option for investors in 2012. Solid first quarter performance was followed by a few challenges in the second quarter, but a solid third quarter and moderately positive fourth quarter netted a good year for excess returns over similar duration U.S. Treasuries. Much like 2011, investors considered several factors while navigating through investment decisions. Multiple proposals of aid and austerity in Europe, the Federal Reserve’s Quantitative Easing (“QE”) programs, U.S. political elections, and the concern that the simultaneous expiry of tax breaks and the introduction of tax increases and spending cuts that were due at the end of 2012, would push the U.S. back into recession (the “Fiscal Cliff”) all contributed to investor uncertainty. In the fixed income markets, the first quarter saw the U.S. Treasury yield curve experience a mild steepening with most of the long end of the yield curve rising in March. Long-term rates moved higher while short-term rates remained anchored. Investors were rewarded for owning spread product as yield starved buyers sought more income from U.S. Treasury alternatives. Over the quarter, corporate spreads compressed, with the banking and finance sectors producing positive absolute returns. Commercial Mortgage Backed Securities (“CMBS”) and Asset Backed Securities (“ABS”) sectors also followed suit and lower quality sectors outperformed higher quality sectors as investors’ risk appetite returned. Markets were again at the mercy of European headlines during the second quarter. Talk of pan-European bonds, Greece exiting the eurozone, bank downgrades and the Spanish aid package dominated the headlines and influenced the risk on/off sentiment. The Greek elections weighed heavily on spreads, which lingered into June. Also in June, the weight of Moody’s review of the U.S. banking sector was finally lifted. Although the downgrade of some global banks into Baa credit rating territory is significant, the market seems to have been prepared, and many had feared that the ratings action would be more severe. Against this backdrop, U.S. Treasuries and high quality assets outperformed the spread sectors as investor’s primary concerns were safety and liquidity. The third quarter of 2012 was positive for fixed income as central bank stimulus on both sides of the Atlantic sparked a rally in risk assets. In September, the European Central Bank announced a new plan to deal with the European crisis through Outright Monetary Transactions. Markets were reassured the following week when Germany affirmed the European Stability Mechanism. The Federal Reserve’s much anticipated announcement of a third round of QE came in September, announcing its intention to purchase $40 billion of mortgage securities per month, indefinitely. The impact on Gross Domestic Production (“GDP”) and the housing market was hoped to be positive, the Residential Mortgage Backed Securities market reacted immediately as spreads tightened. Economic data remained weak and unemployment remained over 8%. Despite this news, investor appetite for yield resulted in all spread sectors outperforming U.S. Treasuries during the third quarter. To start the fourth quarter, signs of further recovery became visible, given a significant one-time drop in jobless claims, the highest consumer confidence print since 2007, encouraging retail sales and a greater than expected rise in home prices over a year ago. Significant global headwinds tempered market enthusiasm; however, and economists alluded to a potential drag from Super Storm Sandy on fourth quarter GDP. Both tepid economic data and post-election malaise contributed to a risk-off trade across the market, including a selloff in equities and a rally in U.S Treasuries. The Federal Reserve broke new ground in transparency by setting explicit unemployment and inflation parameters that will guide their level of policy accommodation. This language replaced the date specific guidance (2015) in prior statements. For the most part, the fourth quarter was focused on the Fiscal Cliff. Uncertainty led to a lack of investment activity as investors questioned our U.S. government’s ability to structure a deal that would avoid a dramatic drop in GDP and likely lead to ratings actions. Just as the year ended, the U.S. Congress passed legislation maintaining the Bush era tax cuts on all but the highest earning U.S. households and averting the drastic spending cuts associated with the Fiscal Cliff. Despite lingering unaddressed items, such as the U.S. debt ceiling, initial market reaction reflects a shift into riskier assets with U.S. Treasuries selling off.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners High Quality Bond Portfolio (the “Portfolio”) returned 2.95%. By comparison, its benchmark, the Bank of America Merrill Lynch U.S. Corporate & Government, 1-3 Years Index (the “Index”), returned 1.48%.

STRATEGY REVIEW

While 2012 has provided some economic recovery, investors continue to look for improvements in GDP and lower unemployment rates. As with last year, the Portfolio’s overweight to certain spread sectors was rewarded as demand for high quality fixed income was strong as investors looked to shed risk and seek out alternatives to low-yielding money markets. The net result was that sector allocation was the largest contributor to performance for 2012 as the Portfolio overweight to financial corporates, CMBS and ABS drove its outperformance versus the Index. The Portfolio outperformed the Index by 1.19%.

CMBS was one of the best performing sectors posting lucrative positive excess returns versus U.S. Treasuries in 2012. The Portfolio was invested in the highest quality tranches at the top of the capital structure. Diligent stress testing and focus on the top tier tranches of the capital structure has allowed the Portfolio to capture tightening spreads while avoiding potential troublesome pockets of the market. In particular, Commercial Mortgage Pass Through Certificates Series 2006-C8 Class A3 and JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-C1 Class A3 were top performers in the sector for the Portfolio.

The corporate sector had a complete reversal in performance in 2012 from 2011. With U.S. Treasury rates largely unchanged, spread tightening in the corporate sector resulted in excess returns. Leading performance in the corporate sector were financials. Concern about several factors that had contributed to wide financial spreads were diminished, such as lingering mortgage liability and risks of fall-out from European sovereign risk. Spreads of industrial and utility securities also tightened, but not nearly to the degree of financials. Merganser’s positioning in higher quality securities resulted in excess returns slightly lower than the overall credit sector; however, the Portfolio’s overweight to those financial and industrial holdings provided significant outperformance relative to U.S. Treasury securities. The ABS performed extremely well during the year as spreads tightened (particularly on subordinated classes) over the course of the year.

The Portfolio benefited from its duration positioning throughout 2012. The Portfolio maintained an overweight in the 3-5 year segment of the yield curve, which contributed positively to excess return.

Douglas A. Kelly, CFA

Peter S. Kaplan, CFA

Co-Portfolio Managers

Merganser Capital Management, Inc.

Transamerica Partners Portfolios Annual Report 2012

Page      1

Transamerica Partners Inflation-Protected Securities Portfolio

 (unaudited)

MARKET ENVIRONMENT

At the January Federal Open Market Committee (“FOMC”) meeting, the Federal Reserve explicitly declared a 2% inflation target for the first time. Extraordinary action by the European Central Bank (“ECB”) through its three-year Long Term Refinancing Operation program alleviated fears of imminent funding crises and disorderly defaults in the eurozone. Meanwhile, positive manufacturing, retail sales and employment reports pointed to modest, but steady improvements in the U.S. economy, helping raise growth and inflation expectations. The first quarter also saw record high energy prices as a result of escalating tension with Iran, which drove up headline inflation.

As U.S. data disappointed and European fiscal concerns continued to create tangible market stress, both real and nominal global yields remained near all-time lows. Specifically, nominal rates in countries deemed as safe havens such as the U.S., U.K., and Germany fell. Against this backdrop and a decline in energy prices, developed market 10-year inflation breakevens declined.

European and U.S. leaders signaled and later delivered aggressive action to stimulate the sluggish global economy. In September, the ECB announced the Outright Monetary Transactions program, a facility opening up access to central bank funding to sovereigns willing to accept certain austerity measures. Robust U.S. housing figures partially offset poor labor market and manufacturing data prompting no FOMC action in the June meeting. At its September meeting, the FOMC announced plans to commence a third round of quantitative easing (“QE3”) while continuing Operation Twist. QE3 enabled the Federal Reserve to purchase $40 billion agency mortgage backed securities per month until its dual mandate is better satisfied. The FOMC also confirmed its intent to keep the federal funds rate “exceptionally low” through at least mid-2015.

Early in the fourth quarter, fiscal policy concerns in the U.S. weighed on market tone despite optimistic labor and housing data. The U.S. election outcome prolonged divided government, raising expectations for a policy error; risk assets weakened sharply. As the quarter progressed, valuations recovered as both parties compromised to negotiate a deal averting the tax increases and spending cuts associated with the Fiscal Cliff. Federal Reserve policy continued to evolve and at the December meeting, the FOMC announced an earlier-than expected move from date-based rate guidance to rate guidance based on numerical threshold targets for the unemployment rate and inflation data.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Inflation-Protected Securities Portfolio (the “Portfolio”) returned 7.06%. By comparison, its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (“TIPS”) Index, returned 6.98%.

STRATEGY REVIEW

For the year, the Portfolio maintained a real yield flattening bias between the 10-year and 30-year points of the yield curve. In early 2012, the Portfolio management team initiated a breakeven steepener strategy consisting of a short 10-year breakeven position (short 10-year U.S. TIPS and long 10-year nominal U.S. Treasuries) coupled with a long 30-year breakeven position (long 30-year TIPS and short 30-year nominal U.S. Treasuries). Due to the Portfolio’s management team’s expectations of slower than anticipated global growth, weakening energy prices and ongoing tensions in peripheral Europe, they expected a disinflationary scenario which would pressure 10-year inflation expectations relative to longer-term inflation expectations. However, aggressive monetary accommodation, particularly due to the Federal Reserve’s commitment to hold rates low through 2015, caused intermediate real yields to significantly outperform long-end real yields, which benefitted less from the Federal Reserve’s shorter-horizon rate guidance. For the first three quarters, the 10s30s breakeven curve flattened, with real yields falling in response to robust monetary accommodation. In the fourth quarter, market participants questioned the ability of monetary accommodation to drive growth without fiscal policy assistance and inflation breakevens tightened particularly after the U.S. elections. The status quo result raised expectations for gridlock and policy error as the Fiscal Cliff approached. Eventually, breakevens recovered in sympathy with other risk assets as rhetoric from both parties indicated willingness to compromise. U.S. 30-year breakevens outperformed their 10-year counterparts in this period, supported in part by strong housing and labor data. By year end, the active short duration of the Portfolio was increased through selling intermediate real yields with particularly poor carry profiles.

The Portfolio utilized interest rate swaps, in conjunction with bond futures, primarily as a way to express our views on 2-year and 30-year swap spreads. The Portfolio’s management team believed that swap spreads across the term structure would widen relative to Treasuries because of impending Dodd-Frank rules, making it relatively more costly to trade swaps via increased margin requirements. Also, a reduction in Federal Deposit Insurance Corporation (“FDIC”) limits at year-end 2012 was also expected to widen 2-year swap spreads as collateral held at banks shift to shorter-end Treasury paper, compressing those yields relative to swaps.

As a longer-term trade, the Portfolio’s management team preferred holding exposure to long end Treasuries versus 30-year swaps. In the post-crisis period, longer-dated swaps have been trading inside the U.S. Treasury curve, in part, because of duration demand from insurance companies and pension funds. Thus, paying on swaps and receiving on the 30-year Treasury rate had the potential to earn the Portfolio extra carry over the life of the trade.

Over the last year, the Portfolio also utilized options and forwards to express the view on currencies that both the Yen and Euro would weaken against the U.S. Dollar.

Brian Weinstein

Martin Hegarty

Co-Portfolio Managers

BlackRock Financial Management, Inc.

Transamerica Partners Portfolios Annual Report 2012

Page      2

Transamerica Partners Core Bond Portfolio

 (unaudited)

MARKET ENVIRONMENT

Investor anxiety remained high throughout the period. During the first quarter of the year, European debt concerns sent U.S. Treasury yields to record lows, but were partly alleviated by the effect of the European Central Bank’s long-term refinancing operations. The second and third quarters were dominated by monetary policy uncertainty, both in the U.S. and Europe. In September, the announcement of stimulus packages from the U.S. and European central banks relieved this anxiety and resulted in an uptick in risk appetite.

During the last quarter, U.S. economic data pointed to a sustainable, modest recovery, with the all-important labor and housing markets showing signs of improvement. Although central banks continued to be accommodative, markets were concerned that the U.S. Fiscal Cliff and debt ceiling issues would derail the recovery and push the U.S. economy back into recession.

Sentiment out of Europe was cautiously optimistic given the Euro group’s agreement on an aid package for Greece as well as the bank recapitalization plan for four nationalized Spanish banks. However, Moody’s downgrade of France in November cast a gloom on the market and reminded investors that Europe’s problems were far from over.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Core Bond Portfolio (the “Portfolio”) returned 8.28%. By comparison, its benchmark, the Barclays U.S. Aggregate Bond Index, returned 4.22%.

STRATEGY REVIEW

For the year ended December 31, 2012, the Portfolio outperformed its benchmark, the Barclays U.S. Aggregate Bond Index.

The Portfolio maintained a shorter duration bias (lower sensitivity to interest rates) relative to its benchmark index throughout most of the year. The overall impact of duration and curve positioning on performance for the year was positive.

Throughout the year, the Portfolio was overweight relative to its benchmark in non-government spread sectors and underweight in U.S. government-related sectors. The Portfolio benefited from exposure to high quality securitized sectors such as Commercial Mortgage Backed Securities (“CMBS”), and Asset Backed Securities (“ABS”). The shrinking universe of high quality product combined with investor demand for yield ensured that the ABS and CMBS sectors continued to perform well.

In Mortgage Backed Securities (“MBS”), the Portfolio benefited from the addition of Agency MBS positions prior to the September third round of quantitative easing announcement and the subsequent spread compression. Its positions in non-Agency MBS also contributed positively towards performance. Finally, the Portfolio also benefited from its exposure to Investment Grade and High Yield credit, as well as Sovereign debt.

The Portfolio maintained a short duration bias for most of the year.

The Portfolio’s management team tactically managed investment grade credits, cautiously seeking to take advantage of relative value opportunities in industrials and financials. CMBS and ABS were added to the Portfolio to take advantage of the opportunities in these sectors. Liquidity was maintained in the Portfolio through core allocations to agency MBS and U.S. Treasuries.

At year end, the Portfolio was generally underweight relative to the Barclays U.S. Aggregate Bond Index in government-owned/government-related sectors in favor of non-government spread sectors. Within spread sectors, the Portfolio was most significantly overweight in CMBS and ABS. Within the government sectors, the Portfolio was underweight in U.S. Treasuries and agency debentures, while overweight in agency MBS. The Portfolio also held an out-of-index allocation to non-agency residential MBS and high yield corporate credit. The Portfolio ended the year with a neutral duration relative to the benchmark index.

The Portfolio held derivatives during the period as a part of its investment strategy. Derivatives are used by the Portfolio management team as a means to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Portfolio. Specifically, the Portfolio used U.S. Treasury futures to express a short duration bias for most of the year. In addition, the Portfolio held a yield curve flattening bias expressed by a combination of long dated U.S. Treasury securities and short intermediate Treasury futures. The net effect of yield curve and duration positioning was a positive to performance.

Matthew Marra

Eric Pellicciaro

Bob Miller

Rick Rieder

Co-Portfolio Managers

BlackRock Financial Management, Inc.

Transamerica Partners Portfolios Annual Report 2012

Page      3

Transamerica Partners High Yield Bond Portfolio

 (unaudited)

MARKET ENVIRONMENT

High-yield bonds capped an exceptional year in 2012 with a strong finish in the fourth quarter, posting total returns of 15.58% for the year and 3.18% for the quarter, based on the Bank of America Merrill Lynch High Master II Index (the “Index”). The Index spread over U.S. Treasuries tightened over the course of the year – slightly below its 20-year average. The yield-to-worst on the Index fell in the fourth quarter, touching yet another record low following the bottom established in September. These results were driven by generally favorable macroeconomic developments, notwithstanding yearlong concerns over the impact of U.S. “Fiscal Cliff” negotiations, and decent economic improvement in the U.S. Investors reacted positively to the Federal Reserve’s continued accommodative policies and the apparent containment of the European debt crisis. Advances in indicators such as home and auto sales, manufacturing and labor also helped buoy the market. While earnings growth – both reported and projected – cooled somewhat, corporate fundamentals remained strong, which helped keep default rates under 2%, well below historical averages. Demand from investors in a yield-starved environment resulted in record-high high-yield mutual fund inflows of $31 billion in 2012, twice the level of 2011, according to J.P. Morgan.

The breadth of the high-yield rally in 2012 is reflected in the fact that all 37 industries in the Index had positive returns for the year, led by the banking and thrifts sector. The market’s worst-performing sector, food & drug retail, still had a high single digit return. It was also a year in which investors embraced risk, as CCC-rated bonds led credit sectors; the worst-performing credit sector, BB-rated bonds, generated mid-teen returns. Most of the 2012 outperformance of the CCC sector stemmed from the first quarter, propelled by a spate of optimistic news; for the rest of the year the spread in total return among credit sectors was relatively narrow.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners High Yield Bond Portfolio (the “Portfolio”) returned 15.14%. By comparison, its benchmark, the Bank of America Merrill Lynch High Master II Index, returned 15.58%.

STRATEGY REVIEW

The Portfolio performed well in the fourth quarter of 2012, leading to a strong full year return. At year end the Portfolio’s yield to worst was 5.63% with an average maturity of 6.61 years. Credit selection was paramount as holdings in hotels, restaurants and leisure; energy; and healthcare all helped drive performance for the year. Standout performers for the year from an absolute returns basis include Caesars Entertainment Operating Co., Inc., Mohegan Tribal Gaming Authority, Cidron Healthcare, and LyondellBasell Industries NV. The Portfolio eliminated Cidron Healthcare prior to year end. Conversely, some names that did not perform well in the Portfolio were Edison Mission Energy, Education Management LLC, and Chesapeake Energy Corp. Detracting from overall performance was an underweight position in financials along with holdings in the utilities sector. The Portfolio’s short duration positions were also a drag on performance as these securities underperformed the market.

Linda Carter, CFA

Michael W. Weilheimer, CFA

Co-Portfolio Managers

Eaton Vance Management

Transamerica Partners Portfolios Annual Report 2012

Page      4

Transamerica Partners Balanced Portfolio

 (unaudited)

MARKET ENVIRONMENT

BlackRock Financial Management, Inc.

Investor anxiety remained high throughout the period. During the first quarter of the year, European debt concerns sent U.S. Treasury yields to record lows, but were partly alleviated by the effect of the European Central Bank’s long-term refinancing operations. The second and third quarters were dominated by monetary policy uncertainty, both in the U.S. and Europe. In September, the announcement of stimulus packages from the U.S. and European central banks relieved this anxiety and resulted in an uptick in risk appetite.

During the last quarter, U.S. economic data pointed to a sustainable, modest recovery, with the all-important labor and housing markets showing signs of improvement. Although central banks continued to be accommodative, markets were concerned that the U.S. Fiscal Cliff and debt ceiling issues would derail the recovery and push the U.S. economy back into recession.

Sentiment out of Europe was cautiously optimistic given the Euro group’s agreement on an aid package for Greece as well as the bank recapitalization plan for four nationalized Spanish banks. However, Moody’s downgrade of France in November cast a gloom on the market and reminded investors that Europe’s problems were far from over.

J.P. Morgan Investment Management Inc.

U.S equity markets climbed a wall of worry in 2012, as markets faced obstacles on several fronts, including an intensifying European debt crisis, economic slowdown in China, a devastating hurricane in the Northeastern U.S., and ongoing dysfunction in Washington. Despite these and other events, U.S. equity markets generated solid returns as the Standard & Poor’s 500^® Index (“S&P 500^®”) rose to 16.00%, slightly outpaced by the 16.35% return for the Russell 2000^® Index.

The year started off strong as the S&P 500^® posted its strongest first-quarter gain since 1998. Investors were encouraged by an easing sovereign debt crisis in Europe. The European Central Bank (“ECB”), through its second Long Term Refinancing Option in February, greatly reduced yields on the sovereign debt of troubled European countries, particularly Italy and Spain. Investor confidence did not last long as markets turned volatile over concerns of the future of the European Currency Union (“ECU”). A Greek exit from the ECU consumed most of the headlines. However, after a second election, a coalition of “pro euro” parties prevailed and averted a Greek exit.

The turning point for the markets in 2012 were comments made in July by ECB President Mario Draghi, who stated that the ECB would do “whatever it takes to preserve the Euro.” Draghi’s plan to save the Euro became known as Outright Monetary Transactions, which was well received by investors as yields on Spanish and Italian government bonds fell sharply. Aggressive monetary policy was constant as the Federal Reserve, Bank of England, Bank of Japan and Peoples Bank of China announced numerous policy actions over the year.

The fourth quarter was all about the U.S. presidential election and the Fiscal Cliff, which would require over $600 billion of automatic tax increases and spending cuts to take effect in January of 2013. The election results were no surprise as Barack Obama retained the White House, the Republicans kept their majority in the House of Representatives and the Democrats maintained control of the Senate. However, immediately after the election, investor attention turned to the Fiscal Cliff. Prospects of a “grand bargain” between Republican House Speaker John Boehner and President Obama were short lived as negotiations came to a standstill. It was then left to Vice President Joe Biden and Senate Minority Leader Mitch McConnell to hammer out a deal.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Balanced Portfolio (the “Portfolio”) returned 13.47%. By comparison, its primary and secondary benchmarks, the Barclays U.S. Aggregate Bond Index and the S&P 500^®, returned 4.22% and 16.00%, respectively.

STRATEGY REVIEW

BlackRock Financial Management, Inc.

For the year ended December 31, 2012, the Portfolio outperformed its benchmark, the Barclays U.S. Aggregate Bond Index.

The Portfolio maintained a shorter duration bias (lower sensitivity to interest rates) relative to its benchmark index throughout most of the period. The overall impact of duration and curve positioning on performance for the year was positive,

Throughout the year, the Portfolio was overweight relative to its benchmark in non-government spread sectors and underweight in U.S. government-related sectors. The Portfolio benefited from exposure to high quality securitized sectors such as Commercial Mortgage Backed Securities (“CMBS”), and Asset Backed Securities (“ABS”). The shrinking universe of high quality product combined with investor demand for yield ensured that the ABS and CMBS sectors continued to perform well.

In Mortgage Backed Securities (“MBS”), we benefited by adding Agency MBS positions prior to the September third round of quantitative easing announcement and the subsequent spread compression. Our positions in non-Agency MBS also contributed positively towards performance. Finally, the Portfolio also benefited from its exposure to Investment Grade and High Yield credit, as well as Sovereign debt.

The Portfolio maintained a short duration bias for most of the year.

The Portfolio’s management team tactically managed investment grade credits, cautiously seeking to take advantage of relative value opportunities in industrials and financials. CMBS and ABS were added to the Portfolio to take advantage of the opportunities in these sectors. Liquidity was maintained in the Portfolio through core allocations to agency MBS and U.S. Treasuries.

At year end, the Portfolio was generally underweight relative to the Barclays U.S. Aggregate Bond Index in government-owned/government-related sectors in favor of non-government spread sectors. Within spread sectors, the Portfolio was most significantly overweight in CMBS and ABS. Within the government sectors, the Portfolio was underweight in U.S. Treasuries and agency debentures, while overweight agency MBS. The Portfolio also held an out-of-index allocation to non-agency residential MBS and high yield corporate credit. The Portfolio ended the year with a neutral duration relative to the benchmark index.

Transamerica Partners Portfolios Annual Report 2012

Page      5

Transamerica Partners Balanced Portfolio (continued)

 (unaudited)

STRATEGY REVIEW (continued)

The Portfolio held derivatives during the period as a part of its investment strategy. Derivatives are used by the Portfolio management team as a means to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Portfolio. Specifically, the Portfolio used Treasury futures to express a short duration bias for most of the year. In addition, the Portfolio held a yield curve flattening bias expressed by a combination of long dated Treasury securities and short intermediate Treasury futures. The net effect of our yield curve and duration positioning was a positive to performance.

J.P. Morgan Investment Management Inc.

The Portfolio outperformed the S&P 500^® during the fourth quarter as stock selection in the consumer cyclical, utilities and banks and brokers sectors contributed to performance. During the year, stock selection in the consumer cyclical, retail, and systems and network hardware sectors positively impacted Portfolio returns.

An underweight in General Electric Co. added to returns as investors reacted negatively to disappointing third-quarter earnings results, partially attributed to weak organic growth. General Electric Co. continues to be expensive on a valuation basis as both an industrial company and as a bank. An overweight in Sempra Energy contributed to returns. Mainly a regulated utility in California, Sempra Energy recently received a more favorable-than-expected outcome in its rate case proceeding. Additionally, the liquid natural gas (LNG) export project at its Cameron facility looks more likely to proceed following the favorable report issued from the Department of Energy on LNG exports. We still like the name as a high-quality regulated utility that now has greater clarity on an accretive LNG export facility. Within communications equipment, an overweight in Cisco Systems Inc. (“Cisco”) also added value in the quarter. Cisco historically has been the leading player in network equipment and is currently transitioning to become the number-one information technology vendor. Cisco has a dominant share in switching and routing, and share gains in servers and wireless local area networks, while experiencing strong growth in its services business. Management is also extremely focused on maintaining gross margin and integrating recent acquisitions, such as NDS and Meraki.

On the negative side, stock selection in the systems and network hardware, basic materials and pharmaceutical/medical technology sectors detracted from performance during the quarter. During the year, stock selection in the basic materials, consumer stable and health services and systems sectors negatively impacted Portfolio returns.

Within the pharmaceuticals sector, an overweight in Merck & Co., Inc. detracted on underperformance driven by setbacks in its cholesterol and biosimilar programs. Despite recent negative developments, we still like Merck & Co., Inc. due to its growing core franchise, a strong drug pipeline and a proven ability to increase its dividend going forward. Wells Fargo & Co. weighed on performance as the bank faced margin pressure in the quarter, largely due to the low interest rate environment. Banks with more substantial market activities like Citigroup, Inc. and Bank of America Corp. were able to enact large cost-cutting initiatives to boost returns. This action drove the two stocks’ relative outperformance, causing Wells Fargo & Co. to fall behind. Wells Fargo & Co.’s disappointing third-quarter earnings also pressured the stock price. Despite recent underperformance, we are still constructive on the company’s fundamentals going forward. CSX Corp. detracted from performance during the quarter. Road & Rail underperformance is mostly due to weakness in coal demand due to low natural gas prices, the warm winter and elevated stockpiles. The excess coal inventory overhang is expected to persist for the next few quarters.

Eric Pellicciaro	Raffaele Zingone, CFA
Matthew Marra	Scott Blasdell, CFA
Bob Miller	Terance Chen
Rick Rieder
Co-Portfolio Managers	Co-Portfolio Managers
BlackRock Financial Management, Inc.	J.P. Morgan Investment Management, Inc.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      6

Transamerica Partners Large Value Portfolio

 (unaudited)

MARKET ENVIRONMENT

Few disagree that 2012 produced a wall of worry for the stock market to climb, and climb it did. Index returns were rewarded uniformly over the trailing 12 months, with small stocks beating large stocks and value edging out growth.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Large Value Portfolio (the “Portfolio”) returned 17.39%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Value Index and the Standard & Poor’s 500^® Index, returned 17.51% and 16.00%, respectively.

STRATEGY REVIEW

The Portfolio invests in a broadly diversified selection of large-cap stocks using our disciplined investment approach — we are fully invested in U.S. equities, avoid broad sector bets, and take only modest industry-level and stock-specific bets. Our goal is to outperform the benchmark with incremental gains across many holdings. Using bottom-up stock selection, we evaluate companies relative to their industry peers using three broad categories of measures: value, management, and momentum. Value refers to the somewhat traditional ratios of price to fundamental value; management means we look for evidence that a company’s management team has and will continue to emphasize earning power; and momentum indicates when stocks might begin to rise toward full valuation. As we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us to maximize any profits in our stock-selection effort.

Over the course of 2012, our value emphasis helped maintain the Portfolio’s edge, especially when measured by price-to-forecasted-earnings and price-to-sales. Stocks with a high value ranking, such as Tesoro Corp. and Valero Energy Corp., were among the Portfolio’s best performers. Our evaluation of management — operating efficiency, sentiment, and earnings quality — also contributed positively to our relative return. Our assessment of momentum detracted from the bottom line, primarily due to earnings revision in the financial sector.

Also helping performance this year were our (minor) industry allocations. For example in the energy sector, we benefitted from overweighting refining and transportation stocks (up an average of 50%) and underweighting exploration and production (down 1%). We were further aided by the 50% return spread in favor of the software industry versus hardware within technology.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Martha E. Ortiz

R. Brian Wenzinger

Christopher J.W. Whitehead

Co-Portfolio Managers

Aronson Johnson Ortiz, LP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      7

Transamerica Partners Large Core Portfolio

 (unaudited)

MARKET ENVIRONMENT

Few disagree that 2012 produced a wall of worry for the stock market to climb, and climb it did. Index returns were rewarded uniformly over the trailing 12 months, with small stocks beating large stocks and value edging out growth.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Large Core Portfolio (the “Portfolio”) returned 17.30%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Index and the Standard & Poor’s 500^® Index (“S&P 500^®”), returned 16.42% and 16.00%, respectively.

STRATEGY REVIEW

The Portfolio invests in a broad and diversified selection of large-cap stocks using our disciplined investment approach — we are fully invested in U.S. equities, avoid broad sector bets, and take only modest industry-level and stock-specific bets. Our goal is to outperform the benchmark with incremental gains across many holdings. Using bottom-up stock selection, we evaluate companies relative to their industry peers using three broad categories of measures: value, management, and momentum. Value refers to the somewhat traditional ratios of price to fundamental value; management means we look for evidence that a company’s management team has and will continue to emphasize earning power; and momentum indicates when stocks might begin to rise toward full valuation. As we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us to maximize any profits in our stock-selection effort.

Over the course of 2012, just about everything worked. Our value emphasis was key to our success, especially when measured by price-to-sales and price-to-operating-income. Stocks with a high value ranking, such as Tesoro Corp. and Valero Energy Corp., were among the Portfolio’s best performers. Our evaluation of management — operating efficiency, sentiment, and earnings quality — also played a major role in our positive relative return. Our assessment of momentum was also a positive contributor but to a lesser degree, held back by earnings revision in the financial sector.

Also helping performance this year were our (minor) industry allocations. For example, in the energy sector, we benefitted from overweighting refining and transportation stocks (up an average of 40%) and underweighting exploration and production stocks (up 2%). We were further aided by the 30% return spread in favor of the chemicals industry versus the metals and mining sector within the materials sector.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Martha E. Ortiz

R. Brian Wenzinger

Christopher J.W. Whitehead

Co-Portfolio Managers

Aronson Johnson Ortiz, LP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      8

Transamerica Partners Large Growth Portfolio

 (unaudited)

MARKET ENVIRONMENT

Jennison Associates LLC

U.S. equity markets posted solid gains in 2012; the broad market Standard & Poor’s 500^® Index (“S&P 500^®”) advanced 16.00%, while the Russell 1000^® Growth Index rose 15.26%. For much of the year, investor sentiment ebbed and flowed with macroeconomic events, most notably Europe’s economic malaise and China’s slowdown, which led to moderating global growth. In the fourth quarter, investors also focused on the U.S. presidential election and negotiations to avert the so-called “Fiscal Cliff” – legislatively mandated tax increases and spending cuts set to take effect in 2013. U.S. economic growth proceeded at a subpar pace, and unemployment remained high as the job market expanded at a meager pace. Personal income and spending increased at generally lackluster rates, and business and housing indicators were inconsistent. Volatile raw materials, commodities, food, and energy prices reflected shifts in economic expectations.

Wellington Management Company, LLP

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite concerns about the looming U.S. Fiscal Cliff, tepid corporate revenue results, and economic malaise in Europe, investors bid up risk assets amid further signs of recovery in China and signs that the U.S. housing market may bolster the U.S. economy for the first time in seven years. Risk sentiment also ticked up on continued hopes that the ECB’s bond-buying plan will succeed, essentially reducing the tail risks in Europe.

In this environment, nine of the ten sectors in the Russell 1000^® Growth Index (+15.26%) posted positive returns during the period. The health care (+23.75%) and financials (+22.19%) sectors increased the most, while the utilities (-4.18%) and energy (+8.80%) sectors lagged during the year.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Large Growth Portfolio (the “Portfolio”) returned 14.91%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Growth Index and the S&P 500^®, returned 15.26% and 16.00%, respectively.

STRATEGY REVIEW

Jennison Associates, LLC

The Portfolio is built from the bottom up, based on the fundamentals of individual companies. Information technology holdings contributed the most to the Portfolio’s return, as stock selection and an overweight position relative to the Russell 1000^® Growth Index were beneficial. Apple, Inc. reported impressive sales of iPhones, iPads, and Mac personal computers. We believe the company’s innovative product design, software, and operating systems, which allow seamless integration of services and apps across mobile and desktop product lines, will continue to foster consumer loyalty and drive share gains. Salesforce.com, Inc.’s revenue, earnings, and billings growth exceeded consensus forecasts. We believe its hosted applications market opportunity remains substantial. MasterCard, Inc. and Visa, Inc. rose on strong growth in the value of cardholder transactions and reduced legal risk. We expect both companies to continue to benefit from the consumer shift from paper money to electronic credit/debit transactions. LinkedIn Corp.’s global online professional network has altered the talent-recruiting market and provides what we consider unique access to a scale database of active and passive job candidates.

Stock selection and an underweight stance were beneficial in consumer staples. In this sector Whole Foods Markets, Inc. reported strong sales and earnings, with solid operating margins and continued capital discipline.

In broadcast communications, wireless tower operator American Tower Corp. benefited from the expansion of mobile data, household migration to wireless-only service, high barriers to entry, pricing power, low maintenance expenses, and international expansion.

Monsanto Co., the world’s largest agricultural seed maker, was a notable contributor in the materials sector. We view it as a high-quality, technology-driven growth company and believe that the agriculture sectors’ fundamentals are strong.

Overweight positions in consumer discretionary and health care worked well, but stock selection in both sectors detracted from relative return. Watchmaker Fossil, Inc. fell after reporting lighter-than-projected revenue, partly due to weakness in Europe. We eliminated the Portfolio’s position in Fossil, Inc. Reflecting the tenuous nature of consumer confidence, fast casual restaurant company Chipotle Mexican Grill, Inc. (“Chipotle”) declined on signs of a material deceleration in sales activity. We believe Chipotle’s brand positioning and unit-growth opportunities remain positive.

In health care, Shire PLC (“Shire”) and Bristol-Myers Squibb Co. (“Bristol-Myers”), which earlier had been rewarded for attractive business opportunities, lagged a surge in biotechnology stocks. We expect Shire’s strong product pipeline to continue to generate strong revenue growth. We believe Bristol-Myers will benefit from product momentum, new product launches, pipeline data, and strong business development deals.

An underweight position offset detrimental stock selection in energy, where independent oil and natural gas exploration and production company Anadarko Petroleum was hurt by uncertainty related to ongoing litigation. We eliminated the Portfolio’s position in Anadarko.

Transamerica Partners Portfolios Annual Report 2012

Page      9

Transamerica Partners Large Growth Portfolio (continued)

 (unaudited)

STRATEGY REVIEW (continued)

Wellington Management Company, LLP

The Portfolio’s investment process leverages the extensive research resources of Wellington Management and emphasizes a balance of growth, quality, and valuation criteria in selecting stocks. We utilize risk analysis tools to help maintain the Portfolio’s emphasis on stock selection and minimize other sources of relative risk. With this bottom-up approach incorporating diversified sources of alpha and effective risk analysis, our goal is to generate consistent outperformance over time.

The Portfolio underperformed its benchmark primarily due to security selection. During the period, positive relative results from security selection in the energy and financials sectors was not enough to offset weaker stock selection within information technology and industrials. Sector allocation, a result of bottom-up stock selection, contributed positively to relative performance, due largely to an overweight position in information technology.

The Portfolio’s largest detractors from relative and absolute performance during the period included education company ITT Educational Services, Inc., private education provider Apollo Group, Inc., and QLogic Corp, a designer and supplier of network infrastructure products that provide and manage computer data communication. Prior to year end, the Portfolio eliminated its position in Apollo Group, Inc.

The Portfolio’s largest contributors to relative performance during the period included Intel, a semiconductor manufacturer, Bank of America Corp., a diversified banking firm, and e-commerce company eBay, Inc. The Portfolio’s positions in Apple, Inc. and Amgen, Inc. also contributed positively to returns during the year.

As of the end of the period, the Portfolio was most overweight the health care and information technology sectors, and most underweight the consumer staples and industrials sectors.

Blair A. Boyer	Paul E. Marrkand, CFA
Michael A. Del Balso
Spiros “Sig” Segalas
Co-Portfolio Managers	Portfolio Manager
Jennison Associates LLC	Wellington Management Company, LLP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      10

Transamerica Partners Mid Value Portfolio

 (unaudited)

MARKET ENVIRONMENT

Cramer, Rosenthal, McGlynn, LLC

The year 2012 finished on a strong note as nearly every sector (with the exception of utilities) of the Russell Midcap^® Value Index (“Russell Midcap^® Value”) was up during the fourth quarter. Breadth was also strong during the fourth quarter as approximately 69% of the stocks in the Russell Midcap^® Value were up while 78% of the stocks were up for the year. The more risky segments of the Russell Midcap^® Value benchmark were top performers during the fourth quarter as well as the overall year.

Mergers & Acquisitions activity remained lighter than 2011 and flows continued out of mid cap value funds in line with broader equity funds. There were withdrawals of approximately $3.7 billion in assets out of mid cap value funds in 2012 versus $2.2 billion in 2011. Mergers & Acquisitions activity remained behind last year’s pace as 21 deals in the mid cap universe were announced in 2012 compared to 30 in 2011.

J.P. Morgan Investment Management Inc.

U.S. equity markets climbed a wall of worry in 2012, as markets faced obstacles on several fronts, including an intensifying European debt crisis, economic slowdown in China, devastating hurricane in the Northeastern U.S. and ongoing dysfunction in Washington. Despite these and other events, U.S. equity markets generated solid returns as the Standard & Poor’s 500^® Index (“S&P 500^®”) rose to 16.00%, slightly outpaced by the 16.35% return for the Russell 2000^® Index.

The year started off strong as the S&P 500^® posted its strongest first-quarter gain since 1998. Investors were encouraged by an easing sovereign debt crisis in Europe. The European Central Bank (“ECB”), through its second Long Term Refinancing Option in February, greatly reduced yields on the sovereign debt of troubled European countries, particularly Italy and Spain. Investor confidence did not last long as markets turned volatile over concerns of the future of the European Currency Union (“ECU”). A Greek exit from the ECU consumed most of the headlines. However, after a second election, a coalition of “pro Euro” parties prevailed and averted a Greek exit.

The turning point for the markets in 2012 were comments made in July by ECB President Mario Draghi, who stated that the ECB would do “whatever it takes to preserve the Euro.” Draghi’s plan to save the Euro became known as Outright Monetary Transactions, which was well received by investors as yields on Spanish and Italian government bonds fell sharply. Aggressive monetary policy was constant as the Federal Reserve, Bank of England, Bank of Japan and Peoples Bank of China announced numerous policy actions over the year.

The final three months of 2012 were all about the U.S. presidential election and the Fiscal Cliff, where billions of automatic tax increases and spending cuts were due to take effect in January 2013. The election results were no surprise as Barack Obama retained the White House, the Republicans kept their majority in the House of Representatives and the Democrats maintained control of the Senate. However, immediately after the election, investor attention turned to the Fiscal Cliff. Prospects of a “grand bargain” between Republican House Speaker John Boehner and President Obama were short lived as negotiations came to a standstill. It was then left to Vice President Joe Biden and Senate Minority Leader Mitch McConnell to hammer out a deal. Stocks rallied on the final trading day of the year and on New Year’s Day a bipartisan bill was passed addressing most of the tax increases set to take effect.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Mid Value Portfolio (the “Portfolio”) returned 19.50%. By comparison, its benchmark, the Russell Midcap^® Value, returned 18.51%.

STRATEGY REVIEW

Cramer, Rosenthal, McGlynn, LLC

For the year, the strategy kept pace with the Russell Midcap^® Value and our upside participation was in line with our expectations given the strong breadth of the market. Outside of the eight weeks of the monetary-policy-induced directional move, our stock selection generally added value for the most part of the year.

The Portfolio participated fully on the upside during the fourth quarter. The more risky stocks within the Russell Midcap® Value were again top performers in both the fourth quarter and the year. Our lack of exposure to that segment of the benchmark was a consistent headwind throughout the year, as we continued to focus on risk-adjusted returns.

The sectors which had the greatest impact on performance for the year were the financial services and technology. Our underweight in financials, and stock selection within the sector were headwinds to performance. However, our overweight in technology relative to the benchmark was further benefited by our strong stock selection within the sector.

Overall, some of the individual positions which had the greatest positive impact on performance for the year were Tyco International, Ltd. and Newell Rubbermaid, Inc. Tyco International, Ltd. emerged from the recent three-way spinoff as the leading global commercial fire and security company. Management reiterated the substantial margin improvement opportunity and plans to deploy the company’s under-levered balance sheet into niche acquisitions. Now independent, the company has become a more attractive asset for industry consolidation in our opinion. Newell Rubbermaid, Inc. reported better than expected earnings during the fourth quarter and an expansion of the company’s restructuring program over the next three years. The new CEO also announced a consolidated organizational structure and several strong new hires in leadership roles. On the flipside, Alleghany Corp., Check Point Software Technologies, Ltd. and Cameco Corp. were some of the strategy’s largest individual detractors in 2012. Shares of Cameco Corp. underperformed during the third quarter due to weak uranium spot prices and concerns about Japan’s nuclear intentions. In September, the Japanese government released a plan for the phase out of nuclear power generation by 2040. We expect safety reviews to resume once Japan has established a new organization for nuclear safety governance, paving the way for restarts.

Transamerica Partners Portfolios Annual Report 2012

Page  11

Transamerica Partners Mid Value Portfolio (continued)

 (unaudited)

STRATEGY REVIEW (continued)

J.P. Morgan Investment Management Inc.

The team generated alpha in most of the sectors, with the information technology, consumer discretionary, and industrial sectors being the top contributors to relative performance. Snap-on, Inc. was a top contributor within the industrial sector, the company consistently posted better than expected earnings and sales throughout the year. We continue to like the company as it has an unmatched ability to control quality relative to its competitors since they manufacture the majority of tools sold. Despite the strong relative performance in 2012, results were negatively impacted by stock selection and our underweight positions in the energy and telecom services sectors. Within the energy sector, Devon Energy Corp. was a top detractor due to depressed oil and natural gas prices. We continue to have conviction in Devon Energy Corp. due to its strong financial position coupled with its sound strategic repositioning.

The Mid Cap Value team continues to believe that valuations look attractive though some areas of the market have become overvalued, such as utilities. As a result, we further reduced our exposure to the sector by liquidating PG&E, and reduced our position in Northeast Utilities. The Portfolio continues to have a big emphasis on consumer discretionary names as we increased our positions in TJX Cos., Inc. during the fourth quarter. The financial sector remains the Portfolio’s largest underweight, due to the underweight of real estate investment trusts based on valuation.

Jay B. Abramson	Gloria Fu, CFA
Robert L. Rewey, III	Lawrence Playford, CFA
	Jonathan K.L. Simon
Co-Portfolio Managers	Co-Portfolio Managers
Cramer, Rosenthal, McGlynn, LLC	J.P. Morgan Investment Management Inc.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      12

Transamerica Partners Mid Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

For the year, equity returns exceeded long term averages in most major geographies and collectively on a global basis. Although it would be tempting to suggest that the markets had climbed the proverbial “wall-of-worry,” topped with wire whose barbs included financial crises, fiscal time-bombs and geopolitical event risk, the reality is that overwhelming monetary liquidity floated the markets over the top.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Mid Growth Portfolio (the “Portfolio”) returned 13.93%. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 15.81%.

STRATEGY REVIEW

Expedia, Inc., a leading on-line travel agency, gained after reporting better than expected bookings, revenue, and earnings. The company is now more successfully penetrating international markets and importantly, a lengthy and costly upgrade of its Expedia.com website is accelerating business momentum. USG Corp., a manufacturer of gypsum wallboard, rose as the company continues to benefit from the strengthening domestic housing market. Wallboard volumes and industry utilization rates have improved and pricing has followed. SBA Communications Corp., a cellular tower operator, climbed as wireless carrier customers signed a record number of leases to upgrade their networks in an effort to meet surging wireless data usage. The company announced two accretive acquisitions during the year which significantly increased its tower portfolio.

Valeant Pharmaceuticals International, Inc., an acquisitive drug company, fell as the company’s beachhead acquisition in the dental field added execution risk and less earnings accretion than typical for its bolt-on deals, and the earnings outlook for the company deteriorated due to significant foreign exchange exposure. The stock was sold to fund other holdings. Cabot Corp, an energy company focused on the development of natural gas reserves in the Pennsylvania Marcellus shale, dropped as natural gas prices plummeted. The stock was sold due to persistently weak pricing caused by the domestic natural gas bubble. Monster Beverage Corp., a leading maker of energy drinks, declined after reporting less dynamic quarterly results and disclosing an investigation by a state attorney general into the energy drink industry. The stock was sold due to the overhang caused by the investigation.

Although resolution of the tax-related aspects of the Fiscal Cliff may have been accomplished, the year promises to be a noisy one from a political perspective. The next stop will be the debt limit and fight over entitlement reform. While it is difficult to know whether government spending restraint will be achieved, any solution is likely to be less abrupt than the Fiscal Cliff threatened to be, allowing investors to spend more time focused on company fundamentals. In addition, prior winners that had been sold in front of capital gains tax increases may rebound.

At the end of 2012, we are overweight in technology stocks, where a variety of secular trends support growth and where greater economic certainty should benefit demand. We are also overweight in consumer discretionary shares, including housing-related companies, which should benefit from the residential recovery and related wealth effect. Conversely, we are underweight in consumer staples stocks, where pricing power is lacking and few companies are exhibiting positive surprise. We are also underweight in energy shares, primarily as a result of the domestic natural gas bubble, which is causing persistently weak prices and softer demand for energy services.

Clifford Fox, CFA

Michael Iacono, CFA

Katerina Wasserman

Columbus Circle Investors

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      13

Transamerica Partners Small Value Portfolio

(unaudited)

MARKET ENVIRONMENT

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite concerns about the looming U.S. Fiscal Cliff, tepid corporate revenue results, and economic malaise in Europe, investors bid up risk assets amid further signs of recovery in China and signs that the U.S. housing market may bolster the U.S. economy for the first time in seven years. Risk sentiment also ticked up on continued hopes that the ECB’s bond-buying plan will succeed, essentially reducing the tail risks in Europe.

In this environment, all ten sectors in the Russell 2000^® Value Index (“Russell 2000^® Value”) posted positive returns for the period. The consumer discretionary and materials sectors posted the largest gains, while the energy and utilities sectors lagged.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Small Value Portfolio (the “Portfolio”) returned 16.11%. By comparison, its benchmark, the Russell 2000^® Value, returned 18.05%.

STRATEGY REVIEW

The team employs a bottom-up stock selection process that utilizes Wellington Management’s proprietary, fundamental research to identify undervalued companies that have the potential for significant outperformance over time. We take a long-term approach, focusing on high-quality companies with a record of above-average rates of profitability that sell at a discount relative to their intrinsic value and the overall small cap market. Companies with a history of above-average profitability are likely to have a strong and sustainable competitive position within a market niche. These companies typically generate strong cash flows that can be used to build the value of their business or fund measures that otherwise benefit shareholders, such as dividend distributions and share repurchases. The quality of a company’s management, its strategic direction, and expectations with regard to the use of current and future cash flows are integral components of our valuation process.

During the period, strong selection in the health care, information technology, and energy sectors contributed most to relative performance. This was offset by weaker stock selection within financials, materials, and industrials. Allocation among sectors, a residual of the bottom-up stock selection process, was positive primarily due to an underweight allocation to the information technology and utilities sectors and an overweight to industrials.

The Portfolio’s largest relative detractors during the period included leading branded office products supplier ACCO Brands Corp; United Stationers, Inc., a North American office product wholesaler; and Websense, Inc., a company specializing in web filtering software. Our position in PSS World Medical, a distributor of medical products and equipment to physician offices and assisted living facilities, also detracted from absolute results during the period.

The Portfolio’s largest contributors to relative performance during the period included Stage Stores, Inc., a specialty department store operator; ICON PLC, a contract research organization; and MAXIMUS, Inc., an outsourcing provider for government health and human services agencies. The Portfolio’s position in Carlisle Cos., Inc., a diversified industrial manufacturer with significant operations in commercial roofing and specialty tires and wheels, also contributed to absolute returns during the period.

The Portfolio’s investment approach emphasizes individual stock selection; sector weights are a residual of the process. We do; however, carefully consider diversification across economic sectors to limit risk. As of the end of the period, the Portfolio was most overweight the industrials and health care sectors, and most underweight financials. Based on our two- to three-year time horizon we continue to find opportunities created by the inefficiencies frequently found among small cap companies.

Timothy J. McCormack, CFA

Shaun F. Pedersen

Co-Portfolio Managers

Wellington Management Company, LLP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      14

Transamerica Partners Small Core Portfolio

(unaudited)

MARKET ENVIRONMENT

Fort Washington Investment Advisors, Inc.

In some respects, 2012 was similar to the prior two years as the markets focused on many of the same factors - the European debt crisis, central bank monetary policy and global economic growth. Investors also had to navigate the presidential election and Fiscal Cliff. All of these factors conspired to make this year a difficult one in terms of equity volatility. However, actual equity returns turned out to be quite strong.

Invesco Advisors, Inc.

The Russell 2000^® Value Index finished the fourth quarter up 3.22%, recovering nicely in November and December after a weak October. For 2012, the Russell 2000^® Value Index performed well, delivering a 18.05% return. Towards year-end, news on the economic front was generally positive as second quarter Gross Domestic Product (“GDP”) grew for the 13th consecutive quarter and home sales posted year-to-date gains on pace to notch their first calendar year increase since 2006. In a move that further supported market levels, the U.S. Federal Reserve provided greater clarity on their interest rate policy, announcing a new metric - based on unemployment and inflation – to help determine when to increase interest rates from their current historic low levels. This good news was generally overshadowed by Hurricane Sandy, which caused widespread damage in the northeast, uncertainty surrounding the U.S. presidential election in early November, and year-end concerns over the Fiscal Cliff.

For 2012, the Russell 2000^® Index returned 16.35% modestly trailing both its mid-cap and large-cap peers for a second year in a row. In a reversal from 2011, value stocks outpaced growth stocks for the first time in three years for all capitalization segments, an indication that investors are now rewarding companies with strong fundamentals selling at attractive prices.

Wellington Management Company, LLP

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (“ECB”) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite concerns about the looming U.S. Fiscal Cliff, tepid corporate revenue results, and economic malaise in Europe, investors bid up risk assets amid further signs of recovery in China and signs that the U.S. housing market may bolster the U.S. economy for the first time in seven years. Risk sentiment also ticked up on continued hopes that the ECB’s bond-buying plan will succeed, essentially reducing the tail risks in Europe.

In this environment, all ten sectors in the Russell 2000^® Value Index posted positive returns for the period. The consumer discretionary and materials sectors posted the largest gains, while the energy and utilities sectors lagged.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Small Core Portfolio (the “Portfolio”) returned 15.04%. By comparison, its primary and secondary benchmarks, the Russell 2000^® Index and the Standard & Poor’s 500^® Index, returned 16.35% and 16.00%, respectively.

STRATEGY REVIEW

Fort Washington Investment Advisors, Inc.

The sectors with the most positive relative performance for the year included technology, energy, materials and consumer staples. The largest detractors from a relative performance perspective were consumer discretionary, financials and healthcare.

Stocks with the greatest outperformance for 2012 included:

• Technology – Mellanox Technologies, MAXIMUS, Inc.

• Energy – Gulfport Energy Corp.

• Materials – Hecla Mining, LSB Industries, Inc.

• Consumer Discretionary – Chicos FAS, Inc., DSW

• Industrials – Portfolio Recovery Associates, Inc., Belden, Inc.

• Healthcare – Onyx Pharmaceuticals, Inc., Spectranetics Corp.

• Financials – First Cash Financial Services, Inc.

Stocks with the greatest negative impact included:

• Consumer Discretionary – Body Central, Deckers Outdoor, American Public Education

• Financials – Ezcorp, Inc., Cash America International, Inc.

• Healthcare – NxStage Medical, Inc, Salix Pharmaceuticals, Ltd.

• Energy – Newpark Resources, PetroQuest Energy, Inc.

• Information Technology – comScore, Inc., Blackbaud, Inc.

• Industrials – Woodward

The following positions were eliminated from the Portfolio prior to year end: Mellanox Technologies, Hecla Mining, DSW, Body Central, Deckers Outdoor, American Public Education, Newpark Resources and Woodward.

The Portfolio is positioned in companies that we believe can grow in a difficult economic and market environment. We look for companies with good business models that 1) generate high levels of cash flow using modest or no financial leverage, 2) have unique products or services that have a competitive, sustainable advantage and 3) are experiencing improving secular or cyclical fundamentals.

Transamerica Partners Portfolios Annual Report 2012

Page      15

Transamerica Partners Small Core Portfolio (continued)

 (unaudited)

STRATEGY REVIEW (continued)

As of the end of Q4 2012, the Portfolio was positioned as follows:

Overweight Sectors:

• Energy - oil service and exploration and production companies that should benefit from domestic onshore shale plays and international offshore oil & gas drilling.

• Healthcare - orphan-drug producers and device manufacturers with new product introductions.

Underweight Sectors:

• Consumer Discretionary - companies focusing on value-conscious consumers and/or have strong organic top line growth driven by domestic geographic expansion and/or recurring revenue.

• Consumer Staples - companies with growth opportunities in Central and South American retailing, food rendering and renewable energy production plus a traditional food producer with new products.

• Financials - pawn brokers that should benefit from the continued contraction in consumer credit and banks believed to have geographic niches and restructuring opportunities.

• Industrials - focus on transportation, niche capital goods, engineering & construction, building products, commercial aerospace/defense, electrical equipment companies and companies with recurring revenue.

• Information Technology - companies that should benefit from the growth of internet traffic and the demand for increased mobility.

• Materials - makers of specialty chemicals primarily nitrogen-based fertilizers.

Invesco Advisors, Inc.

Small Cap Value is an active small capitalization strategy designed to capture excess returns through Invesco Global Quantitative Equity’s proprietary multi-factor stock selection model. We believe that relative returns are predictable based on certain fundamental and behavioral concepts. To capture excess return, our process 1) systematically evaluates stocks within their respective industries using four key investment concepts: Earnings Momentum, Price Trend, Management Action, and Relative Value and 2) constructs the Portfolio with an optimizer in order to maximize expected return at a specified level of risk. As a result, stock selection is expected to be the primary driver of excess returns because risk associated with sector/industry bets, risk factor exposures, and the Portfolio’s beta is managed effectively.

All four investment concepts - Earnings Momentum, Price Trend, Management Action, and Relative Value - added value for the year, with Relative Value generating consistently positive results on a quarterly basis. As such, most of the value-added in 2012 was directly related to our model’s exposures within the Portfolio with individual holdings, sector decisions, and other risk factor exposures. With regard to sectors, overweighting health care while underweighting consumer cyclicals also added value, as did our energy exposure where we were overweight in the first half but moved to underweight in the second half.

The best stock selection in 2012 was within the energy, consumer cyclicals, and technology sectors. Overweighting Conns (specialty retail), Delek (oil refining), USG Corp. and Pulte (home builders) were particularly beneficial. Partially offsetting those gains were the negative results from selection within health care, commercial services, and transport. Specifically, overweighting IIT Educational Services (industrial services), Arkansas Best (truck freight), and Nuvasive (medical products) hurt performance. Prior to year end the Portfolio eliminated its positions in Conns, Delek, Pulte, IIT Educational Services, Arkansas Best and Nuvasive.

Despite intermittent retreats in the market due mostly to geopolitical uncertainties, on-average investors were seemingly willing to take risk to achieve returns. As a result, the Portfolio benefited from moderately overweighting risk factors such as earnings variation and leverage while underweighting deeper value factors such as price-to-book and yield. However, we also observed that investors were not willing to bet on future growth, as it may not be realized. As such, underweighting growth nicely contributed to excess returns.

The Portfolio holds Russell index futures solely for the purpose of equitizing cash.

Wellington Management Company, LLP

The team employs a bottom-up stock selection process that utilizes Wellington Management’s proprietary, fundamental research to identify undervalued companies that have the potential for significant outperformance over time. We take a long-term approach, focusing on high-quality companies with a record of above-average rates of profitability that sell at a discount relative to their intrinsic value and the overall small cap market. Companies with a history of above-average profitability are likely to have a strong and sustainable competitive position within a market niche. These companies typically generate strong cash flows that can be used to build the value of their business or fund measures that otherwise benefit shareholders, such as dividend distributions and share repurchases. The quality of a company’s management, its strategic direction, and expectations with regard to the use of current and future cash flows are integral components of our valuation process.

During the period, strong selection in the health care, information technology, and energy sectors contributed most to relative performance. This was offset by weaker stock selection within financials, materials, and industrials. Allocation among sectors, a residual of the bottom-up stock selection process, was positive primarily due to an underweight allocation to the information technology and utilities sectors and an overweight to industrials.

The Portfolio’s largest relative detractors during the period included leading branded office products supplier ACCO Brands, Corp.; United Stationers, Inc., a North American office product wholesaler; and Websense, Inc., a company specializing in web filtering software. Our position in PSS World Medical, a distributor of medical products and equipment to physician offices and assisted living facilities, also detracted from absolute results during the period. PSS World Medical was eliminated from the Portfolio.

The Portfolio’s largest contributors to relative performance during the period included Stage Stores, Inc., a specialty department store operator; ICON PLC, a contract research organization; and MAXIMUS, Inc., an outsourcing provider for government health and human services agencies. The Portfolio’s position in Carlisle Cos., Inc., a diversified industrial manufacturer with significant operations in commercial roofing and specialty tires and wheels, also contributed to absolute returns during the period.

Transamerica Partners Portfolios Annual Report 2012

Page      16

Transamerica Partners Small Core Portfolio (continued)

 (unaudited)

STRATEGY REVIEW (continued)

The Portfolio’s investment approach emphasizes individual stock selection; sector weights are a residual of the process. We do; however, carefully consider diversification across economic sectors to limit risk. As of the end of the period, the Portfolio was most overweight the industrials and health care sectors, and most underweight in financials. Based on our two- to three-year time horizon we continue to find opportunities created by the inefficiencies frequently found among small cap companies.

Richard R. Jandrain III	Michael Abata, CFA	Timothy J. McCormack, CFA
Daniel J. Kapusta	Anthony Munchak, CFA	Shaun F. Pedersen
Bihag N. Patel, CFA	Glen Murphy, CFA
David K. Robinson, CFA	Francis Orlando, CFA
	Andrew Waisburd
Co-Portfolio Managers	Co-Portfolio Managers	Co-Portfolio Managers
Fort Washington Investment Advisors, Inc.	Invesco Advisers, Inc.	Wellington Management Company, LLP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      17

Transamerica Partners Small Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Domestic investors in the final third of 2012 focused on the presidential election and “Fiscal Cliff,” which created sector volatility month-to-month. The healthcare sector, a normally defensive sector, was significantly pressured in October and didn’t provide its usual protection in the market and portfolio. Additionally, after a period of significant outperformance, many key holdings underperformed in the final third of the year.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners Small Growth Portfolio (the “Portfolio”) returned 1.30%. By comparison, its benchmark, the Russell 2000^® Growth Index, returned 14.59%.

STRATEGY REVIEW

After a positive third quarter by all the major indices, the market declined in October as concern shifted to Washington with the presidential election and the resolution of the impending Fiscal Cliff. For the four month period that Ranger managed the Portfolio, the major indices finished mixed while Ranger’s Small-Cap Growth Portfolio underperformed its benchmark, the Russell 2000^® Growth index. The technology sector was the largest detractor from performance during the quarter. The sector was particularly weak during 2012 as a slowdown in business capital spending for technology products resulted in lower revenue growth, which led to a decrease in the valuation multiple investors paid for technology stocks. In the healthcare sector near term demand was erratic due to uncertainty in Washington related to the election outcome. Post the election, the healthcare sector performed better, but not enough to offset pressure from October.

The largest detractors from performance during this period were IPC The Hospitalist (“IPC”), Impax Laboratories, Inc (“Impax”), Allot Communications (“Allot”), athenahealth, Inc. (“Athena”) and Approach Resources, Inc (“Approach Resources”). The weakness at IPC was due to lower volumes at hospitals. The position was eliminated prior to year end. Impax declined as investors await resolution of a U.S. Food and Drug Administration (“FDA”) warning letter and approval of a new drug. Allot declined on concerns related to spending levels on their deep packet technology. The position was eliminated prior to year end. Athena’s stock responded to slower sales of their software and the announcement that a business partner is being acquired. Approach Resources fell due to a quarterly production miss in early November caused by a pipeline issue. In early December a new pipeline was brought into service which solved the issue.

The Portfolio experienced positive contributions in the producer durables and materials and processing sectors. The top contributor to performance was Wabtec Corp., which reported strong financial results and increased guidance. Coinstar, Inc., a niche kiosk operator, benefitted from an acceleration of rental activity and the announcement of new partnerships. The key driver of strong performance at Applied Micro Circuits Corp. was a new server chip which investors expect to accelerate 2013 revenue growth. MarketAxess Holdings, Inc., a corporate bond trading platform, benefitted from higher reported trading volumes. Better than expected financial results and 2013 guidance provided the catalyst for MAXIMUS, Inc.

W. Conrad Doenges

Portfolio Manager

Ranger Investment Management, L.P.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Partners Portfolios Annual Report 2012

Page      18

Transamerica Partners International Equity Portfolio

(unaudited)

MARKET ENVIRONMENT

Global markets were strong during the year despite the challenging economic environment across much of the world. After a weak second quarter, markets staged a strong finish to the year, fueled by the perception of a resolution to the European sovereign debt issue, expectations for expansionary monetary and fiscal policies in Japan, optimism over a resolution of the Fiscal Cliff in the U.S., and the potential for resumed growth under a new administration in China.

As we begin the New Year, markets seem relatively sanguine about the global economic outlook. While peripheral European countries still face many challenges, the European Central Bank’s pledge to “do whatever it takes” to preserve the Euro has had a stabilizing effect on the sovereign debt situation and bank share prices in the region. Economic data in China appears to be bottoming, and fears of a hard landing are giving way to a more optimistic view. Japan’s recently elected Prime Minister Shinzo Abe is putting pressure on the Bank of Japan to step up its monetary stimulus, and the market now anticipates supportive fiscal policies. The U.S. housing market is showing some signs of recovery, and the Fiscal Cliff has been at least temporarily averted. Despite these reasons for optimism, risks remain. We continue to maintain a balanced posture that incorporates basic value companies, consistent earners, and emerging franchises. We believe the portfolio will retain its all-weather characteristics, and participate in positive market environments while maintaining sensitivity to risk.

PERFORMANCE

For the year ended December 31, 2012, Transamerica Partners International Equity Portfolio (the “Portfolio”) returned 17.35%. By comparison, its benchmark, the Morgan Stanley Capital International All Country World ex-US Index (“MSCI ACWI ex-US”), returned 17.39%.

STRATEGY REVIEW

The Portfolio’s performance was relatively in-line with the MSCI ACWI ex-US during the period, as positive stock selection and a favorable overweight allocation within the consumer discretionary sector was offset by negative stock selection and an unfavorable underweight allocation within the financials sector. Currency hedging had a negligible impact on performance during the period.

On a country basis, Japan and Germany were among the top relative contributors while Israel and the U.K. detracted the most from relative performance.

Top individual contributors included Novo Nordisk A/S, SAP AG, and Volkswagen AG. Novo Nordisk AG continues to execute well, gaining share in the diabetes market through ongoing success of novel drugs like Victoza as well as existing products. Recent excitement regarding the possibility of U.S. Food and Drug Administration (“FDA”) approval for Victoza in the treatment of obesity has also lifted the stock. SAP AG’s strong results are being helped by recovery in the U.S. as well as enthusiasm for new software solution HANA. Volkswagen AG’s global auto business continued to gain share, and a move toward a common platform should have a positive influence on margin development.

Individual detractors included Tesco, Canadian Natural Resources, and BG Group PLC. Tesco and Canadian Natural Resources were sold during the year. Tesco’s CEO announced a new plan to regain market share through restructuring and increased spending, which will have a dampening effect on margins near term. Canadian Natural Resources revised down production guidance due to issues at their Horizon oil sands project, and was hurt by the lag of Canadian oil prices versus WTI and Brent. BG Group PLC fell after announcing disappointing guidance. Output growth has been hampered by delays in projects in the North Sea and Brazil and disappointing production in Egypt.

William V. Fries, CFA

Wendy Trevisani

Lei Wang, CFA

Co-Portfolio Managers

Thornburg Investment Management, Inc.

Transamerica Partners Portfolios Annual Report 2012

Page      19

Schedules of Investments Composition

At December 31, 2012

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

(unaudited)

	% of Net
Transamerica Partners Money Market Portfolio	Assets
Commercial Paper		19.8%
Short-Term U.S. Government Obligations		18.6
Certificates of Deposit		18.0
U.S. Government Agency Obligations		13.7
Repurchase Agreements		12.0
U.S. Government Obligations		10.7
Short-Term Foreign Government Obligations		4.2
Corporate Debt Securities		3.0
Other Assets and Liabilities - Net		0.0(A)
Total		100.0%
	% of Net
Transamerica Partners High Quality Bond Portfolio	Assets
Corporate Debt Securities		34.8%
Asset-Backed Securities		26.9
Mortgage-Backed Securities		15.2
U.S. Government Obligations		14.2
Securities Lending Collateral		4.2
U.S. Government Agency Obligations		3.5
Repurchase Agreement		2.7
Foreign Government Obligations		2.3
Other Assets and Liabilities - Net		(3.8)
Total		100.0%
Transamerica Partners Inflation-Protected Securities Portfolio	% of Net  Assets
U.S. Government Obligations		87.7%
Short-Term Investment Company		6.9
Foreign Government Obligations		4.2
Securities Lending Collateral		2.0
Structured Notes Debt		0.5
Purchased Swaptions		0.2
Mortgage-Backed Security		0.0(A)
Purchased Options		0.0(A)
Other Assets and Liabilities - Net(B)		(1.5)
Total		100.0%
	% of Net
Transamerica Partners Core Bond Portfolio	Assets
U.S. Government Agency Obligations		52.0%
Corporate Debt Securities		29.9
Mortgage-Backed Securities		12.9
Asset-Backed Securities		11.8
Foreign Government Obligations		5.5
Securities Lending Collateral		3.8
Short-Term Investment Company		2.9
U.S. Government Obligations		2.7
Preferred Corporate Debt Securities		0.6
Structured Notes Debt		0.6
Municipal Government Obligations		0.3
Preferred Stocks		0.2
Purchased Swaptions		0.0(A)
Purchased Option		0.0(A)
Repurchase Agreement		0.0(A)
Warrant		0.0(A)
Other Assets and Liabilities - Net(B)		(23.2)
Total		100.0%

	% of Net
Transamerica Partners High Yield Bond Portfolio	Assets
Corporate Debt Securities		86.8%
Loan Assignments		7.4
Repurchase Agreement		3.0
Common Stocks		0.5
Structured Notes Debt		0.4
Preferred Stock		0.3
Convertible Preferred Stock		0.1
Right		0.0(A)
Warrants		0.0(A)
Convertible Bonds		0.0(A)
Preferred Corporate Debt Security		0.0(A)
Investment Company		0.0(A)
Other Assets and Liabilities - Net		1.5
Total		100.0%
	% of Net
Transamerica Partners Balanced Portfolio	Assets
Common Stocks		58.7%
U.S. Government Agency Obligation		21.3
Corporate Debt Securities		11.0
Securities Lending Collateral		6.3
Mortgage-Backed Securities		5.1
Asset-Backed Securities		4.0
Foreign Government Obligations		2.1
U.S. Government Obligations		2.0
Short-Term Investment Company		1.3
Repurchase Agreement		0.8
Preferred Corporate Debt Securities		0.2
Structured Notes Debt		0.2
Short-Term U.S. Government Obligation		0.1
Municipal Government Obligations		0.1
Preferred Stocks		0.1
Warrants		0.1
Purchased Option		0.0(A)
Other Assets and Liabilities - Net(B)		(13.4)
Total		100.0%
	% of Net
Transamerica Partners Large Value Portfolio	Assets
Common Stocks		98.3%
Securities Lending Collateral		4.1
Other Assets and Liabilities - Net		(2.4)
Total		100.0%
	% of Net
Transamerica Partners Large Core Portfolio	Assets
Common Stocks		98.5%
Securities Lending Collateral		5.0
Repurchase Agreement		1.5
Other Assets and Liabilities - Net		(5.0)
Total		100.0%
	% of Net
Transamerica Partners Large Growth Portfolio	Assets
Common Stocks		97.5%
Securities Lending Collateral		4.3
Repurchase Agreement		2.6
Other Assets and Liabilities - Net		(4.4)
Total		100.0%

Transamerica Partners Portfolios Annual Report 2012

Page      20

Schedules of Investments Composition (continued)

At December 31, 2012

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

(unaudited)

	% of Net
Transamerica Partners Mid Value Portfolio	Assets
Common Stocks		95.3%
Repurchase Agreement		5.0
Securities Lending Collateral		4.8
Other Assets and Liabilities - Net		(5.1)
Total		100.0%
	% of Net
Transamerica Partners Mid Growth Portfolio	Assets
Common Stocks		99.8%
Securities Lending Collateral		25.5
Repurchase Agreement		0.3
Other Assets and Liabilities - Net		(25.6)
Total		100.0%
	% of Net
Transamerica Partners Small Value Portfolio	Assets
Common Stocks		96.6%
Securities Lending Collateral		25.3
Repurchase Agreement		3.7
Other Assets and Liabilities - Net		(25.6)
Total		100.0%
	% of Net
Transamerica Partners Small Core Portfolio	Assets
Common Stocks		98.3%
Securities Lending Collateral		25.7
Repurchase Agreement		1.6
Short-Term U.S. Government Obligation		0.1
Other Assets and Liabilities - Net(B)		(25.7)
Total		100.0%
	% of Net
Transamerica Partners Small Growth Portfolio	Assets
Common Stocks		97.8%
Securities Lending Collateral		23.8
Repurchase Agreement		2.6
Warrant		0.0(A)
Other Assets and Liabilities - Net		(24.2)
Total		100.0%
	% of Net
Transamerica Partners International Equity Portfolio	Assets
Common Stocks		95.5%
Securities Lending Collateral		7.5
Preferred Stock		2.0
Repurchase Agreement		2.0
Other Assets and Liabilities - Net(B)		(7.0)
Total		100.0%

(A) Amount rounds to less than 0.1% or (0.1)%.

(B)

The Other Assets and Liabilities - Net category may include, but is not limited to, Forward Foreign Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, TBA Short Commitments, and Cash Collateral.

Transamerica Partners Portfolios Annual Report 2012

Page      21

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Principal (000’s)		Value (000’s)
COMMERCIAL PAPER p - 19.8%
Commercial Banks - 8.2%
Australia & New Zealand Banking Group, Ltd.
0.18%, 02/07/2013 - 144A		$19,150	$19,145
Commonwealth Bank of Australia
0.23%, 05/08/2013 - 144A		17,800	17,800
DNB Bank ASA
0.23%, 03/18/2013 - 144A		12,800	12,794
KFW
0.20%, 03/07/2013 - 144A		14,100	14,095
Skandinaviska Enskilda Banken AB
0.30%, 04/08/2013		14,100	14,100
Diversified Financial Services - 3.9%
GlaxoSmithKline Finance PLC
0.15%, 01/04/2013 - 144A		17,900	17,899
JPMorgan Chase & Co.
0.25%, 04/08/2013		10,200	10,193
Svenska Handelsbanken, Inc.
0.24%, 02/01/2013 - 144A		9,350	9,348
Food & Staples Retailing - 1.9%
Wal-Mart Stores, Inc.
0.10%, 01/24/2013 - 144A		17,600	17,599
Household Products - 0.9%
Procter & Gamble Co.
0.15%, 01/10/2013 - 144A		8,300	8,300
IT Services - 1.1%
International Business Machines Corp.
0.07%, 01/03/2013 - 144A		10,100	10,100
Metals & Mining - 1.8%
BHP Billiton Finance USA, Ltd.
0.14%, 01/28/2013 - 144A		4,650	4,650
0.17%, 01/14/2013 - 144A		12,600	12,599
Oil, Gas & Consumable Fuels - 2.0%
Chevron Corp.
0.12%, 01/17/2013 - 144A		19,150	19,149
Total Commercial Paper (cost $187,771)			187,771
CERTIFICATES OF DEPOSIT p - 18.0%
Commercial Banks - 18.0%
Bank of Montreal
0.20%, 01/03/2013		13,300	13,300
Bank of Nova Scotia
0.29%, 06/13/2013		18,700	18,700
HSBC Bank PLC
0.20%, 03/25/2013 - 144A		23,600	23,600
JPMorgan Chase Bank
0.22%, 03/12/2013		7,750	7,750
National Australia Bank, Ltd.
0.24%, 04/30/2013		17,900	17,900
Nordea Bank Fld PLC
0.36%, 02/19/2013		13,300	13,303
Royal Bank of Canada
0.43%, 04/10/2013		12,350	12,350
Standard Chartered Bank
0.48%, 01/10/2013		17,400	17,400
Svenska Handelsbanken
0.28%, 04/15/2013		10,650	10,650
Toronto-Dominion Bank
0.20%, 01/16/2013		14,900	14,900
Westpac Banking Corp.
0.31%, 02/11/2013		20,850	20,850
Total Certificates of Deposit (cost $170,703)			170,703

	Principal		Value
	(000’s)		(000’s)
CORPORATE DEBT SECURITIES - 3.0%
Commercial Banks - 0.5%
KFW
0.31%, 02/22/2013  *		$5,050		$5,051
Pharmaceuticals - 2.5%
Johnson & Johnson
0.70%, 05/15/2013		5,100		5,109
Novartis Capital Corp.
1.90%, 04/24/2013		6,000		6,030
Sanofi
0.51%, 03/28/2013  *		12,350		12,359
Total Corporate Debt Securities (cost $28,549)				28,549
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS p - 4.2%
IADB Discount Notes
0.14%, 02/19/2013		5,250		5,249
0.15%, 02/07/2013		15,250		15,248
World Bank Discount Notes
0.10%, 01/07/2013		19,150		19,149
Total Short-Term Foreign Government Obligations
(cost $39,646)				39,646
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS p - 18.6%
Fannie Mae
0.10%, 02/06/2013		21,400		21,398
0.13%, 02/13/2013 - 02/20/2013		32,900		32,895
0.15%, 03/06/2013		15,350		15,346
0.16%, 04/01/2013		4,600		4,598
Freddie Mac
0.11%, 05/17/2013		9,300		9,296
0.12%, 03/13/2013		12,700		12,697
0.13%, 01/22/2013 - 02/01/2013		23,550		23,547
0.14%, 01/28/2013		25,450		25,448
0.15%, 02/04/2013		9,000		8,999
0.16%, 02/19/2013		12,450		12,447
U.S. Treasury Bill
0.03%, 01/24/2013		9,350		9,350
Total Short-Term U.S. Government Obligations
(cost $176,021)				176,021
U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.7%
Fannie Mae
0.08%, 03/20/2013     p		5,200		5,199
0.11%, 01/17/2013     p		12,750		12,749
Freddie Mac
0.07%, 03/18/2013     p		12,200		12,198
0.13%, 01/09/2013 - 01/23/2013    p		25,300		25,299
0.15%, 01/18/2013 - 02/06/2013    p		19,000		18,999
0.16%, 06/17/2013      *		6,400		6,400
0.17%, 03/21/2013      *		30,300		30,301
0.25%, 04/18/2013		19,250		19,252
Total U.S. Government Agency Obligations
(cost $130,397)				130,397
U.S. GOVERNMENT OBLIGATIONS - 10.7%
U.S. Treasury Note
0.50%, 05/31/2013		22,400		22,430
0.63%, 04/30/2013		16,700		16,728
1.38%, 01/15/2013 - 05/15/2013		61,750		61,888
Total U.S. Government Obligations (cost $101,046)				101,046

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

Transamerica Partners Portfolios Annual Report 2012

Page      22

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS - 12.0%
Barclays Bank PLC
0.20%p, dated 12/31/2012, to be repurchased at $36,400 on 01/02/2013.
Collateralized by a U.S. Government Obligation, 4.50%, due 05/15/2038, and with a value of $37,128.		$36,400		$36,400
Deutsche Bank AG
0.20%p, dated 12/31/2012, to be repurchased at $4,800 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 1.25%, due 09/28/2016, and with a value of $4,896.		4,800		4,800
Goldman Sachs
0.20%p, dated 12/31/2012, to be repurchased at $34,700 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 0.25%, due 01/16/2015, and with a value of $35,396.		34,700		34,700
HSBC Bank USA
0.16%p, dated 12/31/2012, to be repurchased at $16,640 on 01/02/2013.
Collateralized by U.S. Government Agency Obligations, 1.55% - 7.25%, due 06/08/2018 - 11/15/2030, and with a total value of $16,974.		16,640		16,640

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS (continued)
JPMorgan Chase & Co.
0.18%p, dated 12/31/2012, to be repurchased at $9,600 on 01/02/2013.
Collateralized by a U.S. Government Obligation, 0.25%, due 08/15/2015, and with a value of $9,796.		$9,600		$9,600
JPMorgan Chase & Co.
0.18%p, dated 12/26/2012, to be repurchased at $11,900 on 01/02/2013.
Collateralized by a U.S. Government Obligation, 0.25%, due 08/15/2015, and with a value of $12,139.		11,900		11,900
State Street Bank & Trust Co.
0.03%p, dated 12/31/2012, to be repurchased at $7 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $10.		7		7
Total Repurchase Agreements (cost $114,047)				114,047
Total Investment Securities (cost $948,180) П				948,180
Other Assets and Liabilities - Net				178
Net Assets				$948,358

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

p Rate shown reflects the yield at 12/31/2012.

 *  Floating or variable rate note. Rate is listed as of 12/31/2012.

П Aggregate cost for federal income tax purposes is $948,180, which equals the book cost; therefore, net unrealized appreciation and deprecation is $0.

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 12/31/2012, these securities aggregated $187,078, or 19.73% of the portfolio’s net assets.

VALUATION SUMMARY (all amounts in thousands): э

Investment Securities	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at 12/31/2012
Certificates of Deposit	$—	$170,703	$—	$170,703
Commercial Paper	—	187,771	—	187,771
Corporate Debt Securities	—	28,549	—	28,549
Repurchase Agreements	—	114,047	—	114,047
Short-Term Foreign Government Obligations	—	39,646	—	39,646
Short-Term U.S. Government Obligations	—	176,021	—	176,021
U.S. Government Agency Obligations	—	130,397	—	130,397
U.S. Government Obligations	—	101,046	—	101,046
Total	$—	$948,180	$—	$948,180

э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page      23

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 14.2%
U.S. Treasury Inflation Indexed Note
1.25%, 04/15/2014		$3,826		$3,944
U.S. Treasury Note
0.13%, 07/31/2014		14,000		13,976
0.25%, 08/31/2014 - 10/15/2015		37,000		36,970
Total U.S. Government Obligations (cost $54,800)				54,890
U.S. GOVERNMENT AGENCY OBLIGATIONS - 3.5%
Fannie Mae
2.50%, 05/15/2014		950		979
4.00%, 07/25/2033		5		5
5.50%, 12/01/2022		491		533
6.00%, 07/01/2014 - 09/01/2014		48		49
Freddie Mac
3.38%, 03/15/2018		1,134		1,169
4.00%, 09/15/2017		19		19
5.50%, 04/01/2017		171		184
6.50%, 02/01/2013 - 04/01/2013		4		4
Ginnie Mae
5.59%, 11/20/2059		4,132		4,590
5.65%, 06/20/2059		4,734		5,301
5.75%, 12/15/2022		640		709
Total U.S. Government Agency Obligations
(cost $13,219)				13,542
FOREIGN GOVERNMENT OBLIGATIONS - 2.3%
Province of Ontario Canada
2.30%, 05/10/2016		4,795		5,045
Province of Quebec Canada
4.88%, 05/05/2014  ^		3,650		3,870
Total Foreign Government Obligations (cost $8,735)				8,915
MORTGAGE-BACKED SECURITIES - 15.2%
CFCRE Commercial Mortgage Trust
Series 2011-C1, Class A2
3.76%, 04/15/2044 - 144A		3,000		3,246
Commercial Mortgage Pass-Through Certificates
Series 2001-J2A, Class B
6.30%, 07/16/2034 - 144A		2,425		2,424
Series 2006-C8, Class A3
5.31%, 12/10/2046		5,690		5,868
Series 2012-9W57, Class A
2.37%, 02/10/2029 - 144A		4,050		4,247
Credit Suisse Mortgage Capital Certificates
Series 2007-C5, Class A2
5.59%, 09/15/2040		561		560
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A2
5.17%, 08/15/2048		228		228
DBUBS Mortgage Trust
Series 2011-LC1A, Class A1
3.74%, 11/10/2046 - 144A		4,326		4,679
Series 2011-LC3A, Class A2
3.64%, 08/10/2044		1,400		1,523
GS Mortgage Securities Corp. II
Series 2006-GG6, Class A2
5.51%, 04/10/2038  *		380		392

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II (continued)
Series 2006-GG8, Class AAB
5.54%, 11/10/2039		$3,618		$3,753
Series 2007-GG10, Class AAB
5.79%, 08/10/2045  *		4,575		4,833
JPMorgan Chase Commercial Mortgage
Securities Corp.
Series 2007-C1, Class A3
5.79%, 02/15/2051		7,000		7,327
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3
4.56%, 09/15/2027  *		1,548		1,548
Series 2003-C7, Class A4
4.93%, 09/15/2035  *		1,146		1,165
Series 2005-C7, Class A2
5.10%, 11/15/2030		24		24
Series 2006-C4, Class AAB
5.84%, 06/15/2032  *		2,710		2,858
Series 2007-C2, Class A2
5.30%, 02/15/2040		519		519
Merrill Lynch Mortgage Trust
Series 2005-MKB2, Class A2
4.81%, 09/12/2042		477		478
Series 2006-C1, Class A2
5.64%, 05/12/2039  *		214		215
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class A2
5.91%, 08/12/2049  *		1,696		1,768
Sequoia Mortgage Trust
Series 2012-2, Class A2
3.50%, 04/25/2042  *		966		981
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.25%, 12/15/2043		1,745		1,781
Series 2007-C30, Class APB
5.29%, 12/15/2043		4,303		4,408
Series 2007-C33, Class A3
5.92%, 02/15/2051  *		3,722		3,894
Total Mortgage-Backed Securities (cost $57,874)				58,719
ASSET-BACKED SECURITIES - 26.9%
AmeriCredit Automobile Receivables Trust
Series 2009-1, Class B
9.79%, 04/15/2014		459		468
Avis Budget Rental Car Funding AESOP LLC
Series 2010-5A, Class A
3.15%, 03/20/2017 - 144A		2,000		2,115
BMW Vehicle Owner Trust
Series 2010-A, Class A4
2.10%, 10/25/2016		4,000		4,034
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.75%, 07/15/2020		1,000		1,216
CarMax Auto Owner Trust
Series 2010-2, Class A3
1.41%, 02/16/2015		1,539		1,544
CenterPoint Energy Transition Bond Co., LLC
Series 2009-1, Class A1
1.83%, 02/15/2016		2,663		2,704

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

Transamerica Partners Portfolios Annual Report 2012

Page      24

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Chase Issuance Trust
Series 2012-A3, Class A3
0.79%, 06/15/2017		$3,000		$3,019
Series 2012-A5, Class A5
0.59%, 08/15/2017		3,875		3,878
Citibank Credit Card Issuance Trust
Series 2009-A4, Class A4
4.90%, 06/23/2016		2,100		2,238
CNH Equipment Trust
Series 2009-C, Class A4
3.00%, 08/17/2015		1,184		1,192
Series 2009-C, Class B
4.98%, 04/15/2016		500		505
Series 2010-A, Class B
4.04%, 09/15/2016		2,175		2,226
Series 2010-B, Class A4
1.74%, 01/17/2017		4,400		4,445
Series 2011-B, Class A4
1.29%, 09/15/2017		3,495		3,548
Series 2012-C, Class B
1.30%, 03/16/2020		640		640
Detroit Edison Securitization Funding LLC
Series 2001-1, Class A6
6.62%, 03/01/2016		2,750		2,993
Discover Card Master Trust
Series 2007-A1, Class A1
5.65%, 03/16/2020		4,000		4,841
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A1
1.00%, 02/01/2016		1,178		1,198
Ford Credit Auto Owner Trust
Series 2010-A, Class A3
1.32%, 06/15/2014		262		262
Series 2010-B, Class A4
1.58%, 09/15/2015		2,725		2,756
Series 2010-B, Class B
2.54%, 02/15/2016		5,500		5,680
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class A1
1.50%, 09/15/2015		2,000		2,014
Series 2012-4, Class B
0.94%, 09/15/2016		555		555
GE Capital Credit Card Master Note Trust
Series 2012-1, Class A
1.03%, 01/15/2018		4,400		4,445
Series 2012-5, Class B
1.51%, 06/15/2018		1,850		1,864
GE Equipment Transportation LLC
Series 2011-1, Class A4
1.33%, 05/20/2019		1,000		1,007
Huntington Auto Trust
Series 2011-1A, Class A4
1.31%, 11/15/2016 - 144A		2,000		2,029
Series 2011-1A, Class B
1.84%, 01/17/2017 - 144A		1,500		1,532
Hyundai Auto Receivables Trust
Series 2010-B, Class A4
1.63%, 03/15/2017		2,000		2,038
Series 2011-A, Class A4
1.78%, 12/15/2015		3,000		3,054

	Principal (000’s)	Value (000’s)
ASSET-BACKED SECURITIES (continued)
Hyundai Auto Receivables Trust (continued)
Series 2012-C, Class C
1.42%, 02/15/2019	$1,010		$1,010
John Deere Owner Trust
Series 2012-B, Class A4
0.69%, 01/15/2019	1,440		1,443
Macquarie Equipment Funding Trust
Series 2011-A, Class A3
1.91%, 04/20/2017 - 144A	1,800		1,813
Massachusetts RRB Special Purpose Trust
Series 2005-1, Class A4
4.40%, 03/15/2015	475		479
MBNA Credit Card Master Note Trust
Series 2004-B1, Class B1
4.45%, 08/15/2016	1,100		1,150
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3
1.42%, 08/15/2014	382		383
MMAF Equipment Finance LLC
Series 2009-AA, Class A4
3.51%, 01/15/2030 - 144A	5,118		5,276
Series 2011-AA, Class A3
1.27%, 09/15/2015 - 144A	1,350		1,356
North Carolina State Education Assistance Authority
Series 2011-2, Class A1
0.77%, 10/26/2020  *	858		852
Railcar Leasing LLC
Series 1, Class A2
7.13%, 01/15/2013 - 144A	701		708
SMART Trust
Series 2012-4US, Class A4A
1.25%, 08/14/2018	1,100		1,098
Toyota Auto Receivables Owner Trust
Series 2010-A, Class A3
1.27%, 12/16/2013	231		231
USAA Auto Owner Trust
Series 2009-2, Class A4
2.53%, 06/17/2013	665		668
Volkswagen Auto Loan Enhanced Trust
Series 2010-1, Class A4
2.14%, 08/22/2016	1,475		1,487
Series 2011-1, Class A3
1.22%, 06/22/2015 ^	2,954		2,969
World Financial Network Credit Card Master Trust
Series 2009-D, Class A
4.66%, 05/15/2017	1,250		1,278
Series 2010-A, Class A
3.96%, 04/15/2019	4,750		5,122
World Omni Auto Receivables Trust
Series 2010-A, Class A4
2.21%, 09/15/2013	1,779		1,795
World Omni Automobile Lease Securitization Trust
Series 2011-A, Class A3
1.49%, 10/15/2014	3,750		3,770
Series 2012-A, Class B
1.49%, 02/15/2018	865		869
Total Asset-Backed Securities (cost $102,865)			103,797

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

Transamerica Partners Portfolios Annual Report 2012

Page      25

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
CORPORATE DEBT SECURITIES - 34.8%
Aerospace & Defense - 0.4%
Lockheed Martin Corp.
2.13%, 09/15/2016		$1,320		$1,368
Beverages - 3.3%
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 03/26/2013		4,700		4,721
Bottling Group LLC
6.95%, 03/15/2014		4,210		4,527
Diageo Finance BV
5.50%, 04/01/2013		3,320		3,362
Capital Markets - 2.4%
Goldman Sachs Group, Inc.
3.63%, 02/07/2016  ^		3,005		3,181
Morgan Stanley - Series GMTN
0.65%, 01/09/2014  *^		6,100		6,057
Chemicals - 0.7%
Airgas, Inc.
4.50%, 09/15/2014  ^		2,591		2,734
Commercial Banks - 5.9%
Bank of Montreal
1.40%, 09/11/2017  ^		3,460		3,473
Bank of Nova Scotia
1.38%, 01/12/2015  *		3,875		3,933
Credit Suisse
5.50%, 05/01/2014		4,230		4,501
KFW
1.00%, 01/12/2015  ^		1,250		1,264
PNC Funding Corp.
2.70%, 09/19/2016  ^		4,175		4,411
Wells Fargo Bank NA - Series AI
4.75%, 02/09/2015		5,000		5,369
Consumer Finance - 2.6%
American Express Credit Corp.
1.16%, 06/24/2014  *^		4,345		4,385
2.38%, 03/24/2017		3,305		3,458
Capital One Financial Corp.
2.13%, 07/15/2014		2,195		2,234
Diversified Consumer Services - 1.7%
Yale University
2.90%, 10/15/2014		6,250		6,522
Diversified Financial Services - 7.3%
Bank of America Corp.
4.90%, 05/01/2013		3,025		3,066
Citigroup, Inc.
5.50%, 10/15/2014		4,625		4,962
CME Group, Inc.
5.40%, 08/01/2013		2,275		2,340
Ford Motor Credit Co. LLC
3.98%, 06/15/2016		1,750		1,858
4.21%, 04/15/2016		2,060		2,197
General Electric Capital Corp.
1.63%, 07/02/2015		7,700		7,827
JPMorgan Chase & Co.
2.00%, 08/15/2017  ^		5,610		5,731
Diversified Telecommunication Services - 0.3%
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/2017		1,300		1,316

	Principal (000’s)		Value (000’s)
Electric Utilities - 1.1%
Hydro-Quebec
1.38%, 06/19/2017		$4,160		$4,216
Food & Staples Retailing - 0.3%
CVS Caremark Corp.
3.25%, 05/18/2015		1,100		1,166
Insurance - 3.8%
Berkshire Hathaway, Inc.
3.20%, 02/11/2015		2,465		2,595
Metropolitan Life Global Funding I
2.50%, 09/29/2015 - 144A		7,285		7,600
5.13%, 06/10/2014 - 144A		430		457
New York Life Global Funding
5.38%, 09/15/2013 - 144A		3,745		3,868
Machinery - 1.0%
Caterpillar, Inc.
1.38%, 05/27/2014		3,775		3,821
Media - 0.7%
Comcast Corp.
5.30%, 01/15/2014		2,600		2,728
Office Electronics - 0.8%
Xerox Corp.
8.25%, 05/15/2014		3,005		3,278
Oil, Gas & Consumable Fuels - 2.0%
Shell International Finance BV
4.00%, 03/21/2014		4,025		4,202
Total Capital Canada, Ltd.
1.63%, 01/28/2014  ^		1,960		1,987
Total Capital SA
3.00%, 06/24/2015		1,500		1,584
Pharmaceuticals - 0.5%
Novartis Capital Corp.
4.13%, 02/10/2014		2,015		2,096
Total Corporate Debt Securities (cost $131,127)				134,395
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 4.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		16,134,143		16,134
Total Securities Lending Collateral (cost $16,134)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.7%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $10,235 on 01/02/2013.
Collateralized by U.S. Government Agency Obligations, 2.50% - 3.50%, due 10/20/2027 - 06/01/2032, and with a total value of $10,447.		$10,235		10,235
Total Repurchase Agreement (cost $10,235)
Total Investment Securities (cost $394,989) П				400,627
Other Assets and Liabilities - Net				(14,581)
Net Assets				$386,046

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

Transamerica Partners Portfolios Annual Report 2012

Page      26

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

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

^ All or a portion of this security is on loan. The value of all securities on loan is $15,806.

* Floating or variable rate note. Rate is listed as of 12/31/2012.

p Rate shown reflects the yield at 12/31/2012.

П Aggregate cost for federal income tax purposes is $394,989. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $6,411 and $773, respectively. Net unrealized appreciation for tax purposes is $5,638.

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 12/31/2012, these securities aggregated $41,350, or 10.71% of the portfolio’s net assets.

VALUATION SUMMARY (all amounts in thousands): Э

Investment Securities	Level 1 -   Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at  12/31/2012
Asset-Backed Securities	$—	$103,797	$—	$103,797
Corporate Debt Securities	—	134,395	—	134,395
Foreign Government Obligations	—	8,915	—	8,915
Mortgage-Backed Securities	—	58,719	—	58,719
Repurchase Agreement	—	10,235	—	10,235
Securities Lending Collateral	16,134	—	—	16,134
U.S. Government Agency Obligations	—	13,542	—	13,542
U.S. Government Obligations	—	54,890	—	54,890
Total	$16,134	$384,493	$—	$400,627

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page      27

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 87.7%
U.S. Treasury Bond
2.75%, 08/15/2042 - 11/15/2042		$2,575		$2,483
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042		11,968		13,108
1.75%, 01/15/2028		9,236		11,956
2.00%, 01/15/2026		3,724		4,883
2.13%, 02/15/2040 - 02/15/2041		14,839		21,850
2.38%, 01/15/2025 - 01/15/2027		24,811		33,657
2.50%, 01/15/2029		7,229		10,311
3.38%, 04/15/2032		927		1,528
3.63%, 04/15/2028		9,303		14,747
3.88%, 04/15/2029		11,285		18,705
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 - 07/15/2022		55,875		59,469
0.13%, 04/15/2017    ^		2,960		3,170
0.50%, 04/15/2015		18,631		19,440
0.63%, 07/15/2021		7,119		8,092
1.13%, 01/15/2021		4,542		5,334
1.25%, 04/15/2014    ^		9,772		10,074
1.38%, 01/15/2020    g		8,801		10,433
1.63%, 01/15/2015		2,653		2,819
1.88%, 07/15/2013 - 07/15/2015		12,162		12,854
1.88%, 07/15/2019    g		466		567
2.00%, 01/15/2014 - 01/15/2016		14,163		14,965
2.13%, 01/15/2019		3,992		4,847
2.50%, 07/15/2016		8,515		9,785
U.S. Treasury Note
0.88%, 04/30/2017		2,120		2,146
1.63%, 11/15/2022    ^		1,915		1,894
Total U.S. Government Obligations (cost $277,055)				299,117
FOREIGN GOVERNMENT OBLIGATIONS - 4.2%
Deutsche Bundesrepublik Inflation Linked Bond
1.50%, 04/15/2016		EUR5,368		7,703
Hellenic Republic Government Bond
0.00%, 10/15/2042    *		366		3
International Bank for Reconstruction & Development CPI
2.09%, 12/10/2013    *		$315		316
Italy Buoni Poliennali del Tesoro
2.10%, 09/15/2016		EUR4,180		5,588
2.15%, 09/15/2014		623		841
Total Foreign Government Obligations (cost $13,995)				14,451
MORTGAGE-BACKED SECURITY - 0.0% ¥
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3, Class A4
4.55%, 12/10/2041		$128		128
Total Mortgage-Backed Security (cost $123)
STRUCTURED NOTES DEBT - 0.5%
Consumer Finance - 0.3%
SLM Corp.
4.23%, 01/31/2014  *		900		905

	Principal (000’s)		Value (000’s)
Diversified Financial Services - 0.2%
Bear Stearns Cos. LLC
5.37%, 03/10/2014  *		$649		$661
Total Structured Notes Debt (cost $1,509)				1,566
	Shares		Value (000’s)
SHORT-TERM INVESTMENT COMPANY - 6.9%
Capital Markets - 6.9%
BlackRock Provident TempFund 24		23,400,564		23,401
Total Short-Term Investment Company (cost $23,401)

	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS - 0.0% ¥
Call Options - 0.0% ¥
OTC- USD vs. JPY Ә		$3,565		¿
Exercise Price $100.00
Expires 03/28/2013
Counterparty: CITI
Put Options - 0.0% ¥
OTC- AUD vs. JPY Ә		AUD3,275		1
Exercise Price $87.00
Expires 01/10/2013
Counterparty: DUB
30-Year U.S. Treasury Note Future		$44		51
Exercise Price $147.00
Expires 01/25/2013
Total Purchased Options (cost $78)				52
PURCHASED SWAPTIONS - 0.2%
Call Options - 0.0% ¥
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 1.25%, European Style		4,000		50
Expires 10/18/2013
Counterparty: DUB
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 2.40%, European Style		8,200		9
Expires 02/15/2013
Counterparty: CITI
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 2.43%, European Style		4,600		¿
Expires 01/07/2013
Counterparty: CITI
Put Options - 0.2%
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 1.25%, European Style		4,000		29
Expires 10/18/2013
Counterparty: DUB

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

Transamerica Partners Portfolios Annual Report 2012

Page      28

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
OTC- If exercised the Series receives floating 3 month LIBOR, and pays
2.50%, European Style		EUR3,200		$474
Expires 06/08/2022
Counterparty: DUB
OTC- If exercised the Series receives floating 3 month LIBOR, and pays
3.90%, European Style		$3,600		2
Expires 09/19/2013
Counterparty: CITI
Total Purchased Swaptions (cost $724)				564

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 2.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26%  p		6,808,508		6,809
Total Securities Lending Collateral (cost $6,809)
Total Investment Securities (cost $323,694) П				346,088
Other Assets and Liabilities - Net				(4,952)
Net Assets				$341,136

	Notional Amount (000’s)		Value (000’s)
WRITTEN OPTIONS - (0.0)% ¥
Call Options - (0.0)% ¥
OTC- USD vs. JPY Ә		$1,705		$(24)
Exercise Price $87.00
Expires 3/19/2013
Counterparty: GSC
OTC- Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		EUR1,070		(65)
Index Value 2.50
Expires 4/26/2022
Counterparty: DUB
Put Options - (0.0)% ¥
30-Year U.S. Treasury Note Future		$44		(15)
Exercise Price $144.00
Expires 1/25/2013
Total Written Options (premiums: $(94))				(104)

WRITTEN SWAPTIONS:
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount (000’s)		Premiums (Received) (000’s)		Value  (000’s)
Call- OTC 10-Year Interest Rate Swap	CITI	3-Month USD LIBOR BBA	Receive	2.15%	09/09/2013		$3,600		$(81)		$(98)
Call- OTC 30-Year Interest Rate Swap	CITI	3-Month USD LIBOR BBA	Receive	2.10	02/15/2013		8,200		(37)		(¿)
Call- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Receive	1.25	06/27/2014		4,500		(47)		(44)
Call- OTC 5-Year Interest Rate Swap	BCLY	3-Month USD LIBOR BBA	Receive	1.25	08/18/2014		8,000		(55)		(73)
Put- OTC 20-Year Interest Rate Swap	DUB	6-Month EUR EURIBOR	Pay	4.50	06/08/2022		EUR3,200		(151)		(191)
Put- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay	2.25	06/27/2014		$4,500		(47)		(24)
Put- OTC 5-Year Interest Rate Swap	BCLY	3-Month USD LIBOR BBA	Pay	2.25	08/18/2014		8,000		(120)		(54)
									$(538)		$(484)

CENTRALLY CLEARED SWAP AGREEMENTS:
INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate	Maturity Date	Currency Code	Notional Amount (000’s)	Market Value (000’s)	Premiums (Received) (000’s)		Unrealized  (Depreciation)  (000’s)
3-Month USD-LIBOR	0.44%	08/30/2014	USD	$22,400	$(23)		$—		$(23)

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

Transamerica Partners Portfolios Annual Report 2012

Page      29

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

OVER THE COUNTER SWAP AGREEMENTS:  b e INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate	Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums (Received) (000’s)		Unrealized Appreciation (000’s)
3-Month USD-LIBOR	0.38%	11/15/2014	DUB	USD		$8,000		$2		$—		$2
3-Month USD-LIBOR	1.63	11/19/2022	CITI	USD		2,300		42		—		42
3-Month USD-LIBOR	2.49	07/09/2042	DUB	USD		1,000		65		—		65
3-Month USD-LIBOR	2.51	08/10/2042	DUB	USD		1,000		61		—		61
3-Month USD-LIBOR	2.72	08/21/2042	DUB	USD		1,000		17		—		17
3-Month USD-LIBOR	2.58	11/29/2042	DUB	USD		1,400		66		—		66
U.S. CPI Urban Consumers NAS	1.84	10/25/2015	MSC	USD		4,730		125		—		125
								$378		$—		$378
INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate	Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums (Received) (000’s)		Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR	0.80%	12/17/2017	DUB	USD		$3,800		$(10)		$—		$(10)
3-Month USD-LIBOR	1.24	12/17/2019	GSC	USD		3,000		(12)		—		(12)
U.S. CPI Urban Consumers NAS	1.00	10/25/2020	MSC	USD		2,495		(46)		—		(46)
U.S. CPI Urban Consumers NAS	2.67	06/23/2021	DUB	USD		4,345		61		—		61
								$(7)		$—		$(7)

FUTURES CONTRACTS:
Description	Type	Contracts		Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note	Long		282	03/19/2013		$(89)
2-Year U.S. Treasury Note	Long		85	03/28/2013		4
30-Year U.S. Treasury Bond	Short		(146)	03/19/2013		292
5-Year U.S. Treasury Note	Long		121	03/28/2013		(10)
German Euro Bund	Short		(32)	03/07/2013		(51)
U.K. Long Gilt Bond	Short		(12)	03/26/2013		8
Ultra Long U.S. Treasury Bond	Short		(31)	03/19/2013		82
						$236

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought (Sold) (000’s)		Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)		Net Unrealized Appreciation (Depreciation) (000’s)
EUR	BNP		(3,900)		01/23/2013		$(5,061)		$(87)
EUR	JPM		(1,503)		01/23/2013		(1,950)		(34)
EUR	UBS		(541)		01/23/2013		(692)		(22)
EUR	GSC		(1,078)		01/23/2013		(1,376)		(47)
EUR	UBS		290		01/23/2013		376		7
EUR	JPM		(1,713)		01/23/2013		(2,197)		(65)
EUR	UBS		(870)		01/23/2013		(1,126)		(23)
EUR	JPM		(515)		01/23/2013		(683)		3
EUR	UBS		(1,630)		02/06/2013		(2,094)		(59)
JPY	UBS		(362,297)		02/20/2013		(4,424)		239
									$(88)

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

Transamerica Partners Portfolios Annual Report 2012

Page      30

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)	Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)	Net Unrealized  Appreciation  (000’s)
NOK	GSC	4,838	02/20/2013	$861		$8
AUD	GSC	(825)	02/20/2013	(861)		8
						$16

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 12/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)	Collateral         (Received) Pledged         (000’s)	Net Exposures (1)          (000’s)
BCLY	$(127)	$—	$(127)
BNP	(87)	—	(87)
CITI	(45)	—	(45)
DUB	492	(400)	92
GSC	(67)	—	(67)
JPM	(96)	—	(96)
MSC	79	70	149
UBS	142	—	142

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

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

^ All or a portion of this security is on loan. The value of all securities on loan is $6,673.

* Floating or variable rate note. Rate is listed as of 12/31/2012.

g All or a portion of this security has been segregated as collateral with the broker to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $570.

¥ Percentage rounds to less than 0.1%.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $1, or less than 0.01% of the portfolio’s net assets, and total aggregate market value of fair valued derivatives is $(24), or less than 0.01% of the portfolio’s net assets.

p Rate shown reflects the yield at 12/31/2012.

П Aggregate cost for federal income tax purposes is $323,832. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $22,655 and $399, respectively. Net unrealized appreciation for tax purposes is $22,256.

b Cash in the amount of $400 has been pledged as collateral by the broker for open swap contracts.

e Cash in the amount of $70 has been segregated as collateral with the broker to cover swap contracts.

¿ Amount is less than 1.

DEFINITIONS:

BBA	British Bank Association
BCLY	Barclays Bank PLC
BNP	BNP Paribas Bank
CITI	Citibank N.A
CPI	Consumer Price Index
DUB	Deutsche Bank AG
EURIBOR	Euro InterBank Offered Rate
GSC	Goldman Sachs & Co.
HICP	Harmonized Index of Consumer Prices
JPM	JPMorgan Chase
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley Capital Services
NAS	National Academy of Sciences
OTC	Over The Counter
UBS	UBS AG

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

Transamerica Partners Portfolios Annual Report 2012

Page      31

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

CURRENCY ABBREVIATIONS:
AUD	Australian Dollar
EUR	Euro
JPY	Japanese Yen
NOK	Norwegian Krone
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): Э

Investment Securities	Level 1 -           Quoted            Prices	Level 2 -     Other     Significant     Observable     Inputs	Level 3 -     Significant     Unobservable     Inputs	Value at     12/31/2012
Foreign Government Obligations	$—	$14,451	$—	$14,451
Mortgage-Backed Securities	—	128	—	128
Purchased Options	51	1	—	52
Purchased Swaptions	—	564	—	564
Securities Lending Collateral	6,809	—	—	6,809
Short-Term Investment Company	23,401	—	—	23,401
Structured Notes Debt	—	1,566	—	1,566
U.S. Government Obligations	—	299,117	—	299,117
Total	$30,261	$315,827	$—	$346,088

Other Financial Instruments	Level 1 -           Quoted            Prices	Level 2 -     Other     Significant     Observable     Inputs	Level 3 -     Significant     Unobservable     Inputs	Value at     12/31/2012
Written Options	$(80)	$(24)	$—	$(104)
Written Swaptions	—	(484)	—	(484)
Total	$(80)	$(508)	$—	$(588)

Other Financial Instruments ₣	Level 1 -           Quoted            Prices	Level 2 -     Other     Significant     Observable     Inputs	Level 3 -     Significant     Unobservable     Inputs	Value at     12/31/2012
Futures Contracts - Appreciation	$386	$—	$—	$386
Futures Contracts - Depreciation	(150)	—	—	(150)
Forward Foreign Cross Currency Contract - Appreciation	—	16	—	16
Forward Foreign Currency Contracts - Appreciation	—	249	—	249
Forward Foreign Currency Contracts - Depreciation	—	(337)	—	(337)
Interest Rate Swaps - Appreciation	—	439	—	439
Interest Rate Swaps - Depreciation	(23)	(68)	—	(91)
Total	$213	$299	$—	$512

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the Notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

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

Transamerica Partners Portfolios Annual Report 2012

Page      32

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 2.7%
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042    a		$6,173		$6,761
2.13%, 02/15/2041		4,194		6,192
U.S. Treasury Note
0.38%, 11/15/2015		3,954		3,958
1.63%, 11/15/2022		22,763		22,514
Total U.S. Government Obligations (cost $38,975)				39,425
U.S. GOVERNMENT AGENCY OBLIGATIONS - 52.0%
Fannie Mae
1.70%, 08/01/2037      *		11		12
1.81%, 10/09/2019      p		5,460		4,783
2.22%, 01/01/2035      *		53		56
2.26%, 08/01/2034      *		25		27
2.84%, 08/01/2035		137		146
3.00%, 11/01/2032 - 01/01/2033		18,655		19,627
3.00%, 03/01/2041      *		1,186		1,241
3.14%, 03/01/2041      *		1,479		1,547
3.29%, 12/01/2040      *		2,557		2,710
3.33%, 06/01/2041      *		2,545		2,689
3.49%, 09/01/2041      *		1,757		1,855
3.50%, 01/01/2027 - 12/01/2042		47,204		50,418
4.00%, 02/01/2025 - 10/01/2042		77,524		83,649
4.50%, 02/01/2025 - 05/01/2042		46,888		50,828
5.00%, 09/01/2033 - 12/01/2035		44,044		47,995
5.50%, 07/01/2014 - 08/01/2037		7,854		8,605
6.00%, 02/01/2034 - 10/01/2040		27,599		30,632
6.50%, 05/01/2040		11,024		12,377
7.00%, 01/01/2015 - 09/01/2016		65		69
Fannie Mae, TBA
2.50%		6,900		7,215
3.00%		16,260		17,144
3.50%		5,300		5,651
4.00%		32,300		34,621
4.50%		62,700		67,650
5.50%		37,600		40,865
Farmer Mac Guaranteed Notes Trust
5.13%, 04/19/2017 - 144A		900		1,057
Freddie Mac
2.18%, 05/01/2037      *		149		157
2.32%, 02/01/2037 - 04/01/2037    *		322		341
2.64%, 12/01/2034		32		34
2.84%, 05/01/2037      *		141		151
2.86%, 09/01/2035      *		2,623		2,799
2.87%, 12/25/2021		6,160		6,533
3.02%, 02/01/2041      *		1,920		2,013
3.50%, 11/01/2042		10,882		11,605
3.97%, 01/25/2021      *		3,740		4,284
4.50%, 10/01/2041		17,754		19,052
5.00%, 03/01/2038		15,506		16,700
5.27%, 01/01/2038      *		462		491
5.50%, 06/15/2015 - 01/01/2040		2,187		2,269
5.63%, 06/13/2016		9,195		10,660
5.98%, 09/01/2037      *		76		82
6.00%, 09/01/2013 - 05/01/2031		1,410		1,564
Freddie Mac, IO
1.52%, 06/25/2022      *		19,737		2,194
1.56%, 12/25/2018      *		10,257		811
1.78%, 05/25/2019      *		7,998		763

	Principal (000’s)		Value  (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac, TBA
3.50%		$25,400		$27,009
4.00%		13,000		13,878
4.50%		21,300		22,854
FREMF Mortgage Trust
3.56%, 08/25/2045 - 144A    *		1,645		1,685
3.66%, 10/25/2045 - 144A    *		2,620		2,549
4.02%, 11/25/2044 - 144A    *		680		666
Ginnie Mae
4.00%, 09/15/2040 - 09/15/2042		9,464		10,399
4.50%, 05/20/2040 - 02/15/2042		40,922		45,156
6.50%, 12/20/2031		37		42
Ginnie Mae, IO
1.01%, 02/16/2053    *		10,460		877
Ginnie Mae, TBA
3.50%		100		109
4.00%		14,900		16,225
4.50%		5,500		6,022
5.00%		27,500		29,996
Resolution Funding Corp., Interest STRIPS
1.28%, 07/15/2018    p		1,200		1,122
1.35%, 10/15/2018    p		1,200		1,124
Tennessee Valley Authority
5.25%, 09/15/2039		7,500		9,868
5.98%, 04/01/2036		440		618
U.S. Small Business Administration
4.50%, 02/01/2014		164		169
Total U.S. Government Agency Obligations
(cost $756,988)				766,340
FOREIGN GOVERNMENT OBLIGATIONS - 5.5%
Deutsche Bundesrepublik Inflation Linked Bond
0.10%, 04/15/2023		EUR16,240		22,525
Italy Buoni Poliennali del Tesoro
4.75%, 06/01/2017		17,310		24,319
5.25%, 08/01/2017		3,740		5,368
Poland Government International Bond
5.00%, 03/23/2022		$1,200		1,417
5.13%, 04/21/2021    ^		1,465		1,737
Republic of Argentina
2.50%, 12/31/2038    ^		6,085		2,185
Republic of Brazil
7.13%, 01/20/2037		670		1,025
Republic of Poland
6.38%, 07/15/2019		490		611
Republic of South Africa
5.50%, 03/09/2020		1,185		1,404
Republic of Turkey
5.63%, 03/30/2021		1,275		1,514
7.00%, 03/11/2019		1,010		1,256
Russian Federation
7.50%, 03/31/2030 - Reg S		5,669		7,281
South Africa Government International Bond
4.67%, 01/17/2024		1,060		1,198
Turkey Government International Bond
6.25%, 09/26/2022		1,670		2,082
United Mexican States
5.13%, 01/15/2020		3,605		4,308

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

Transamerica Partners Portfolios Annual Report 2012

Page      33

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value  (000’s)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Mexican States (continued)
5.63%, 01/15/2017		$1,693		$1,964
Total Foreign Government Obligations
(cost $75,281)				80,194
MORTGAGE-BACKED SECURITIES - 12.9%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.05%, 02/25/2035 *		24		24
American Home Mortgage Assets LLC
Series 2006-2, Class 2A1
0.40%, 09/25/2046  *		1,088		694
Banc of America Funding Corp.
Series 2005-E, Class 4A1
2.67%, 03/20/2035  *		375		370
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
2.51%, 11/15/2015 - 144A *		6,353		6,341
Series 2010-UB4, Class A4A
5.01%, 12/20/2041 - 144A  *		3,510		3,683
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-1, Class AMFX
5.48%, 01/15/2049  *		245		264
Series 2007-3, Class A2
5.69%, 06/10/2049  *		492		492
Series 2007-3, Class A4
5.69%, 06/10/2049  *		4,240		4,916
Series 2007-3, Class AM
5.69%, 06/10/2049  *		1,755		1,918
BB-UBS Trust
Series 2012-TFT, Class C
3.47%, 06/05/2030 - 144A *		410		389
Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-1, Class 4A1
5.26%, 03/25/2035  *		1,854		1,830
Bear Stearns Alt-A Trust
Series 2004-11, Class 2A2
3.15%, 11/25/2034  *		130		105
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class AM
5.45%, 12/11/2040  *		610		672
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.42%, 12/25/2046  *		786		134
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 - 144A  *		960		1,082
Commercial Mortgage Pass-Through Certificates
Series 2006-C8, Class AM
5.35%, 12/10/2046		2,050		2,273
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 - 144A		2,280		2,387
Commercial Mortgage Pass-Through Certificates, IO
Series 2012-CR1, Class XA
2.26%, 05/15/2045 *		20,998		2,903
Countrywide Alternative Loan Trust
Series 2005-36, Class 2A1A
0.52%, 08/25/2035 *		1,815		1,151

	Principal (000’s)		Value  (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Countrywide Alternative Loan Trust (continued)
Series 2005-51, Class 3A3A
0.53%, 11/20/2035  *		$1,568		$1,044
Series 2005-50CB, Class 1A1
5.50%, 11/25/2035		3,827		3,331
Series 2006-OA21, Class A1
0.40%, 03/20/2047  *		4,438		2,932
Series 2007-22, Class 2A16
6.50%, 09/25/2037		5,864		4,299
Series 2007-5CB, Class 1A31
5.50%, 04/25/2037		2,770		2,159
Countrywide Home Loan Mortgage Pass- Through Trust
Series 2003-60, Class 1A1
3.14%, 02/25/2034 *		214		208
Series 2004-23, Class A
2.52%, 11/25/2034  *		114		76
Series 2005-3, Class 1A2
0.50%, 04/25/2035  *		328		254
Series 2006-OA5, Class 2A1
0.41%, 04/25/2036  *		1,811		1,201
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-C3, Class A5
3.94%, 05/15/2038		8,071		8,096
Series 2004-AR5, Class 7A2
2.92%, 06/25/2034  *		387		389
Series 2005-C3, Class AJ
4.77%, 07/15/2037		380		392
Credit Suisse Mortgage Capital Certificates
Series 2007-C2, Class A2
5.45%, 01/15/2049  *		100		100
Series 2011-4R, Class 5A1
4.97%, 05/27/2036 - 144A *		3,611		3,426
DBRR Trust
Series 2011-C32, Class A3A
5.74%, 06/17/2049 - 144A *		1,500		1,758
Series 2012-EZ1, Class A
0.95%, 09/25/2045 - 144A		6,811		6,828
Deutsche Mortgage Securities, Inc.
Series 2005-WF1, Class 1A3
5.24%, 06/26/2035 - 144A *		1,270		1,295
First Horizon Alternative Mortgage Securities
Series 2006-FA8, Class 1A8
0.58%, 02/25/2037  *		421		258
GMAC Mortgage Corp., Loan Trust
Series 2003-AR2, Class 1A1
3.87%, 12/19/2033  *		35		35
Series 2005-AR1, Class 3A
3.49%, 03/18/2035  *		122		116
Greenpoint Mortgage Funding Trust
Series 2006-AR4, Class A1A
0.35%, 09/25/2046  *		¿		¿
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A3
4.57%, 08/10/2042		5,830		5,844
Series 2006-GG7, Class AJ
5.87%, 07/10/2038 *		1,270		1,232
Series 2007-GG9, Class AM
5.48%, 03/10/2039		630		686

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

Transamerica Partners Portfolios Annual Report 2012

Page      34

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Greenwich Capital Commercial Funding Corp. (continued)
Series 2007-GG11, Class A4
5.74%, 12/10/2049		$870		$1,026
GS Mortgage Securities Corp. II
Series 2005-GG4, Class A4A
4.75%, 07/10/2039		3,175		3,424
Series 2006-GG8, Class AJ
5.62%, 11/10/2039		1,680		1,533
Series 2006-GG8, Class AM
5.59%, 11/10/2039		710		798
Series 2012-SHOP, Class C
3.63%, 06/05/2031 - 144A		410		422
GSR Mortgage Loan Trust
Series 2005-AR1, Class 2A1
2.98%, 01/25/2035  *		2,477		2,433
Impac CMB Trust
Series 2004-6, Class 1A1
1.01%, 10/25/2034  *		67		57
IndyMac INDA Mortgage Loan Trust
Series 2006-AR2, Class 4A1
5.40%, 09/25/2036  *		2,012		1,628
Series 2007-AR7, Class 1A1
3.25%, 09/25/2037  *		665		583
IndyMac Index Mortgage Loan Trust
Series 2005-AR14, Class 2A1A
0.51%, 07/25/2035  *		1,551		1,229
Series 2007-AR15, Class 2A1
4.70%, 08/25/2037  *		1,096		841
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		1,413		1,455
Series 2006-CB14, Class AM
5.45%, 12/12/2044  *		2,000		2,174
Series 2007-CB18, Class A3
5.45%, 06/12/2047		1,531		1,584
Series 2007-CB20, Class AM
5.88%, 02/12/2051  *		3,550		4,116
Series 2007-LD11, Class ASB
5.81%, 06/15/2049  *		1,674		1,828
Series 2012-HSBC, Class D
4.52%, 07/05/2032 - 144A  *		1,000		1,062
JPMorgan Chase Commercial Mortgage Securities Corp., IO
Series 2012-CBX, Class XA
2.05%, 06/15/2045  *		9,877		1,140
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
4.73%, 02/25/2034  *		256		259
Series 2006-A2, Class 5A1
2.91%, 11/25/2033  *		185		189
Series 2006-S2, Class 2A2
5.88%, 06/25/2021		440		429
Series 2006-S3, Class 1A12
6.50%, 08/25/2036		880		788
Series 2007-S1, Class 1A2
5.50%, 03/25/2022		361		353
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3
4.56%, 09/15/2027  *		2,517		2,515
Series 2005-C2, Class AJ
5.21%, 04/15/2030  *		1,280		1,351

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
LB-UBS Commercial Mortgage Trust (continued)
Series 2007-C1, Class AM
5.46%, 02/15/2040		$910		$1,023
Series 2007-C2, Class A3
5.43%, 02/15/2040		9,658		11,085
Series 2007-C6, Class A4
5.86%, 07/15/2040  *		3,845		4,590
Series 2007-C7, Class A3
5.87%, 09/15/2045  *		4,970		5,926
MASTR Adjustable Rate Mortgages Trust
Series 2007-R5, Class A1
2.85%, 11/25/2035 - 144A  *		847		461
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class 2A1
2.73%, 02/25/2034  *		379		380
Series 2004-A3, Class 4A3
4.98%, 05/25/2034  *		248		252
Series 2005-A3, Class A1
0.48%, 04/25/2035  *		79		71
Series 2005-A4, Class 2A2
2.86%, 07/25/2035  *		388		348
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1
0.85%, 10/25/2028  *		91		89
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.58%, 04/12/2049  *		695		735
Series 2007-IQ15, Class AM
5.88%, 06/11/2049  *		1,980		2,181
Morgan Stanley Capital I, Inc.
Series 1998-WF2, Class G
6.34%, 01/15/2013 - 144A  *		2,410		2,466
Series 2007-IQ15, Class A2
5.84%, 06/11/2049  *		1,771		1,800
Morgan Stanley Capital I, Inc., IO
Series 2012-C4, Class XA
2.70%, 03/15/2045 - 144A  *		18,100		2,641
Morgan Stanley Mortgage Loan Trust
Series 2004-8AR, Class 4A2
2.82%, 10/25/2034  *		345		341
Series 2006-3AR, Class 2A3
2.84%, 03/25/2036  *		723		496
Morgan Stanley Re-REMIC Trust
1.00%, 03/27/2051		2,584		2,545
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		2,614		2,639
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		2,665		2,692
Motel 6 Trust
Series 2012-MTL6, Class B
2.74%, 10/05/2025 - 144A		3,735		3,771
Nomura Asset Acceptance Corp.
Series 2004-R2, Class A1
6.50%, 10/25/2034 - 144A  *		141		142
Prime Mortgage Trust
Series 2006-DR1, Class 2A2
6.00%, 05/25/2035 - 144A		749		739
RALI Trust
Series 2007-QO1, Class A1
0.36%, 02/25/2047  *		773		528

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

Transamerica Partners Portfolios Annual Report 2012

Page      35

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
RALI Trust (continued)
Series 2007-QO4, Class A1A
0.40%, 05/25/2047  *		$1,508		$1,110
RBSCF Trust
Series 2010-RR3, Class WBTA
6.12%, 04/16/2017 - 144A  *		7,423		8,740
RBSGC Mortgage Pass-Through Certificates
Series 2007-B, Class 1A4
0.66%, 01/25/2037  *		730		418
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025 - 144A		1,496		1,498
STRIPs, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 - 144A		4,207		4,158
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-20, Class 3A1
2.78%, 01/25/2035  *		634		578
Series 2005-15, Class 1A1
2.71%, 07/25/2035  *		889		644
Series 2007-3, Class 3A1
5.16%, 04/25/2047  *		2,840		2,236
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.91%, 01/19/2034  *		96		93
Voyager BRSTN Delaware Trust, IO
Series 2009-1, Class UAU7
0.46%, 12/26/2036 - 144A  *		610		489
WaMu Alternative Mortgage Pass-Through Certificates
Series 2006-AR3, Class A1A
1.14%, 05/25/2046  *		2,049		1,282
WaMu Mortgage Pass-Through Certificates
Series 2005-AR8, Class 2A1A
0.50%, 07/25/2045  *		96		90
Series 2006-AR14, Class 1A3
2.42%, 11/25/2036  *		1,681		1,347
Series 2007-OA6, Class 1A1B
0.98%, 07/25/2047  *		2,001		568
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A
1.75%, 08/20/2021 - 144A		2,617		2,626
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C9, Class XA
2.29%, 11/15/2045 - 144A  *		15,035		2,147
Series 2012-C10, Class XA
1.86%, 12/15/2045 - 144A  *		19,940		2,496
Total Mortgage-Backed Securities (cost $186,045)				189,265
ASSET-BACKED SECURITIES - 11.8%
321 Henderson Receivables I LLC
Series 2010-1A, Class A
5.56%, 07/15/2059 - 144A		5,129		5,848
Series 2010-2A, Class A
4.07%, 01/15/2048 - 144A		1,587		1,708
Series 2010-3A, Class A
3.82%, 12/15/2048 - 144A		3,254		3,432
AH Mortgage Advance Co., Ltd.
Series SART-3, Class 1A1
2.98%, 03/13/2043 - 144A		2,555		2,566

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
AH Mortgage Advance Trust
Series SART-1, Class A1R
2.23%, 05/10/2043 - 144A		$1,565		$1,566
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		1,650		1,743
Series 2012-2, Class C
2.64%, 10/10/2017		1,400		1,438
Series 2012-2, Class D
3.38%, 04/09/2018		1,900		1,967
Series 2012-3, Class C
2.42%, 05/08/2018		1,350		1,400
Series 2012-3, Class D
3.03%, 07/09/2018		900		921
Series 2012-4, Class B
1.31%, 11/08/2017		785		788
Series 2012-4, Class C
1.93%, 08/08/2018		1,235		1,253
Series 2012-4, Class D
2.68%, 10/09/2018		2,375		2,400
Series 2012-5, Class C
1.69%, 11/08/2018		1,475		1,474
Series 2012-5, Class D
2.35%, 12/10/2018		1,710		1,709
Amortizing Residential Collateral Trust
Series 2002-BC5, Class M1
1.25%, 07/25/2032  *		294		244
CarMax Auto Owner Trust
Series 2012-1, Class B
1.76%, 08/15/2017		855		875
Series 2012-1, Class C
2.20%, 10/16/2017		510		522
Series 2012-1, Class D
3.09%, 08/15/2018		640		656
Chase Funding Mortgage Loan Asset- Backed Certificates
Series 2003-4, Class 1A5
5.42%, 05/25/2033  *		1,021		1,080
Chesapeake Funding LLC
Series 2012-1A, Class B
1.81%, 11/07/2023 - 144A  *		1,235		1,238
Series 2012-1A, Class C
2.21%, 11/07/2023 - 144A  *		795		797
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.68%, 12/01/2033  *		664		691
Series 2002-2, Class A2
6.03%, 03/01/2033  *		1,030		1,071
Countrywide Home Equity Loan Trust
Series 2006-RES, Class 4Q1B
0.51%, 12/15/2033 - 144A  *		285		194
Credit Acceptance Auto Loan Trust
Series 2012-2A, Class A
1.52%, 03/16/2020 - 144A		1,780		1,780
DT Auto Owner Trust
Series 2011-3A, Class C
4.03%, 02/15/2017 - 144A		1,010		1,022
Series 2012-1A, Class B
2.26%, 10/16/2017 - 144A		1,360		1,363
Series 2012-1A, Class C
3.38%, 10/16/2017 - 144A		810		812
Series 2012-1A, Class D
4.94%, 07/16/2018 - 144A		1,750		1,774

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

Transamerica Partners Portfolios Annual Report 2012

Page      36

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
DT Auto Owner Trust (continued)
Series 2012-2A, Class B
1.85%, 04/17/2017 - 144A		$260		$260
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class C
2.07%, 09/15/2015 - 144A		1,260		1,268
Series 2010-5, Class D
2.41%, 09/15/2015 - 144A		670		674
Series 2011-2, Class C
2.37%, 09/15/2015		1,600		1,614
Series 2011-2, Class D
2.86%, 09/15/2015		1,110		1,112
Series 2012-1, Class C
1.71%, 01/15/2016  *		1,955		1,965
Series 2012-1, Class D
2.31%, 01/15/2016  *		1,830		1,844
Series 2012-2, Class C
2.86%, 01/15/2019		455		471
Series 2012-2, Class D
3.50%, 01/15/2019		815		844
Series 2012-4, Class C
1.39%, 09/15/2016		910		914
Series 2012-4, Class D
2.09%, 09/15/2016		1,595		1,596
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A1
1.34%, 10/15/2043 - 144A		670		672
Series 2012-T2, Class A2
1.99%, 10/15/2045 - 144A		795		806
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		2,235		2,264
Lehman XS Trust
Series 2007-2N, Class 3A1
0.34%, 02/25/2037  * Ə		t		t
Nelnet Student Loan Trust
Series 2006-1, Class A5
0.42%, 08/23/2027  *		2,230		2,124
Series 2008-3, Class A4
1.96%, 11/25/2024  *		2,500		2,622
PFS Financing Corp.
Series 2012-AA, Class A
1.41%, 02/15/2016 - 144A *		1,970		1,986
RAAC Series
Series 2007-RP4, Class A
0.56%, 06/25/2037 - 144A *		1,225		711
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6
5.88%, 06/25/2037  *		1,479		774
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B
1.66%, 08/15/2016 - 144A		1,912		1,928
Series 2011-S1A, Class C
2.01%, 08/15/2016 - 144A		1,402		1,409
Series 2011-WO, Class C
3.19%, 10/15/2015 - 144A		2,490		2,552
Santander Drive Auto Receivables Trust
Series 2010-2, Class C
3.89%, 07/17/2017		4,520		4,674
Series 2011-1, Class D
4.01%, 02/15/2017		2,500		2,611

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2011-S1A, Class B
1.48%, 07/15/2013 - 144A		$1,070		$1,073
Series 2011-S1A, Class D
3.10%, 03/15/2013 - 144A		953		956
Series 2012-1, Class B
2.72%, 05/16/2016		1,000		1,026
Series 2012-1, Class C
3.78%, 11/15/2017		1,345		1,406
Series 2012-2, Class C
3.20%, 02/15/2018		4,455		4,597
Series 2012-2, Class D
3.87%, 02/15/2018		2,740		2,873
Series 2012-3, Class B
1.94%, 12/15/2016		3,285		3,326
Series 2012-3, Class C
3.01%, 04/16/2018		4,475		4,615
Series 2012-3, Class D
3.64%, 05/15/2018		3,685		3,829
Series 2012-4, Class C
2.94%, 12/15/2017		1,400		1,448
Series 2012-4, Class D
3.50%, 06/15/2018		1,890		1,966
Series 2012-5, Class B
1.56%, 08/15/2018		750		753
Series 2012-5, Class C
2.70%, 08/15/2018		355		367
Series 2012-5, Class D
3.30%, 09/17/2018		300		309
Series 2012-6, Class B
1.33%, 05/15/2017		1,555		1,555
Series 2012-6, Class C
1.94%, 03/15/2018		1,070		1,070
Series 2012-AA, Class B
1.21%, 10/16/2017 - 144A		3,780		3,781
Series 2012-AA, Class C
1.78%, 11/15/2018 - 144A		7,060		7,058
Series 2012-AA, Class D
2.46%, 12/17/2018 - 144A		3,100		3,099
Scholar Funding Trust
Series 2011-A, Class A
1.21%, 10/28/2043 - 144A *		1,684		1,682
Securitized Asset Backed Receivables LLC
Series 2007-BR3, Class A2B
0.43%, 04/25/2037  *		2,524		1,295
SLC Student Loan Trust
Series 2008-1, Class A4A
1.91%, 12/15/2032  *		400		419
SLM Student Loan Trust
Series 2004-B, Class A2
0.51%, 06/15/2021  *		3,561		3,514
Series 2008-5, Class A4
2.02%, 07/25/2023  *		2,445		2,580
Series 2011-B, Class A2
3.74%, 02/15/2029 - 144A		595		645
Series 2011-C, Class A2B
4.54%, 10/17/2044 - 144A		1,930		2,156
Series 2012-A, Class A1
1.61%, 08/15/2025 - 144A *		1,253		1,270
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		1,385		1,496

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

Transamerica Partners Portfolios Annual Report 2012

Page      37

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust (continued)
Series 2012-B, Class A2
3.48%, 10/15/2030 - 144A		$2,555		$2,726
Series 2012-C, Class A1
1.31%, 08/15/2023 - 144A *		2,667		2,689
Series 2012-C, Class A2
3.31%, 10/15/2046 - 144A		4,850		5,145
Series 2012-D, Class A2
2.95%, 02/15/2046 - 144A		5,720		5,990
Series 2012-E, Class A1
0.96%, 10/16/2023 - 144A *		2,336		2,344
Structured Asset Securities Corp.
Series 2003-AL2, Class A
3.36%, 01/25/2031 - 144A		2,414		2,420
Series 2007-TC1, Class A
0.51%, 04/25/2031 - 144A *		1,447		1,354
World Financial Network Credit Card Master Trust
Series 2012-C, Class A
2.23%, 08/15/2022		4,000		4,105
Series 2012-D, Class A
2.15%, 04/17/2023		4,780		4,854
Total Asset-Backed Securities (cost $171,760)				173,818
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		1,670		1,951
5.50%, 06/15/2043		2,000		2,371
Total Municipal Government Obligations (cost $3,618)				4,322
PREFERRED CORPORATE DEBT SECURITIES - 0.6%
Capital Markets - 0.0% ¥
State Street Capital Trust IV
1.31%, 06/15/2037 *		290		226
Commercial Banks - 0.3%
Capital One Capital VI
8.88%, 05/15/2040		2,810		2,809
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		2,125		2,125
Diversified Financial Services - 0.1%
Lehman Brothers Holdings Capital Trust VII
5.86%, 02/19/2013 Ə Ž Џ ‡ §		1,945		t
ZFS Finance USA Trust V
6.50%, 05/09/2037 - 144A *		1,067		1,138
Insurance - 0.2%
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A		2,480		3,038
Total Preferred Corporate Debt Securities (cost $10,934)				9,336
CORPORATE DEBT SECURITIES - 29.9%
Auto Components - 0.1%
BorgWarner, Inc.
4.63%, 09/15/2020		1,185		1,304
Beverages - 0.6%
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 07/15/2022		1,300		1,308
Heineken NV
1.40%, 10/01/2017 - 144A		485		484
2.75%, 04/01/2023 - 144A		2,950		2,897

	Principal (000’s)		Value (000’s)
Beverages (continued)
Pernod-Ricard SA
4.45%, 01/15/2022 - 144A		$3,901		$4,314
Capital Markets - 0.5%
Goldman Sachs Group, Inc.
5.75%, 01/24/2022 ^		6,686		7,904
Chemicals - 0.4%
CF Industries, Inc.
7.13%, 05/01/2020		4,340		5,462
Commercial Banks - 1.6%
ABN Amro Bank NV - Series EMTN
6.38%, 04/27/2021 - Reg S		380		573
Caixa Economica Federal
2.38%, 11/06/2017 - 144A		1,295		1,285
3.50%, 11/07/2022 - 144A		875		886
Canadian Imperial Bank of Commerce
2.60%, 07/02/2015 - 144A		2,420		2,543
Commerzbank AG - Series EMTN
6.38%, 03/22/2019 ^		1,000		1,397
Discover Bank
7.00%, 04/15/2020		330		410
8.70%, 11/18/2019		354		461
Eksportfinans ASA
5.50%, 05/25/2016 ^		1,770		1,842
Glitnir Banki HF
6.33%, 07/28/2011 - 144A Џ ‡		290		79
6.69%, 06/15/2016 - 144A * Ə Џ ‡		800		t
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A		5,850		6,077
HSBC Bank PLC
3.10%, 05/24/2016 - 144A		2,900		3,066
KFW
1.38%, 07/15/2013		3,000		3,018
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A Џ ‡		320		19
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.30%, 05/15/2017 - 144A		170		188
Sberbank of Russia Via SB Capital SA
6.13%, 02/07/2022 - Reg S		1,370		1,565
Commercial Services & Supplies - 0.3%
United Rentals North America, Inc.
7.63%, 04/15/2022 - 144A		3,320		3,710
Consumer Finance - 0.3%
Discover Financial Services
3.85%, 11/21/2022 - 144A		1,136		1,172
SLM Corp.
6.25%, 01/25/2016		2,845		3,094
Containers & Packaging - 0.1%
Rock-Tenn Co.
4.00%, 03/01/2023 - 144A		1,690		1,717
Diversified Financial Services - 3.6%
Bank of America Corp.
3.88%, 03/22/2017		2,225		2,413
5.70%, 01/24/2022 ^		6,445		7,750
7.63%, 06/01/2019		1,350		1,727
Bank of America Corp. - Series MTNL
5.65%, 05/01/2018		9,755		11,350
Citigroup, Inc.
4.45%, 01/10/2017		900		997
4.59%, 12/15/2015		9,890		10,798
Ford Motor Credit Co., LLC
4.25%, 09/20/2022 ^		2,072		2,191

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

Transamerica Partners Portfolios Annual Report 2012

Page      38

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Ford Motor Credit Co., LLC (continued)
5.00%, 05/15/2018		$876		$967
6.63%, 08/15/2017 ^		1,740		2,033
General Electric Capital Corp. - Series A GMTN
6.88%, 01/10/2039		2,130		2,895
JPMorgan Chase & Co.
3.15%, 07/05/2016		3,186		3,375
3.25%, 09/23/2022		2,820		2,904
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A Ə Џ ‡		200		t
Northern Rock Asset Management PLC
5.63%, 06/22/2017 - 144A		1,335		1,551
Swiss Re Capital I LP
6.85%, 05/25/2016 - 144A * Ž ^		2,285		2,395
Diversified Telecommunication Services - 0.9%
AT&T, Inc.
2.63%, 12/01/2022 ^		1,872		1,875
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 ^		1,902		2,045
Level 3 Financing, Inc.
8.13%, 07/01/2019		2,053		2,238
Sprint Capital Corp.
6.88%, 11/15/2028		822		855
Verizon Communications, Inc.
6.10%, 04/15/2018		2,223		2,733
6.40%, 02/15/2038		1,004		1,359
Virgin Media Secured Finance PLC
6.50%, 01/15/2018		2,160		2,325
Electric Utilities - 2.4%
Alabama Power Co.
3.95%, 06/01/2021		1,905		2,129
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		468		532
8.88%, 11/15/2018		459		611
Duke Energy Carolinas LLC
4.25%, 12/15/2041		1,560		1,634
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
10.00%, 12/01/2020		6,135		6,917
Florida Power Corp.
6.40%, 06/15/2038		1,000		1,347
Georgia Power Co.
3.00%, 04/15/2016 ^		3,370		3,602
Hydro-Quebec
8.05%, 07/07/2024		8,200		12,059
8.40%, 01/15/2022		3,065		4,398
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		1,025		1,309
Trans-Allegheny Interstate Line Co.
4.00%, 01/15/2015 - 144A ^		1,050		1,103
Energy Equipment & Services - 1.4%
Enterprise Products Operating LLC
6.30%, 09/15/2017		2,890		3,496
Pride International, Inc.
6.88%, 08/15/2020		995		1,258
Transocean, Inc.
2.50%, 10/15/2017		3,220		3,254
3.80%, 10/15/2022 ^		1,431		1,467
5.05%, 12/15/2016		3,600		4,008
6.00%, 03/15/2018		6,457		7,489

	Principal (000’s)		Value (000’s)
Food Products - 0.6%
Kraft Foods Group, Inc.
3.50%, 06/06/2022 - 144A ^		$2,927		$3,124
5.00%, 06/04/2042 - 144A		1,582		1,779
Mondelez International, Inc.
6.50%, 08/11/2017 - 02/09/2040		3,112		4,044
Health Care Equipment & Supplies - 0.4%
Boston Scientific Corp.
6.25%, 11/15/2015 ^		5,230		5,893
Health Care Providers & Services - 0.9%
Coventry Health Care, Inc.
5.45%, 06/15/2021		1,667		1,981
HCA, Inc.
7.25%, 09/15/2020		4,395		4,868
Tenet Healthcare Corp.
6.25%, 11/01/2018		2,010		2,206
8.88%, 07/01/2019		1,415		1,585
UnitedHealth Group, Inc.
3.38%, 11/15/2021		665		708
WellPoint, Inc.
3.30%, 01/15/2023		1,123		1,152
Household Products - 0.4%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
6.88%, 02/15/2021		2,320		2,500
7.88%, 08/15/2019		2,595		2,887
Industrial Conglomerates - 0.2%
General Electric Co.
2.70%, 10/09/2022 ^		1,768		1,802
4.13%, 10/09/2042		1,033		1,063
Insurance - 2.7%
Allianz Finance II BV - Series EMTN
5.75%, 07/08/2041 *		2,400		3,623
American International Group, Inc.
3.80%, 03/22/2017		3,465		3,750
4.88%, 06/01/2022 ^		5,250		5,993
5.45%, 05/18/2017		1,555		1,786
8.18%, 05/15/2058 *		1,095		1,426
AXA SA - Series EMTN
5.25%, 04/16/2040 *		1,800		2,481
Lincoln National Corp.
7.00%, 06/15/2040		740		963
Manulife Financial Corp.
3.40%, 09/17/2015		3,480		3,659
Muenchener Rueckversicherungs AG
6.00%, 05/26/2041 *		1,400		2,209
Prudential Financial, Inc.
4.50%, 11/15/2020 ^		1,000		1,117
4.75%, 09/17/2015		3,595		3,941
5.38%, 06/21/2020 ^		1,500		1,754
5.88%, 09/15/2042 *		3,192		3,352
7.38%, 06/15/2019		1,630		2,070
XL Group PLC
6.50%, 04/15/2017 * Ž ^		1,360		1,272
Marine - 0.1%
DP World Sukuk, Ltd.
6.25%, 07/02/2017 - Reg S		1,510		1,696
Media - 3.0%
CBS Corp.
4.63%, 05/15/2018		670		753
5.75%, 04/15/2020		1,060		1,270
8.88%, 05/15/2019		1,460		1,969

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

Transamerica Partners Portfolios Annual Report 2012

Page      39

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Media (continued)
CC Holdings GS V LLC
3.85%, 04/15/2023 - 144A		$1,550		$1,577
Comcast Corp.
4.65%, 07/15/2042		4,715		4,970
5.88%, 02/15/2018		2,709		3,264
COX Communications, Inc.
3.25%, 12/15/2022 - 144A ^		1,673		1,725
4.70%, 12/15/2042 - 144A ^		906		924
8.38%, 03/01/2039 - 144A		3,525		5,410
NBCUniversal Media LLC
2.88%, 01/15/2023		4,538		4,557
4.38%, 04/01/2021		575		646
5.15%, 04/30/2020		5,746		6,813
News America, Inc.
7.63%, 11/30/2028		1,070		1,379
Time Warner Cable, Inc.
4.00%, 09/01/2021 ^		2,041		2,240
4.50%, 09/15/2042 ^		4,628		4,513
5.50%, 09/01/2041		1,465		1,630
Time Warner, Inc.
4.70%, 01/15/2021		950		1,082
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc.
3.55%, 03/01/2022		509		505
Novelis, Inc.
8.75%, 12/15/2020		2,735		3,049
Old AII, Inc.
9.00%, 12/15/2014 Ə Ώ Џ ‡		560		t
Multiline Retail - 0.4%
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		806		947
7.45%, 07/15/2017		3,474		4,283
Multi-Utilities - 0.6%
Dominion Resources, Inc.
1.95%, 08/15/2016		2,650		2,723
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037 α		4,565		5,637
Oil, Gas & Consumable Fuels - 4.8%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		4,185		4,817
CONSOL Energy, Inc.
8.25%, 04/01/2020 ^		290		314
Energy Transfer Partners, LP
6.50%, 02/01/2042		4,578		5,605
EOG Resources, Inc.
2.63%, 03/15/2023		1,879		1,892
Kinder Morgan Energy Partners, LP
3.45%, 02/15/2023		2,849		2,934
5.95%, 02/15/2018		2,150		2,574
Laredo Petroleum, Inc.
7.38%, 05/01/2022		1,370		1,486
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A ^		2,820		2,834
MEG Energy Corp.
6.38%, 01/30/2023 - 144A ^		740		771
6.50%, 03/15/2021 - 144A		4,030		4,242
Murphy Oil Corp.
2.50%, 12/01/2017 ^		1,177		1,184
3.70%, 12/01/2022 ^		2,274		2,265
4.00%, 06/01/2022		509		513

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Nexen, Inc.
5.88%, 03/10/2035		$110		$136
6.40%, 05/15/2037		2,590		3,348
7.50%, 07/30/2039		830		1,201
Novatek OAO via Novatek Finance, Ltd.
4.42%, 12/13/2022 - 144A		1,135		1,142
OGX Austria GmbH
8.50%, 06/01/2018 - 144A ^		635		572
Peabody Energy Corp.
6.25%, 11/15/2021 ^		1,715		1,822
Petrobras International Finance Co.
3.88%, 01/27/2016		5,825		6,145
5.75%, 01/20/2020		7,340		8,357
Range Resources Corp.
5.75%, 06/01/2021		450		482
7.25%, 05/01/2018		3,480		3,654
Rosneft Oil Co. via Rosneft International Finance, Ltd.
4.20%, 03/06/2022 - 144A		557		567
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 - 144A §		125		6
Valero Energy Corp.
6.63%, 06/15/2037 ^		1,409		1,736
Western Gas Partners, LP
4.00%, 07/01/2022 ^		1,212		1,276
5.38%, 06/01/2021		4,111		4,700
Williams Cos., Inc.
3.70%, 01/15/2023		515		519
7.88%, 09/01/2021		1,441		1,857
Paper & Forest Products - 0.6%
Fibria Overseas Finance, Ltd.
6.75%, 03/03/2021 - Reg S		165		183
International Paper Co.
4.75%, 02/15/2022 ^		5,770		6,529
6.00%, 11/15/2041 ^		1,450		1,717
Pharmaceuticals - 0.6%
AbbVie, Inc.
2.00%, 11/06/2018 - 144A		2,200		2,228
2.90%, 11/06/2022 - 144A		630		642
Teva Pharmaceutical Finance Co., BV
2.95%, 12/18/2022		2,386		2,413
3.65%, 11/10/2021		850		910
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021 ^		2,050		2,194
Real Estate Investment Trusts - 0.3%
Ventas Realty, LP
4.75%, 06/01/2021		1,155		1,263
Vornado Realty, LP
5.00%, 01/15/2022		3,475		3,834
Real Estate Management & Development - 0.1%
Realogy Group LLC
7.88%, 02/15/2019 - 144A		2,020		2,202
Road & Rail - 0.0% ¥
Burlington Northern Santa Fe LLC
3.05%, 09/01/2022		510		527
Software - 0.1%
First Data Corp.
7.38%, 06/15/2019 - 144A		1,060		1,097
8.25%, 01/15/2021 - 144A		152		152

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

Transamerica Partners Portfolios Annual Report 2012

Page      40

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Specialty Retail - 0.1%
QVC, Inc.
7.50%, 10/01/2019 - 144A		$1,730		$1,909
Wireless Telecommunication Services - 1.6%
America Movil SAB de CV
2.38%, 09/08/2016 ^		3,420		3,555
3.13%, 07/16/2022		1,476		1,500
4.38%, 07/16/2042 ^		1,321		1,373
Cricket Communications, Inc.
7.75%, 05/15/2016		2,093		2,216
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		7,340		8,840
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 ^		117		127
SBA Tower Trust
5.10%, 04/17/2017 - 144A		1,570		1,770
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A		3,570		4,409
VimpelCom Holdings BV
7.50%, 03/01/2022 - Reg S		360		413
Total Corporate Debt Securities (cost $412,098)				439,668
STRUCTURED NOTES DEBT - 0.6%
Diversified Financial Services - 0.6%
Tiers Trust
2.06%, 05/12/2014 - 144A *		8,704		8,726
Total Structured Notes Debt (cost $8,706)
	Shares		Value (000’s)
PREFERRED STOCKS - 0.2%
Consumer Finance - 0.0% ¥
Ally Financial, Inc., 7.00% - 144A		341		335
Diversified Financial Services - 0.2%
Citigroup Capital XIII, 7.88% *		63,052		1,759
U.S. Government Agency Obligation - 0.0% ¥
Fannie Mae, 0.00%   * ‡		1,300		4
Fannie Mae, 8.25%    * ‡		81,175		136
Freddie Mac, 8.38%    * ‡		93,300		162
Total Preferred Stocks (cost $3,819)				2,396
SHORT-TERM INVESTMENT COMPANY - 2.9%
Capital Markets - 2.9%
BlackRock Provident TempFund 24		42,123,912		42,124
Total Short-Term Investment Company (cost $42,124)
WARRANT - 0.0% ¥
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp.    ‡
Expiration: 11/30/2014
Exercise Price: $25.00		340		5
Total Warrant (cost $t)
	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTION - 0.0% ¥
Put Options - 0.0% ¥
Eurodollar, Mid-Curve 2-Year Future		$1,038		184
Exercise Price $99.25
Expires 09/13/2013
Total Purchased Option (cost $146)

	Notional Amount (000’s)		Value (000’s)
PURCHASED SWAPTIONS - 0.0% ¥
Put Options - 0.0% ¥
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 1.50%, European Style		$32,800		$80
Expires 02/15/2013
Counterparty: CITI
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 1.88%, European Style		JPY1,139,120		311
Expires 11/18/2013
Counterparty: CITI
Total Purchased Swaptions (cost $412)				391
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 3.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		55,282,665		55,283
Total Securities Lending Collateral (cost $55,283)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.0% ¥
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $36 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 2.50%, due 10/20/2027, and with a value of $42.		$36		36
Total Repurchase Agreement (cost $36)
Total Investment Securities (cost $1,766,225) Π				1,811,513
Other Assets and Liabilities - Net				(341,480)
Net Assets				$1,470,033
	Principal (000’s)		Value (000’s)
TBA SHORT COMMITMENTS - (14.2%)
U.S. Government Agency Obligations - (14.2%)
Fannie Mae, TBA
3.50%		$(31,000)		$(32,950)
4.00%		(47,400)		(50,771)
4.50%		(60,500)		(65,347)
5.00%		(22,100)		(23,940)
6.00%		(100)		(109)
Ginnie Mae, TBA
4.00%		(9,400)		(10,309)
4.50%		(23,200)		(25,401)
Total TBA Short Commitments (proceeds $(208,594))				$(208,827)

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

Transamerica Partners Portfolios Annual Report 2012

Page      41

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

WRITTEN SWAPTION: p ß

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount (000’s)		Premiums (Received) (000’s)	Value (000’s)
Put- OTC 30-Year Interest Rate Swap	CITI	3-Month USD LIBOR BBA	Pay	2.90%	02/15/2013		$12,300	$(230)	$(196)

OVER THE COUNTER SWAP AGREEMENTS: p ß

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

Reference Obligation	Fixed Deal Pay Rate	Maturity Date	Counterparty	Implied Credit Spread (BP) at 12/31/2012(2)	Notional Amount (000’s)(3)		Market Value (000’s)		Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
Spain, 5.00%, 07/30/2017	1.00%	03/20/2016	MSC	241.74		$8,000		$360		$361		$(1)
Spain, 5.00%, 07/30/2017	1.00	03/20/2016	DUB	241.74		8,000		360		361		(1)
								$720		$722		$(2)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION:(1)
Reference Obligation	Fixed Deal Pay Rate	Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)(3)		Market Value (000’s)(5)		Premiums (Received) (000’s)		Unrealized Appreciation (000’s)
North America High Yield Index - Series 19, 5.00%	5.00%	12/20/2017	DUB	USD		$5,821		$(1)		$(11)		$10
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION:(4)
Reference Obligation	Fixed Deal Receive Rate	Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)(3)		Market Value (000’s)(5)		Premiums (Received) (000’s)		Unrealized Appreciation (000’s)
CMBX.NA.2.AM	0.50%	03/15/2049	DUB	USD		$2,265		$(155)		$(327)		$172
CMBX.NA.4.AM	0.50	02/17/2051	DUB	USD		870		(106)		(132)		26
North America High Yield Index - Series 17, 1.00%	5.00%	12/20/2016	CITI	USD		14,400		305		(1,093)		1,398
North America High Yield Index - Series 17, 2.00%	5.00	12/20/2016	DUB	USD		3,120		66		(188)		254
North America High Yield Index - Series 19, 5.00%	5.00	12/20/2017	DUB	USD		7,500		1		(64)		65
								$111		$(1,804)		$1,915
INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate	Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums (Received) (000’s)		Unrealized (Depreciation) (000’s)
3-Month USD-LIBOR	3.27%	05/16/2021	DUB	USD		$3,650		$(495)		$—		$(495)
INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate	Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums (Received) (000’s)		Unrealized (Depreciation) (000’s)
3-Month USD-LIBOR	2.18%	10/06/2021	BOA	USD		$7,810		$(314)		$—		$(314)

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

Transamerica Partners Portfolios Annual Report 2012

Page      42

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

FUTURES CONTRACTS: Б

Description	Type		Contracts		Expiration Date	Unrealized Appreciation         (Depreciation) (000’s)
2-Year U.S. Treasury Note		Long		988	03/28/2013		$26
5-Year U.S. Treasury Note		Long		647	03/28/2013		11
10-Year U.S. Treasury Note		Short		(612)	03/19/2013		413
30-Year U.S. Treasury Bond		Long		266	03/19/2013		118
90-Day Eurodollar		Short		(73)	03/14/2016		16
90-Day Eurodollar		Short		(73)	06/13/2016		17
90-Day Eurodollar		Short		(73)	09/19/2016		18
90-Day Eurodollar		Short		(73)	12/19/2016		18
German Euro Bund		Short		(146)	03/07/2013		(131)
German Euro BUXL		Short		(3)	03/07/2013		(9)
Ultra Long U.S. Treasury Bond		Long		228	03/19/2013		569
							$1,066

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)		Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)		Net Unrealized Appreciation (Depreciation) (000’s)
EUR	UBS		(42,493 )		01/23/2013		$(55,812)		$(288)
EUR	DUB		9,893		01/23/2013		12,804		257
EUR	UBS		(4,790 )		01/23/2013		(6,305)		(19)
EUR	UBS		(3,463 )		01/23/2013		(4,525)		(47)
									$(97)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 12/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)	Collateral       (Received) Pledged       (000’s)	Net Exposures (1)         (000’s)
BOA	$(314)	$1,223	$909
CITI	500	(600)	(100)
CSFB	—	145	145
DUB	(73)	578	505
MSC	360	(450)	(90)
UBS	(354)	—	(354)

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

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

a A portion of this security in the amount of $1,081 has been segregated as collateral with the broker for open swap contracts and/or for written swaptions.

 *  Floating or variable rate note. Rate is listed as of 12/31/2012.

p Rate shown reflects the yield at 12/31/2012.

 ^  All or a portion of this security is on loan. The value of all securities on loan is $54,153.

¿ Amount rounds to less than 1.

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

¥ Percentage rounds to less than 0.1%.

Џ In default.

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

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

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $6 or less than 0.01% of the portfolio’s net assets.

Б Cash in the amount of $2,331 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

p Cash in the amount of $1,050 has been pledged by the broker as collateral with the custodian for open swap contracts and/or for written swaptions.

ß Cash in the amount of $865 has been segregated as collateral with the broker for open swap contracts and/or for written swaptions.

П Aggregate cost for federal income tax purposes is $1,768,472. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $60,121 and $17,080, respectively. Net unrealized appreciation for tax purposes is $43,041.

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

Transamerica Partners Portfolios Annual Report 2012

Page      43

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (continued):

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

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

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

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

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

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of
	compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified
	institutional buyers. At 12/31/2012, these securities aggregated $250,685, or 17.05% of the portfolio’s net assets.
BBA	British Bank Association
BOA	Bank of America
BP	Basis Point
CITI	Citibank, Inc.
CMBX	Commercial Mortgage-Backed Index
CSFB	Credit Suisse First Boston
DUB	Deutsche Bank AG
IO	Interest Only
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley Capital Services
OJSC	Open Joint Stock Company
OTC	Over The Counter
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual
	securities)
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced
UBS	UBS Warburg LLC

CURRENCY ABBREVIATIONS:

EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

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

Transamerica Partners Portfolios Annual Report 2012

Page      44

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

VALUATION SUMMARY (all amounts in thousands): Э

Investment Securities	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at  12/31/2012
Asset-Backed Securities	$—	$173,818	$—	$173,818
Corporate Debt Securities	—	439,668	¿	439,668
Foreign Government Obligations	—	80,194	—	80,194
Mortgage-Backed Securities	—	189,265	—	189,265
Municipal Government Obligations	—	4,322	—	4,322
Preferred Corporate Debt Securities	—	9,336	—	9,336
Preferred Stocks	2,396	—	—	2,396
Purchased Option	184	—	—	184
Purchased Swaptions	—	391	—	391
Repurchase Agreement	—	36	—	36
Securities Lending Collateral	55,283	—	—	55,283
Short-Term Investment Company	42,124	—	—	42,124
Structured Notes Debt	—	8,726	—	8,726
U.S. Government Agency Obligations	—	766,340	—	766,340
U.S. Government Obligations	—	39,425	—	39,425
Warrant	5	—	—	5
Total	$99,992	$1,711,521	$¿	$1,811,513
TBA Short Commitments	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at  12/31/2012
U.S. Government Agency Obligations	$—	$(208,827)	$—	$(208,827)
Other Financial Instruments	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at 12/31/2012
Written Swaption	$—	$(196)	$—	$(196)
Other Financial Instruments ₣	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at  12/31/2012
Futures Contracts - Appreciation	$1,206	$—	$—	$1,206
Futures Contracts - Depreciation	(140)	—	—	(140)
Credit Default Swap - Appreciation	—	1,925	—	1,925
Credit Default Swap - Depreciation	—	(2)	—	(2)
Forward Foreign Currency Contracts - Appreciation	—	257	—	257
Forward Foreign Currency Contracts - Depreciation	—	(354)	—	(354)
Interest Rate Swaps - Depreciation	—	(809)	—	(809)
Total	$1,066	$1,017	$—	$2,083

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

Transamerica Partners Portfolios Annual Report 2012

Page      45

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

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

Level 3 Rollforward - Investment Securities

Securities	Beginning  Balance at  12/31/2011	Purchases	Sales	Accrued  Discounts/  (Premiums)	Total  Realized  Gain/  (Loss)	Net Change in  Unrealized  Appreciation/  (Depreciation) ƒ	Transfers  into Level 3	Transfers  out of  Level 3 φ	Ending  Balance  at  12/31/2012 ₪	Net Change  in Unrealized  Appreciation/  (Depreciation)  on  Investments  Held at  12/31/2012 ƒ
Corporate Debt Securities	$¿	$—	$(¿ )	$(10)	$—	$16	$—	$(6)	$¿	$10

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

ƒ  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 12/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

φ Transferred out of Level 3 because of availability of observable inputs.

¿ Amount rounds to less than 1.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

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

Transamerica Partners Portfolios Annual Report 2012

Page      46

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Principal (000’s)		Value (000’s)
PREFERRED CORPORATE DEBT SECURITY - 0.0% ¥
Hotels, Restaurants & Leisure - 0.0% ¥
Fontainebleau Resorts
12.50%, 06/30/2012 - 144A Ә Ώ  Џ ‡		$3,827		$¿
Total Preferred Corporate Debt Security (cost $3,759)
CORPORATE DEBT SECURITIES - 86.8%
Aerospace & Defense - 0.9%
Huntington Ingalls Industries, Inc.
7.13%, 03/15/2021		1,465		1,593
Silver II Borrower / Silver II US Holdings LLC
7.75%, 12/15/2020 - 144A		1,365		1,413
TransDigm, Inc.
7.75%, 12/15/2018		3,750		4,148
Air Freight & Logistics - 0.3%
Air Medical Group Holdings, Inc.
9.25%, 11/01/2018		2,160		2,387
Auto Components - 0.8%
Affinia Group, Inc.
10.75%, 08/15/2016 - 144A		944		1,023
American Axle & Manufacturing Holdings, Inc.
9.25%, 01/15/2017 - 144A		1,704		1,891
Continental Rubber of America Corp.
4.50%, 09/15/2019 - 144A		895		916
Tomkins LLC / Tomkins, Inc.
9.00%, 10/01/2018		588		659
Tower Automotive Holdings USA LLC
10.63%, 09/01/2017 - 144A		2,212		2,422
Automobiles - 0.8%
Chrysler Group LLC / CG Co.-Issuer, Inc.
8.25%, 06/15/2021		2,815		3,097
Ford Motor Co.
7.45%, 07/16/2031		2,995		3,803
Beverages - 0.5%
Constellation Brands, Inc.
4.63%, 03/01/2023		1,350		1,411
6.00%, 05/01/2022		1,240		1,419
Innovation Ventures LLC / Innovation Ventures Finance Corp.
9.50%, 08/15/2019 - 144A		975		917
Biotechnology - 0.4%
STHI Holding Corp.
8.00%, 03/15/2018 - 144A		1,115		1,207
Warner Chilcott Co. LLC
7.75%, 09/15/2018		2,043		2,176
Building Products - 0.9%
Interline Brands, Inc.
10.00%, 11/15/2018 - 144A		2,665		2,891
Nortek, Inc.
8.50%, 04/15/2021 - 144A		1,910		2,115
8.50%, 04/15/2021		670		744
10.00%, 12/01/2018		1,560		1,736
Capital Markets - 0.1%
E*TRADE Financial Corp.
6.00%, 11/15/2017		250		256
6.38%, 11/15/2019		860		881
Chemicals - 3.2%
Ashland, Inc.
4.75%, 08/15/2022 - 144A		630		655

	Principal (000’s)		Value (000’s)
Chemicals (continued)
Celanese U.S. Holdings LLC
4.63%, 11/15/2022		$855		$896
5.88%, 06/15/2021		765		857
6.63%, 10/15/2018		655		721
Chemtura Corp.
7.88%, 09/01/2018		1,520		1,630
Ineos Finance PLC
8.38%, 02/15/2019 - 144A		3,190		3,437
Kraton Polymers LLC / Kraton Polymers Capital Corp.
6.75%, 03/01/2019		750		775
LyondellBasell Industries NV
5.00%, 04/15/2019		4,305		4,756
5.75%, 04/15/2024		2,785		3,272
PolyOne Corp.
7.38%, 09/15/2020		440		481
Rain CII Carbon LLC / CII Carbon Corp.
8.00%, 12/01/2018 - 144A		2,040		2,076
8.25%, 01/15/2021 - 144A		660		675
Rockwood Specialties Group, Inc.
4.63%, 10/15/2020		2,380		2,463
Scotts Miracle-Gro Co.
7.25%, 01/15/2018		460		495
Taminco Global Chemical Corp.
9.75%, 03/31/2020 - 144A		440		482
Tronox Finance LLC
6.38%, 08/15/2020 - 144A		2,315		2,338
Commercial Banks - 0.3%
CIT Group, Inc.
5.00%, 08/15/2022		385		411
5.25%, 03/15/2018		525		562
5.38%, 05/15/2020		190		208
5.50%, 02/15/2019 - 144A		865		942
Commercial Services & Supplies - 3.3%
ADS Waste Holdings, Inc.
8.25%, 10/01/2020 - 144A		960		1,008
Alphabet Holding Co., Inc.
7.75%, 11/01/2017 - 144A		2,385		2,457
ARAMARK Holdings Corp.
8.63%, 05/01/2016 - 144A Ώ		815		834
Clean Harbors, Inc.
5.13%, 06/01/2021 - 144A		865		895
5.25%, 08/01/2020		925		964
Covanta Holding Corp.
6.38%, 10/01/2022		1,700		1,846
Emergency Medical Services Corp.
8.13%, 06/01/2019		690		758
HDTFS, Inc.
6.25%, 10/15/2022 - 144A		955		1,017
Interface, Inc.
7.63%, 12/01/2018		730		784
Koppers, Inc.
7.88%, 12/01/2019		550		605
Logo Merger Sub Corp.
8.38%, 10/15/2020 - 144A		1,565		1,573
Mead Products LLC / ACCO Brands Corp.
6.75%, 04/30/2020 - 144A		2,355		2,473
Polymer Group, Inc.
7.75%, 02/01/2019		1,265		1,357

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

Transamerica Partners Portfolios Annual Report 2012

Page 47

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Commercial Services & Supplies (continued)
ServiceMaster Co.
7.00%, 08/15/2020 - 144A		$2,015		$2,020
8.00%, 02/15/2020		1,025		1,069
United Rentals North America, Inc.
7.38%, 05/15/2020 - 144A		4,950		5,432
8.25%, 02/01/2021		290		327
10.25%, 11/15/2019		1,075		1,247
Communications Equipment - 1.2%
Avaya, Inc.
7.00%, 04/01/2019 - 144A		890		832
9.00%, 04/01/2019 - 144A		1,335		1,358
9.75%, 11/01/2015		3,195		2,844
10.13%, 11/01/2015    Ώ		2,987		2,674
Brocade Communications Systems, Inc.
6.63%, 01/15/2018		565		583
6.88%, 01/15/2020		565		609
CommScope, Inc.
8.25%, 01/15/2019 - 144A		1,065		1,166
Computers & Peripherals - 0.5%
NCR Corp.
5.00%, 07/15/2022 - 144A		1,145		1,164
Seagate HDD Cayman
7.00%, 11/01/2021		2,720		2,917
Construction Materials - 0.0% ¥
RathGibson, Inc.
11.25%, 02/15/2014  Ә Џ ‡		2,145		¿
Consumer Finance - 1.7%
Ally Financial, Inc.
4.63%, 06/26/2015		3,340		3,482
5.50%, 02/15/2017		1,700		1,819
6.25%, 12/01/2017		3,830		4,240
8.00%, 12/31/2018 - 11/01/2031		3,430		4,307
Containers & Packaging - 0.8%
BOE Merger Corp.
9.50%, 11/01/2017 - 144A		1,180		1,180
BWAY Holding Co.
10.00%, 06/15/2018		455		505
Sealed Air Corp.
6.50%, 12/01/2020 - 144A		885		956
8.38%, 09/15/2021 - 144A		3,625		4,141
Distributors - 0.4%
HD Supply, Inc.
8.13%, 04/15/2019 - 144A		695		792
VWR Funding, Inc.
7.25%, 09/15/2017 - 144A		2,695		2,830
Diversified Consumer Services - 1.7%
Education Management LLC
8.75%, 06/01/2014		2,845		2,283
Laureate Education, Inc.
9.25%, 09/01/2019 - 144A		8,740		9,134
12.75%, 08/15/2017 - 144A		2,690		2,851
Diversified Financial Services - 2.3%
AWAS Aviation Capital, Ltd.
7.00%, 10/17/2016 - 144A		129		136
CEVA Group PLC
8.38%, 12/01/2017 - 144A		1,845		1,817
11.63%, 10/01/2016 - 144A		1,715		1,762
CNH Capital LLC
6.25%, 11/01/2016		1,640		1,808

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Ford Motor Credit Co., LLC
5.75%, 02/01/2021		$760		$875
8.13%, 01/15/2020		2,175		2,787
General Motors Financial Co., Inc.
4.75%, 08/15/2017 - 144A		1,350		1,420
6.75%, 06/01/2018		1,075		1,233
Neuberger Berman Group LLC / Neuberger Berman Finance Corp.
5.63%, 03/15/2020 - 144A		3,535		3,703
Nuveen Investments, Inc.
9.50%, 10/15/2020 - 144A		2,415		2,403
Sawgrass Merger Sub, Inc.
8.75%, 12/15/2020		885		892
Diversified Telecommunication Services - 4.7%
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		2,725		3,004
Intelsat Jackson Holdings SA
7.25%, 10/15/2020 - 144A		1,895		2,056
Intelsat Luxembourg SA
11.50%, 02/04/2017    Ώ		8,030		8,531
SBA Telecommunications, Inc.
5.75%, 07/15/2020 - 144A		1,640		1,743
8.25%, 08/15/2019		429		479
Sprint Capital Corp.
8.75%, 03/15/2032		1,090		1,333
Telesat Canada
12.50%, 11/01/2017		3,065		3,364
UPCB Finance V, Ltd.
7.25%, 11/15/2021 - 144A		4,730		5,203
UPCB Finance VI, Ltd.
6.88%, 01/15/2022 - 144A		1,620		1,754
Virgin Media Finance PLC
4.88%, 02/15/2022		840		859
Wind Acquisition Holdings Finance SA
12.25%, 07/15/2017 - 144A  Ώ		2,700		2,601
Windstream Corp.
7.50%, 06/01/2022		1,200		1,272
7.75%, 10/01/2021		5,410		5,843
8.13%, 09/01/2018		615		672
Electric Utilities - 1.1%
DPL, Inc.
6.50%, 10/15/2016		1,620		1,713
7.25%, 10/15/2021		4,365		4,671
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
6.88%, 08/15/2017 - 144A		640		682
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc.
11.50%, 10/01/2020 - 144A		2,900		2,269
Electrical Equipment - 0.3%
Belden, Inc.
5.50%, 09/01/2022 - 144A		900		925
General Cable Corp.
5.75%, 10/01/2022 - 144A		1,430		1,480
Energy Equipment & Services - 2.5%
Access Midstream Partners, LP / ACMP Finance Corp.
4.88%, 05/15/2023		2,220		2,253
Atwood Oceanics, Inc.
6.50%, 02/01/2020		1,035		1,113

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

Transamerica Partners Portfolios Annual Report 2012

Page 48

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Energy Equipment & Services (continued)
Bristow Group, Inc.
6.25%, 10/15/2022		$1,050		$1,124
Calfrac Holdings, LP
7.50%, 12/01/2020 - 144A		690		683
FTS International Services LLC / FTS International Bonds, Inc.
8.13%, 11/15/2018 - 144A		2,400		2,478
Holly Energy Partners, LP / Holly Energy Finance Corp.
6.50%, 03/01/2020 - 144A		505		540
Inergy Midstream, LP / Finance Corp.
6.00%, 12/15/2020 - 144A		705		728
Offshore Group Investment, Ltd.
7.50%, 11/01/2019 - 144A		735		742
Oil States International, Inc.
6.50%, 06/01/2019		2,110		2,247
Precision Drilling Corp.
6.50%, 12/15/2021		1,835		1,954
6.63%, 11/15/2020		835		898
Seadrill, Ltd.
5.63%, 09/15/2017 - 144A		4,020		3,990
SESI LLC
6.38%, 05/01/2019		1,315		1,407
Food & Staples Retailing - 0.4%
Dufry Finance SCA
5.50%, 10/15/2020 - 144A		1,500		1,553
Pantry, Inc.
8.38%, 08/01/2020 - 144A		1,385		1,447
Food Products - 1.4%
American Seafoods Group LLC
10.75%, 05/15/2016 - 144A		4,515		4,627
ASG Consolidated LLC / ASG Finance, Inc.
15.00%, 05/15/2017 - 144A  Ώ  §		1,822		1,623
Land O’ Lakes, Inc.
6.00%, 11/15/2022 - 144A		870		942
Michael Foods Group, Inc.
9.75%, 07/15/2018		1,025		1,133
Michael Foods Holding, Inc.
8.50%, 07/15/2018 - 144A		1,335		1,362
Smithfield Foods, Inc.
6.63%, 08/15/2022		1,845		2,038
Gas Utilities - 1.0%
AmeriGas Finance LLC / AmeriGas Finance Corp.
6.75%, 05/20/2020		2,065		2,266
7.00%, 05/20/2022		2,585		2,876
AmeriGas Partners, LP / AmeriGas Finance Corp.
6.25%, 08/20/2019		1,220		1,305
Sabine Pass LNG, LP
6.50%, 11/01/2020 - 144A		1,915		1,949
Health Care Equipment & Supplies - 2.8%
Accellent, Inc.
8.38%, 02/01/2017		2,950		3,098
American Renal Holdings Co., Inc.
8.38%, 05/15/2018		435		458
Bausch & Lomb, Inc.
9.88%, 11/01/2015		903		930
Biomet, Inc.
6.50%, 08/01/2020 - 144A		2,100		2,231

	Principal (000’s)		Value (000’s)
Health Care Equipment & Supplies (continued)
ConvaTec Healthcare E SA
10.50%, 12/15/2018 - 144A		$4,540		$5,005
DJO Finance LLC / DJO Finance Corp.
8.75%, 03/15/2018 - 144A		1,245		1,360
Hologic, Inc.
6.25%, 08/01/2020 - 144A		4,430		4,773
Kinetic Concepts, Inc. / KCI USA, Inc.
10.50%, 11/01/2018 - 144A		3,095		3,246
Physio-Control International, Inc.
9.88%, 01/15/2019 - 144A		1,300		1,427
Teleflex, Inc.
6.88%, 06/01/2019		435		470
Health Care Providers & Services - 3.8%
Amsurg Corp.
5.63%, 11/30/2020 - 144A		625		650
CDRT Holding Corp.
9.25%, 10/01/2017 - 144A		1,480		1,510
CHS/Community Health Systems, Inc.
5.13%, 08/15/2018		2,170		2,262
7.13%, 07/15/2020		2,295		2,450
DaVita HealthCare Partners, Inc.
5.75%, 08/15/2022		3,990		4,203
Fresenius Medical Care U.S. Finance II, Inc.
5.63%, 07/31/2019 - 144A		1,300		1,396
5.88%, 01/31/2022 - 144A		1,085		1,177
GCB U.S. Oncology, Inc. (Escrow Shares)
08/15/2017		1,110		21
HCA Holdings, Inc.
6.25%, 02/15/2021		1,510		1,548
HCA, Inc.
6.50%, 02/15/2020		2,380		2,678
7.50%, 02/15/2022		3,410		3,904
9.88%, 02/15/2017		372		393
INC Research LLC
11.50%, 07/15/2019 - 144A		970		1,004
MultiPlan, Inc.
9.88%, 09/01/2018 - 144A		2,885		3,217
PSS World Medical, Inc.
6.38%, 03/01/2022		1,115		1,316
ResCare, Inc.
10.75%, 01/15/2019		1,975		2,192
United Surgical Partners International, Inc.
9.00%, 04/01/2020		1,180		1,310
Health Care Technology - 0.2%
IMS Health, Inc.
6.00%, 11/01/2020 - 144A		1,450		1,519
Hotels, Restaurants & Leisure - 7.4%
Buffalo Thunder Development Authority
9.38%, 12/15/2014 - 144A Џ ‡		3,095		1,083
Caesars Entertainment Operating Co., Inc.
5.38%, 12/15/2013		535		522
5.63%, 06/01/2015		6,100		5,337
8.50%, 02/15/2020		3,195		3,171
11.25%, 06/01/2017		2,045		2,191
12.75%, 04/15/2018		1,115		822
Caesars Operating Escrow LLC / Caesars Escrow Corp.
9.00%, 02/15/2020 - 144A		1,435		1,435

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

Transamerica Partners Portfolios Annual Report 2012

Page 49

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Hotels, Restaurants & Leisure (continued)
Carlson Wagonlit BV
6.88%, 06/15/2019 - 144A		$1,340		$1,414
Cinemark USA, Inc.
5.13%, 12/15/2022 - 144A		705		714
7.38%, 06/15/2021		540		597
Fontainebleau Las Vegas Holdings LLC
10.25%, 06/15/2015 - 144A Џ ‡		5,645		4
Greektown Holdings LLC (Escrow Shares)
10.75%, 12/01/2013 - 144A Ә		1,495		¿
Inn of the Mountain Gods Resort & Casino
8.75%, 11/30/2020 - 144A §		386		384
MCE Finance, Ltd.
10.25%, 05/15/2018		1,725		1,962
MGM Resorts International
5.88%, 02/27/2014		945		983
6.63%, 12/15/2021		3,185		3,185
7.75%, 03/15/2022		3,385		3,622
Mohegan Tribal Gaming Authority
10.50%, 12/15/2016 - 144A		1,550		1,519
11.00%, 09/15/2018 - 144A		2,580		2,032
11.50%, 11/01/2017 - 144A §		1,385		1,485
NCL Corp., Ltd.
9.50%, 11/15/2018		2,175		2,414
11.75%, 11/15/2016		2,135		2,413
NPC International, Inc. / NPC Operating Co. A, Inc. / NPC Operating Co. B, Inc.
10.50%, 01/15/2020		2,725		3,161
Royal Caribbean Cruises, Ltd.
7.25%, 06/15/2016 - 03/15/2018		970		1,096
Ruby Tuesday, Inc.
7.63%, 05/15/2020 - 144A		560		535
Seven Seas Cruises S de RL, LLC
9.13%, 05/15/2019		2,700		2,855
Studio City Finance, Ltd.
8.50%, 12/01/2020 - 144A		4,725		4,940
Tunica-Biloxi Gaming Authority
9.00%, 11/15/2015 - 144A §		2,435		2,155
Viking Cruises, Ltd.
8.50%, 10/15/2022 - 144A		1,160		1,253
Waterford Gaming LLC / Waterford Gaming Financial Corp.
8.63%, 09/15/2014 - 144A Ә §		1,955		1,059
WMG Acquisition Corp.
6.00%, 01/15/2021		965		1,018
11.50%, 10/01/2018		2,995		3,459
Wynn Las Vegas LLC
7.75%, 08/15/2020		1,435		1,636
Household Durables - 0.4%
Brookfield Residential Properties, Inc.
6.50%, 12/15/2020 - 144A		1,505		1,542
Libbey Glass, Inc.
6.88%, 05/15/2020		670		720
Tempur-Pedic International, Inc.
6.88%, 12/15/2020 - 144A		1,065		1,096
Household Products - 2.1%
Harbinger Group, Inc.
7.88%, 07/15/2019 - 144A		890		882

	Principal (000’s)		Value (000’s)
Household Products (continued)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
6.88%, 02/15/2021		$3,150		$3,394
7.13%, 04/15/2019		1,885		2,026
7.88%, 08/15/2019		985		1,096
9.88%, 08/15/2019		4,305		4,607
Spectrum Brands Escrow Corp.
6.38%, 11/15/2020 - 144A		935		982
6.63%, 11/15/2022 - 144A		1,360		1,459
Spectrum Brands, Inc.
6.75%, 03/15/2020 - 144A		1,345		1,439
9.50%, 06/15/2018		870		987
Independent Power Producers & Energy Traders - 0.8%
Edison Mission Energy
7.50%, 06/15/2013  Џ ‡		2,750		1,451
NRG Energy, Inc.
7.88%, 05/15/2021		1,665		1,848
8.25%, 09/01/2020		2,960		3,315
Industrial Conglomerates - 0.3%
Amsted Industries, Inc.
8.13%, 03/15/2018 - 144A		2,360		2,525
Insurance - 0.6%
A-S Co.-Issuer Subsidiary, Inc. / A-S Merger Sub LLC
7.88%, 12/15/2020 - 144A		1,255		1,255
Hub International, Ltd.
8.13%, 10/15/2018 - 144A		1,300		1,333
Onex USI Aquisition Corp.
7.75%, 01/15/2021 - 144A		2,105		2,073
Internet Software & Services - 0.1%
Equinix, Inc.
7.00%, 07/15/2021		1,100		1,221
IT Services - 0.5%
Alliance Data Systems Corp.
6.38%, 04/01/2020 - 144A		1,000		1,065
Fidelity National Information Services, Inc.
7.63%, 07/15/2017		1,095		1,191
Lender Processing Services, Inc.
5.75%, 04/15/2023		1,425		1,478
Life Sciences Tools & Services - 0.6%
Jaguar Holding Co. II / Jaguar Merger Sub, Inc.
9.50%, 12/01/2019 - 144A		4,070		4,619
Machinery - 0.6%
American Railcar Industries, Inc.
7.50%, 03/01/2014		636		641
JMC Steel Group, Inc.
8.25%, 03/15/2018 - 144A		1,535		1,604
Navistar International Corp.
8.25%, 11/01/2021		1,750		1,688
SPL Logistics Escrow LLC / SPL Logistics Finance Corp.
8.88%, 08/01/2020 - 144A		875		928
Media - 4.9%
Adelphia Communications Corp. (Escrow Certificates)
9.25%, 10/01/2049		1,305		8
10.25%, 06/15/2049 - 11/01/2049		1,460		9

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

Transamerica Partners Portfolios Annual Report 2012

Page 50

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Media (continued)
AMC Entertainment, Inc.
8.75%, 06/01/2019		$535		$593
AMC Networks, Inc.
4.75%, 12/15/2022		885		889
7.75%, 07/15/2021		890		1,019
Cablevision Systems Corp.
7.75%, 04/15/2018		805		896
Catalina Marketing Corp.
10.50%, 10/01/2015 - 144A Ώ  §		2,384		2,414
CCO Holdings LLC / CCO Holdings Capital Corp.
5.25%, 09/30/2022		3,580		3,624
7.00%, 01/15/2019		1,140		1,230
7.88%, 04/30/2018		1,125		1,211
8.13%, 04/30/2020		100		112
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%, 09/15/2020 - 144A		3,260		3,393
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022 - 144A		3,450		3,571
7.63%, 03/15/2020		385		384
Crown Media Holdings, Inc.
10.50%, 07/15/2019		770		867
CSC Holdings LLC
6.75%, 11/15/2021 - 144A		185		205
LBI Media, Inc.
9.25%, 04/15/2019 - 144A		1,490		1,397
McClatchy Co.
9.00%, 12/15/2022 - 144A		1,765		1,803
MDC Partners, Inc.
11.00%, 11/01/2016		2,240		2,461
MediaCom LLC
9.13%, 08/15/2019		935		1,036
NAI Entertainment Holdings LLC
8.25%, 12/15/2017 - 144A		621		684
National CineMedia LLC
6.00%, 04/15/2022		1,045		1,108
7.88%, 07/15/2021		3,010		3,334
Nielsen Finance LLC / Nielsen Finance Co.
11.63%, 02/01/2014		644		715
Regal Cinemas Corp.
8.63%, 07/15/2019		1,330		1,470
Regal Entertainment Group
9.13%, 08/15/2018		1,340		1,494
Sitel LLC
11.50%, 04/01/2018		680		479
Starz LLC / Starz Finance Corp.
5.00%, 09/15/2019 - 144A		1,250		1,281
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH
5.50%, 01/15/2023 - 144A		2,220		2,292
Metals & Mining - 3.0%
AK Steel Corp.
8.75%, 12/01/2018 - 144A		870		918
Eldorado Gold Corp.
6.13%, 12/15/2020 - 144A		3,550		3,612
FMG Resources August 2006 Pty, Ltd.
7.00%, 11/01/2015 - 144A		3,875		4,068
8.25%, 11/01/2019 - 144A		860		916

	Principal (000’s)		Value (000’s)
Metals & Mining (continued)
IAMGOLD Corp.
6.75%, 10/01/2020 - 144A		$2,425		$2,364
Inmet Mining Corp.
7.50%, 06/01/2021 - 144A		1,170		1,214
KGHM International, Ltd.
7.75%, 06/15/2019 - 144A		2,985		3,097
Molycorp, Inc.
10.00%, 06/01/2020 - 144A		1,780		1,655
New Gold, Inc.
6.25%, 11/15/2022 - 144A		1,300		1,346
7.00%, 04/15/2020 - 144A		770		822
Novelis, Inc.
8.38%, 12/15/2017		1,145		1,262
8.75%, 12/15/2020		2,205		2,459
SunCoke Energy, Inc.
7.63%, 08/01/2019		1,085		1,118
Oil, Gas & Consumable Fuels - 10.0%
Berry Petroleum Co.
6.38%, 09/15/2022		2,745		2,855
Chesapeake Energy Corp.
6.13%, 02/15/2021		2,895		3,004
Chesapeake Oilfield Operating LLC / Chesapeake Oilfield Finance, Inc.
6.63%, 11/15/2019 - 144A		875		825
Concho Resources, Inc.
5.50%, 04/01/2023		1,515		1,587
6.50%, 01/15/2022		1,070		1,177
7.00%, 01/15/2021		1,325		1,477
CONSOL Energy, Inc.
8.00%, 04/01/2017		1,335		1,445
Continental Resources, Inc.
5.00%, 09/15/2022		6,950		7,489
7.13%, 04/01/2021		545		616
CVR Refining LLC / Coffeyville Finance, Inc.
6.50%, 11/01/2022 - 144A		2,355		2,343
Denbury Resources, Inc.
8.25%, 02/15/2020		1,360		1,530
9.75%, 03/01/2016		3,875		4,108
EP Energy LLC / EP Energy Finance, Inc.
9.38%, 05/01/2020		2,490		2,807
EP Energy LLC / Everest Acquisition Finance, Inc.
6.88%, 05/01/2019		3,385		3,673
7.75%, 09/01/2022		680		721
EPL Oil & Gas, Inc.
8.25%, 02/15/2018 - 144A		1,430		1,469
Frontier Oil Corp.
6.88%, 11/15/2018		445		478
Harvest Operations Corp.
6.88%, 10/01/2017		645		716
HollyFrontier Corp.
9.88%, 06/15/2017		1,510		1,635
Kodiak Oil & Gas Corp.
8.13%, 12/01/2019		3,020		3,330
Laredo Petroleum, Inc.
7.38%, 05/01/2022		1,645		1,785
MEG Energy Corp.
6.38%, 01/30/2023 - 144A		1,870		1,949

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

Transamerica Partners Portfolios Annual Report 2012

Page 51

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Newfield Exploration Co.
5.63%, 07/01/2024		$2,265		$2,446
Oasis Petroleum, Inc.
6.50%, 11/01/2021		755		802
6.88%, 01/15/2023		2,510		2,692
OGX Austria GmbH
8.50%, 06/01/2018 - 144A		1,635		1,472
PBF Holding Co. LLC / PBF Finance Corp.
8.25%, 02/15/2020 - 144A		100		108
Peabody Energy Corp.
6.00%, 11/15/2018		3,815		4,053
6.25%, 11/15/2021		3,270		3,474
Penn Virginia Resource Partners, LP / Penn Virginia Resource Finance Corp. II
8.38%, 06/01/2020 - 144A		950		1,024
Plains Exploration & Production Co.
6.88%, 02/15/2023		3,800		4,342
QEP Resources, Inc.
5.25%, 05/01/2023		1,455		1,557
Range Resources Corp.
6.75%, 08/01/2020		1,320		1,432
Rosetta Resources, Inc.
9.50%, 04/15/2018		825		916
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 - 144A		2,985		134
SM Energy Co.
6.50%, 01/01/2023		1,445		1,546
Tesoro Corp.
5.38%, 10/01/2022		1,905		2,029
Venoco, Inc.
8.88%, 02/15/2019		2,995		2,808
11.50%, 10/01/2017		430		450
WPX Energy, Inc.
5.25%, 01/15/2017		615		652
6.00%, 01/15/2022		2,725		2,936
Paper & Forest Products - 0.7%
Boise Paper Holdings LLC
8.00%, 04/01/2020		445		492
9.00%, 11/01/2017		1,835		2,004
Domtar Corp.
10.75%, 06/01/2017		1,540		1,995
Smurfit Kappa Acquisitions
4.88%, 09/15/2018 - 144A		1,090		1,112
Personal Products - 0.3%
Revlon Consumer Products Corp.
9.75%, 11/15/2015		2,150		2,263
Pharmaceuticals - 1.0%
Elan Finance PLC / Elan Finance Corp.
6.25%, 10/15/2019 - 144A		1,415		1,479
ENDO Health Solutions, Inc.
7.00%, 07/15/2019 - 12/15/2020		1,930		2,058
7.25%, 01/15/2022		150		161
Valeant Pharmaceuticals International
6.38%, 10/15/2020 - 144A		1,940		2,081
VPI Escrow Corp.
6.38%, 10/15/2020 - 144A		2,425		2,600
Professional Services - 1.3%
FTI Consulting, Inc.
6.00%, 11/15/2022 - 144A		1,045		1,082

	Principal (000’s)		Value (000’s)
Professional Services (continued)
TransUnion Holding Co., Inc.
8.13%, 06/15/2018 - 144A		$1,980		$2,044
9.63%, 06/15/2018		3,545		3,749
TransUnion LLC / TransUnion Financing Corp.
11.38%, 06/15/2018		3,035		3,536
Real Estate Management & Development - 0.6%
CBRE Services, Inc.
6.63%, 10/15/2020		2,470		2,702
11.63%, 06/15/2017		2,250		2,475
Road & Rail - 0.5%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
9.75%, 03/15/2020		2,165		2,501
Hertz Corp.
7.50%, 10/15/2018		735		812
Kansas City Southern de Mexico SA de CV
6.13%, 06/15/2021		600		678
Software - 1.4%
First Data Corp.
7.38%, 06/15/2019 - 144A		2,535		2,624
Infor U.S., Inc.
9.38%, 04/01/2019		1,605		1,802
Nuance Communications, Inc.
5.38%, 08/15/2020 - 144A		2,220		2,320
SSI Investments II, Ltd. / SSI Co.-Issuer LLC
11.13%, 06/01/2018		4,375		4,839
Specialty Retail - 5.4%
Academy, Ltd.
9.25%, 08/01/2019 - 144A		2,170		2,409
Claire’s Stores, Inc.
9.00%, 03/15/2019 - 144A		2,320		2,488
Express LLC
8.75%, 03/01/2018		5,145		5,570
Ltd. Brands, Inc.
5.63%, 02/15/2022		3,365		3,659
6.63%, 04/01/2021		4,135		4,736
8.50%, 06/15/2019		2,650		3,233
Michaels Stores, Inc.
7.75%, 11/01/2018 - 144A		955		1,048
7.75%, 11/01/2018		495		543
11.38%, 11/01/2016		1,010		1,055
New Academy Finance Co. LLC / New Academy Finance Corp.
8.00%, 06/15/2018 - 144A		3,995		4,045
Party City Holdings, Inc.
8.88%, 08/01/2020 - 144A		2,320		2,488
Petco Animal Supplies, Inc.
9.25%, 12/01/2018 - 144A		3,325		3,691
Petco Holdings, Inc.
8.50%, 10/15/2017 - 144A		3,895		4,002
Radio Systems Corp.
8.38%, 11/01/2019 - 144A		1,160		1,209
Sally Holdings LLC / Sally Capital, Inc.
5.75%, 06/01/2022		4,135		4,486
Textiles, Apparel & Luxury Goods - 0.6%
PVH Corp.
4.50%, 12/15/2022		1,060		1,071
7.75%, 11/15/2023		2,795		3,413

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

Transamerica Partners Portfolios Annual Report 2012

Page 52

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Textiles, Apparel & Luxury Goods (continued)
Wolverine World Wide, Inc.
6.13%, 10/15/2020 - 144A		$765		$803
Trading Companies & Distributors - 1.5%
International Lease Finance Corp.
5.65%, 06/01/2014		1,250		1,301
6.25%, 05/15/2019		1,630		1,736
8.25%, 12/15/2020		2,775		3,308
8.63%, 09/15/2015 - 01/15/2022		2,305		2,825
8.75%, 03/15/2017		2,455		2,836
Wireless Telecommunication Services - 3.9%
Crown Castle International Corp.
5.25%, 01/15/2023 - 144A		1,910		2,044
Digicel Group, Ltd.
10.50%, 04/15/2018 - 144A		1,045		1,150
Digicel, Ltd.
8.25%, 09/01/2017 - 144A		2,705		2,894
iPCS, Inc.
3.56%, 05/01/2014		880		878
SBA Communications Corp.
5.63%, 10/01/2019 - 144A		1,905		2,000
Sprint Nextel Corp.
6.00%, 12/01/2016 - 11/15/2022		6,265		6,608
7.00%, 08/15/2020		1,240		1,355
8.38%, 08/15/2017		5,265		6,120
9.00%, 11/15/2018 - 144A		6,075		7,502
9.13%, 03/01/2017		995		1,172
Total Corporate Debt Securities (cost $679,988)				711,616
STRUCTURED NOTES DEBT - 0.4%
Media - 0.4%
Catalina Marketing Corp.
11.63%, 10/01/2017 - 144A *		2,828		2,856
LBI Media Holdings, Inc.
11.00%, 10/15/2013  *		360		99
Total Structured Notes Debt (cost $3,189)				2,955
CONVERTIBLE BONDS - 0.0% ¥
Independent Power Producers & Energy Traders - 0.0% ¥
Mirant Corp. (Escrow Certificates)
2.50%, 06/15/2021    Ә		1,220		¿
Media - 0.0% ¥
Mood Media Corp.
10.00%, 10/31/2015    Ә		7		7
Total Convertible Bonds (cost $1)				7
LOAN ASSIGNMENTS - 7.4%
Aerospace & Defense - 0.2%
Sequa Corp., Tranche B
—, 05/29/2017    ь		1,600		1,609
Automobiles - 0.2%
Chrysler Group LLC, Tranche B
6.00%, 05/24/2017    *		1,379		1,407
Chemicals - 0.6%
Ineos US Finance LLC
6.50%, 05/04/2018    *		3,970		4,010
PL Propylene LLC, Tranch B
7.00%, 03/23/2017    *		1,251		1,261

	Principal (000’s)		Value (000’s)
Commercial Services & Supplies - 0.4%
ADS Waste Holdings, Inc., Tranche B
5.25%, 10/09/2019    *		$3,100		$3,135
Diversified Financial Services - 0.5%
Alixpartners LLP, 2nd Lien
10.75%, 12/27/2019    *		2,300		2,323
Nuveen Investments, Inc., 2nd Lien
8.25%, 02/28/2019    *		2,000		2,030
Electric Utilities - 0.4%
Texas Competitive Electric Holdings Co. LLC, Non-Extended
3.75%, 10/10/2014    *		4,791		3,634
Food Products - 0.3%
Del Monte Corp.
4.50%, 03/08/2018    *		2,685		2,687
Hotels, Restaurants & Leisure - 0.7%
Peninsula Gaming LLC
5.75%, 11/14/2017		3,300		3,349
Seven Seas Cruises S de RL LLC, Tranche B
6.25%, 12/21/2018    *		2,587		2,613
Insurance - 1.1%
Asurion LLC, 1st Lien
5.50%, 05/24/2018    *		1,700		1,715
Asurion LLC, 2nd Lien
9.00%, 05/24/2019    *		803		825
Asurion LLC, Tranche B1
4.75%, 07/18/2017    *		969		974
Lone Star Intermediate Super Holdings LLC, Tranche B
11.00%, 09/02/2019    *		4,300		4,541
Media - 0.1%
WideOpenWest Finance LLC, 1st Lien
6.25%, 07/17/2018    *		597		603
Metals & Mining - 0.8%
FMG America Finance, Inc.
5.25%, 10/18/2017    *		6,192		6,234
Oil, Gas & Consumable Fuels - 0.3%
EP Energy LLC, Tranche B1
5.00%, 05/24/2018    *		2,500		2,514
Personal Products - 0.5%
Revlon Consumer Products Corp., Tranche B
4.75%, 11/17/2017    *		3,791		3,812
Pharmaceuticals - 0.7%
Aptalis Pharma, Inc., Tranche B
5.50%, 02/10/2017    *		2,352		2,362
Quintiles Transnational Holdings, Inc.
7.50%, 02/22/2017		3,400		3,438
Software - 0.0% ¥
First Data Corp., Non-Extended
2.96%, 09/24/2014    *		165		165
Specialty Retail - 0.4%
Party City Holdings, Inc., Tranche B
5.75%, 07/26/2019    *		3,591		3,624
Transportation Infrastructure - 0.2%
CEVA Logistics U.S. Holdings, Inc., Extended
5.31%, 08/31/2016    *		534		506
CEVA Logistics U.S. Holdings, Inc., Extended Synthetic
5.31%, 08/31/2016    *		535		507

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

Transamerica Partners Portfolios Annual Report 2012

Page 53

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Transportation Infrastructure (continued)
EGL, Inc., Extended
5.31%, 08/31/2016    *		$959		$908
Total Loan Assignments (cost $60,023)				60,786
	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Chesapeake Energy Corp., 4.50%		12,015		965
Total Convertible Preferred Stock (cost $1,173)
PREFERRED STOCK - 0.3%
Diversified Financial Services - 0.3%
GMAC Capital Trust I, 8.13%    *		87,120		2,322
Total Preferred Stock (cost $2,200)
COMMON STOCKS - 0.5%
Airlines - 0.0% ¥
Delta Air Lines, Inc. ‡		13,451		160
Building Products - 0.5%
Panolam Holdings Co. ‡ Ә § D		1,803		3,182
Hotels, Restaurants & Leisure - 0.0% ¥
Greektown Superholdings, Inc. ‡		1,131		58
Independent Power Producers & Energy Traders - 0.0% ¥
Mirant Corp. (Escrow Certificates) ‡ Ә		550,000		¿
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. - Class A ‡		7,723		302
Total Common Stocks (cost $3,797)				3,702
INVESTMENT COMPANY - 0.0% ¥
Diversified Financial Services - 0.0%¥
Adelphia Recovery Trust Ә		2,697,805		¿
Total Investment Company (cost $2,633)

	Shares		Value (000’s)
RIGHT - 0.0% ¥
Hotels, Restaurants & Leisure - 0.0% ¥
BLB Contingent Value Rights ‡ § D		2,010		$191
Total Right (cost $2,010)
WARRANTS - 0.0% ¥
Food Products - 0.0% ¥
American Seafoods Group LLC ‡
Expiration: 05/15/2018
Exercise Price: $0.01		1,265		6
Media - 0.0% ¥
Reader’s Digest Association, Inc. ‡ Ә § D
Expiration: 02/19/2014
Exercise Price: $47.35		13,112		¿
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		8,130		121
Total Warrants (cost $¿)				127
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.0%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $24,502 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $24,994.		$24,502		$24,502
Total Repurchase Agreement (cost $24,502)
Total Investment Securities (cost $783,275) П				807,173
Other Assets and Liabilities - Net				12,820
Net Assets				$819,993

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

Џ In default.

¿ Amount rounds to less than 1.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $4,248, or 0.52% of the portfolio’s net assets.

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

* Floating or variable rate note. Rate is listed as of 12/31/2012.

¥ Percentage rounds to less than 0.1%.

ь All or a portion of this security represents unsettled loan commitments at 12/31/2012 where the rate will be determined at time of settlement.

‡ Non-income producing security.

p Rate shown reflects the yield at 12/31/2012.

§ Illiquid. Total aggregate market value of illiquid securities is $12,493, or 1.52% of the portfolio’s net assets.

П Aggregate cost for federal income tax purposes is $783,438. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $48,379 and $24,644, respectively. Net unrealized appreciation for tax purposes is $23,735.

D Restricted Security. At 12/31/2012, the portfolio owned the respective securities which were restricted to public resale as follows:

					Value as %
		Acquisition			of Net
Investment Securities	Description	Date	Cost	Value	Assets
Common Stocks	Panolam Holdings Co.	12/29/2009	$3,080	$3,182	0.39%
Right	BLB Contingent Value Rights	11/22/2010	2,010	191	0.02
Warrants	Reader’s Digest Association, Inc.	05/18/2010	¿	¿	0.00 (A)
			$5,090	$3,373	0.41%

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

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

Transamerica Partners Portfolios Annual Report 2012

Page 54

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 12/31/2012, these securities aggregated $295,807, or 36.07%, of the portfolio’s net assets.

VALUATION SUMMARY:  Э

Investment Securities	Level 1 -   Quoted Prices	Level 2 - Other Significant  Observable  Inputs	Level 3 - Significant Unobservable Inputs	Value at     12/31/2012
Common Stocks	$520	$–	$3,182	$3,702
Convertible Bonds	–	–	7	7
Convertible Preferred Stock	965	–	–	965
Corporate Debt Securities	–	710,557	1,059	711,616
Investment Company	–	–	t	t
Loan Assignments	–	60,786	–	60,786
Preferred Corporate Debt Security	–	–	t	t
Preferred Stock	2,322	–	–	2,322
Repurchase Agreement	–	24,502	–	24,502
Right	–	191	–	191
Structured Notes Debt	–	2,955	–	2,955
Warrants	127	–	t	127
Total	$3,934	$798,991	$4,248	$807,173

Level 3 Rollforward - Investment Securities

Securities	Beginning  Balance at  12/31/2011	Purchases	Sales	Accrued  Discounts/  (Premiums)	Total  Realized  Gain/(Loss)	Net Change in Unrealized Appreciation /(Depreciation) ƒ	Transfers  into  Level 3 ψ	Transfers out of Level 3 φ	Ending Balance at 12/31/2012₪	Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2012 ƒ
Common Stocks	$4,497	$—	$(4,116)	$—	$3,607	$(806)	$—	$—	$3,182	$1,643
Convertible Bonds	t	—	—	1	—	6	—	—	7	6
Corporate Debt Securities	1,355	—	(400)	(19)	4	253	—	(134)	1,059	120
Investment Company	—	—	—	—	—	—	t	—	t	–
Loan Assignments	7,411	—	(7,438)	3	t	24	—	—	—	—
Preferred Corporate Debt Security	t	—	—	—	—	—	—	—	t	—
Warrants	t	—	—	—	—	—	—	—	t	–
Total	$13,263	$—	$(11,954)	$(15)	$3,611	$(523)	$¿	$(134)	$4,248	$1,770

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 12/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

ψ Transferred into Level 3 because of unavailability of observable inputs.

φ Transferred out of Level 3 because of availability of observable inputs.

¿ Amount rounds to less than 1.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

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

Transamerica Partners Portfolios Annual Report 2012

Page 55

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 2.0%
U.S. Treasury Bond
2.75%, 11/15/2042		$1,272		$1,225
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042		159		174
U.S. Treasury Note
0.38%, 11/15/2015		369		369
1.63%, 11/15/2022		398		394
Total U.S. Government Obligations (cost $2,171)				2,162
U.S. GOVERNMENT AGENCY OBLIGATIONS - 21.3%
Fannie Mae
1.81%, 10/09/2019     p		280		245
2.50%, 10/01/2027 - 11/01/2027		333		350
3.00%, 11/01/2032 - 01/01/2033		499		525
3.00%, 03/01/2041     *		62		65
3.14%, 03/01/2041     *		57		60
3.29%, 12/01/2040     *		68		72
3.49%, 09/01/2041     *		80		84
3.50%, 01/01/2027 - 12/01/2042		1,518		1,622
4.00%, 02/01/2025 - 10/01/2042		2,169		2,342
4.50%, 02/01/2025 - 03/01/2042		2,509		2,718
5.00%, 09/01/2033 - 12/01/2035		1,242		1,353
5.50%, 09/01/2034 - 08/01/2037		496		544
6.00%, 02/01/2038 - 04/01/2040		329		362
6.50%, 05/01/2040		342		384
Fannie Mae, TBA
3.00%		620		654
3.50%		100		107
4.00%		400		429
4.50%		1,100		1,188
5.50%		700		761
6.00%		400		437
Farmer Mac Guaranteed Notes Trust
5.13%, 04/19/2017 - 144A		350		411
Freddie Mac
2.87%, 12/25/2021		165		175
3.02%, 02/01/2041     *		66		69
3.50%, 11/01/2042		300		319
3.97%, 01/25/2021     *		120		137
4.50%, 10/01/2041		549		589
5.00%, 03/01/2038		532		573
Freddie Mac, IO
1.32%, 08/25/2022     *		360		36
1.52%, 06/25/2022     *		380		42
1.56%, 12/25/2018     *		279		22
1.78%, 05/25/2019     *		220		21
Freddie Mac, TBA
3.50%		1,400		1,488
4.00%		500		534
4.50%		100		107
FREMF Mortgage Trust
3.56%, 08/25/2045 - 144A     *		50		51
3.66%, 10/25/2045 - 144A     *		80		78
4.02%, 11/25/2044 - 144A     *		20		20
Ginnie Mae
1.36%, 11/20/2059     *		453		468
4.00%, 09/15/2040 - 07/15/2042		226		248
4.50%, 05/20/2040 - 02/15/2042		1,120		1,236
Ginnie Mae, IO
1.01%, 02/16/2053     *		314		26

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, TBA
3.50%		$100		$109
4.00%		500		544
4.50%		300		328
5.00%		800		873
Resolution Funding Corp., Interest STRIPS
1.28%, 07/15/2018     p		250		234
1.35%, 10/15/2018     p		250		234
Tennessee Valley Authority
5.25%, 09/15/2039		60		79
Total U.S. Government Agency Obligations (cost $22,989)				23,353
FOREIGN GOVERNMENT OBLIGATIONS - 2.1%
Deutsche Bundesrepublik Inflation Linked Bond
0.10%, 04/15/2023		EUR462		640
Italy Buoni Poliennali del Tesoro
4.75%, 06/01/2017		530		744
5.25%, 08/01/2017		110		158
Poland Government International Bond
5.00%, 03/23/2022		$40		47
Republic of Argentina
2.50%, 12/31/2038     ^		180		65
Republic of Brazil
7.13%, 01/20/2037		25		38
Republic of South Africa
5.50%, 03/09/2020		100		119
Russian Federation
7.50%, 03/31/2030 - Reg S		213		274
United Mexican States
5.13%, 01/15/2020		180		215
Total Foreign Government Obligations (cost $2,175)				2,300
MORTGAGE-BACKED SECURITIES - 5.1%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.05%, 02/25/2035  *		59		60
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
2.51%, 11/15/2015 - 144A *		114		114
Series 2010-UB4, Class A4A
5.01%, 12/20/2041 - 144A *		100		105
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-1, Class AMFX
5.48%, 01/15/2049  *		10		11
Series 2007-3, Class A4
5.69%, 06/10/2049  *		60		70
Series 2007-3, Class AM
5.69%, 06/10/2049  *		55		60
Bear Stearns Commercial Mortgage Securities
Series 2007-PW17, Class A3
5.74%, 06/11/2050		102		106
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.42%, 12/25/2046  *		698		119
Commercial Mortgage Pass-Through Certificates
Series 2006-C8, Class AM
5.35%, 12/10/2046		55		61

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

Transamerica Partners Portfolios Annual Report 2012

Page      56

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates (continued)
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 - 144A		$115		$120
Commercial Mortgage Pass-Through Certificates, IO
Series 2012-CR1, Class XA
2.26%, 05/15/2045  *		993		137
Countrywide Alternative Loan Trust
Series 2007-22, Class 2A16
6.50%, 09/25/2037		177		129
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-C3, Class AJ
4.77%, 07/15/2037		10		10
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class AM
5.80%, 06/15/2038  *		40		44
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 - 144A *		90		104
Series 2010-RR2, Class 2A
5.76%, 09/15/2039 - 144A *		120		139
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A4
5.22%, 08/15/2048		200		227
DBRR Trust
Series 2012-EZ1, Class A
0.95%, 09/25/2045 - 144A		198		199
GE Capital Commercial Mortgage Corp.
Series 2007-C1, Class AAB
5.48%, 12/10/2049		83		87
GMAC Mortgage Corp., Loan Trust
Series 2005-AR1, Class 3A
3.49%, 03/18/2035  *		367		350
Greenwich Capital Commercial Funding Corp.
Series 2006-GG7, Class AJ
5.87%, 07/10/2038  *		40		39
Series 2007-GG9, Class AM
5.48%, 03/10/2039		25		27
Series 2007-GG11, Class A4
5.74%, 12/10/2049		30		35
GS Mortgage Securities Corp. II
Series 2006-GG8, Class AJ
5.62%, 11/10/2039		50		46
Series 2006-GG8, Class AM
5.59%, 11/10/2039		20		22
Impac CMB Trust
Series 2004-6, Class 1A1
1.01%, 10/25/2034  *		157		132
IndyMac INDA Mortgage Loan Trust
Series 2007-AR7, Class 1A1
3.25%, 09/25/2037   *		290		255
IndyMac Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.70%, 08/25/2037 *		324		249
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		192		197
Series 2006-CB14, Class AM
5.45%, 12/12/2044  *		70		76
Series 2007-CB18, Class A3
5.45%, 06/12/2047		40		41

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. (continued)
Series 2007-CB20, Class AM
5.88%, 02/12/2051  *		$92		$106
Series 2008-C2, Class ASB
6.13%, 02/12/2051  *		182		199
LB-UBS Commercial Mortgage Trust
Series 2005-C2, Class AJ
5.21%, 04/15/2030  *		40		42
Series 2007-C1, Class AM
5.46%, 02/15/2040		35		39
Series 2007-C6, Class A4
5.86%, 07/15/2040  *		40		48
Series 2007-C7, Class A3
5.87%, 09/15/2045  *		50		60
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A3, Class 4A3
4.98%, 05/25/2034  *		99		101
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049		200		235
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1
0.85%, 10/25/2028  *		124		121
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.58%, 04/12/2049  *		25		26
Series 2007-IQ15, Class AM
5.88%, 06/11/2049  *		60		66
Morgan Stanley Capital I, Inc.
Series 2007-HQ12, Class A2FX
5.58%, 04/12/2049  *		66		67
Morgan Stanley Capital I, Inc., IO
Series 2012-C4, Class XA
2.70%, 03/15/2045 - 144A *		505		74
Morgan Stanley Re-REMIC Trust
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		67		68
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		83		84
Motel 6 Trust
Series 2012-MTL6, Class B
2.74%, 10/05/2025 - 144A		140		141
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025 - 144A		54		54
STRIPs, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 - 144A		98		97
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.91%, 01/19/2034  *		227		220
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class A4
5.92%, 02/15/2051 *		240		283
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C9, Class XA
2.29%, 11/15/2045 - 144A *		449		64
Series 2012-C10, Class XA
1.86%, 12/15/2045 - 144A *		600		75
Total Mortgage-Backed Securities (cost $6,100)				5,641

The notes to the financial statements are an integral part of this report.
Transamerica Partners Portfolios		Annual Report 2012
	Page      57

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES - 4.0%
AH Mortgage Advance Co., Ltd.
Series SART-3, Class 1A1
2.98%, 03/13/2043 - 144A		$100		$100
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		40		42
Series 2012-2, Class C
2.64%, 10/10/2017		40		41
Series 2012-2, Class D
3.38%, 04/09/2018		50		52
Series 2012-3, Class C
2.42%, 05/08/2018		40		41
Series 2012-3, Class D
3.03%, 07/09/2018		30		31
Series 2012-4, Class D
2.68%, 10/09/2018		60		61
Series 2012-5, Class C
1.69%, 11/08/2018		45		45
Series 2012-5, Class D
2.35%, 12/10/2018		55		55
Avis Budget Rental Car Funding AESOP LLC
Series 2010-3A, Class A
4.64%, 05/20/2016 - 144A		100		108
CarMax Auto Owner Trust
Series 2012-1, Class B
1.76%, 08/15/2017		25		26
Series 2012-1, Class C
2.20%, 10/16/2017		15		15
Series 2012-1, Class D
3.09%, 08/15/2018		15		15
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class C
2.07%, 09/15/2015 - 144A		35		35
Series 2010-5, Class D
2.41%, 09/15/2015 - 144A		15		15
Series 2011-2, Class C
2.37%, 09/15/2015		40		40
Series 2011-2, Class D
2.86%, 09/15/2015		30		30
Series 2012-1, Class C
1.71%, 01/15/2016  *		100		101
Series 2012-1, Class D
2.31%, 01/15/2016  *		100		101
Series 2012-4, Class D
2.09%, 09/15/2016		100		100
Hertz Vehicle Financing LLC
Series 2009-2A, Class A2
5.29%, 03/25/2016 - 144A		120		131
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		30		30
Nelnet Student Loan Trust
Series 2008-3, Class A4
1.96%, 11/25/2024  *		100		105
PFS Financing Corp.
Series 2012-AA, Class A
1.41%, 02/15/2016 - 144A  *		100		101
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B
1.66%, 08/15/2016 - 144A		172		173
Series 2011-S1A, Class C
2.01%, 08/15/2016 - 144A		170		171

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Consumer Acquired Receivables Trust (continued)
Series 2011-WO, Class C
3.19%, 10/15/2015 - 144A		$70		$72
Santander Drive Auto Receivables Trust
Series 2010-2, Class C
3.89%, 07/17/2017		130		134
Series 2011-1, Class D
4.01%, 02/15/2017		100		104
Series 2011-S1A, Class B
1.48%, 07/15/2013 - 144A		94		94
Series 2011-S1A, Class D
3.10%, 03/15/2013 - 144A		37		37
Series 2012-1, Class B
2.72%, 05/16/2016		25		26
Series 2012-1, Class C
3.78%, 11/15/2017		35		37
Series 2012-3, Class B
1.94%, 12/15/2016		85		86
Series 2012-3, Class C
3.01%, 04/16/2018		110		113
Series 2012-3, Class D
3.64%, 05/15/2018		95		99
Series 2012-4, Class C
2.94%, 12/15/2017		20		21
Series 2012-4, Class D
3.50%, 06/15/2018		25		26
Series 2012-5, Class B
1.56%, 08/15/2018		55		55
Series 2012-5, Class C
2.70%, 08/15/2018		25		26
Series 2012-5, Class D
3.30%, 09/17/2018		20		21
Series 2012-6, Class B
1.33%, 05/15/2017		45		45
Series 2012-6, Class C
1.94%, 03/15/2018		30		30
Series 2012-AA, Class B
1.21%, 10/16/2017 - 144A		120		120
Series 2012-AA, Class C
1.78%, 11/15/2018 - 144A		220		220
Series 2012-AA, Class D
2.46%, 12/17/2018 - 144A		100		100
Scholar Funding Trust
Series 2011-A, Class A
1.21%, 10/28/2043 - 144A *		116		116
SLM Student Loan Trust
Series 2004-B, Class A2
0.51%, 06/15/2021  *		243		239
Series 2012-C, Class A1
1.31%, 08/15/2023 - 144A *		85		86
Series 2012-C, Class A2
3.31%, 10/15/2046 - 144A		135		143
Series 2012-D, Class A2
2.95%, 02/15/2046 - 144A		160		168
Series 2012-E, Class A1
0.96%, 10/16/2023 - 144A *		93		93
World Financial Network Credit Card Master Trust
Series 2012-C, Class A
2.23%, 08/15/2022		110		113

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

Transamerica Partners Portfolios Annual Report 2012      

Page      58

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
World Financial Network Credit Card Master Trust (continued)
Series 2012-D, Class A
2.15%, 04/17/2023		$145		$147
Total Asset-Backed Securities (cost $4,249)				4,336
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		45		53
5.50%, 06/15/2043		55		65
Total Municipal Government Obligations (cost $99)				118
PREFERRED CORPORATE DEBT SECURITIES - 0.2%
Capital Markets - 0.0% ¥
State Street Capital Trust IV
1.31%, 06/15/2037  *		10		8
Commercial Banks - 0.1%
Capital One Capital VI
8.88%, 05/15/2040		70		69
Fifth Third Capital Trust IV
6.50%, 04/15/2037  *		65		65
Diversified Financial Services - 0.0% ¥
Lehman Brothers Holdings Capital Trust VII
5.86%, 02/04/2013    ‡ Ә Ž Џ §		200		¿
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/2065    ‡ Ә Џ §		120		¿
Insurance - 0.1%
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A		100		123
Total Preferred Corporate Debt Securities (cost $522)				265
CORPORATE DEBT SECURITIES - 11.0%
Auto Components - 0.0% ¥
BorgWarner, Inc.
4.63%, 09/15/2020		30		33
Automobiles - 0.0%
General Motors Corp. (Escrow Shares)
8.25%, 07/15/2023  Ә		453		¿
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 07/15/2022		40		40
Heineken NV
1.40%, 10/01/2017 - 144A		15		15
2.75%, 04/01/2023 - 144A		85		83
Pernod-Ricard SA
4.45%, 01/15/2022 - 144A		150		167
Capital Markets - 0.3%
Goldman Sachs Group, Inc.
5.75%, 01/24/2022  ^		249		294
Commercial Banks - 0.5%
Caixa Economica Federal
2.38%, 11/06/2017 - 144A ^		150		149
Glitnir Banki HF
6.33%, 07/28/2011 - 144A  ‡ Џ		160		44
6.69%, 06/15/2016 - 144A  ‡ Ә Џ		380		¿
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A		200		207
HSBC Bank PLC
3.10%, 05/24/2016 - 144A		150		159
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A  ‡ Џ		140		8

	Principal (000’s)		Value (000’s)
Commercial Services & Supplies - 0.1%
United Rentals North America, Inc.
7.63%, 04/15/2022 - 144A		$100		$112
Consumer Finance - 0.1%
SLM Corp.
6.25%, 01/25/2016  ^		78		85
Containers & Packaging - 0.0% ¥
Rock-Tenn Co.
4.00%, 03/01/2023 - 144A ^		50		51
Diversified Financial Services - 1.5%
Bank of America Corp.
3.88%, 03/22/2017  ^		60		65
5.70%, 01/24/2022  ^		243		292
7.63%, 06/01/2019		25		32
Bank of America Corp. - Series MTNL
5.65%, 05/01/2018		285		332
Citigroup, Inc.
4.45%, 01/10/2017		30		33
4.50%, 01/14/2022  ^		70		78
4.59%, 12/15/2015  ^		345		378
JPMorgan Chase & Co.
3.25%, 09/23/2022		79		81
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A  ‡ Ә Џ		130		¿
Kaupthing Bank Hf - Series 1
7.63%, 02/28/2015 - 144A  ‡ Џ		710		174
Lehman Brothers Holdings Prod (Escrow shares)
1.00%, 02/06/2049  §		100		23
Lehman Brothers Holdings, Inc. (Escrow shares)
6.75%, 12/28/2017  Ә §		480		¿
Swiss Re Capital I LP
6.85%, 05/25/2016 - 144A  * Ž		70		73
Diversified Telecommunication Services - 0.2%
AT&T, Inc.
2.63%, 12/01/2022  ^		53		53
Intelsat Jackson Holdings SA
7.25%, 04/01/2019  ^		54		58
Sprint Capital Corp.
6.88%, 11/15/2028		24		25
Verizon Communications, Inc.
6.10%, 04/15/2018		63		78
6.40%, 02/15/2038		37		50
Electric Utilities - 1.1%
Alabama Power Co.
3.95%, 06/01/2021		55		61
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		37		42
8.88%, 11/15/2018		7		9
Duke Energy Carolinas LLC
4.25%, 12/15/2041		50		52
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
10.00%, 12/01/2020  ^		336		380
Georgia Power Co.
3.00%, 04/15/2016  ^		100		107
Hydro-Quebec
8.05%, 07/07/2024		240		353
8.40%, 01/15/2022		95		136
Jersey Central Power & Light Co.
7.35%, 02/01/2019		30		38

The notes to the financial statements are an integral part of this report.
Transamerica Partners Portfolios		Annual Report 2012
	Page      59

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Trans-Allegheny Interstate Line Co.
4.00%, 01/15/2015 - 144A		$30		$32
Energy Equipment & Services - 0.6%
Enterprise Products Operating LLC
6.30%, 09/15/2017		110		133
Pride International, Inc.
6.88%, 08/15/2020		30		38
Transocean, Inc.
2.50%, 10/15/2017  ^		90		91
3.80%, 10/15/2022  ^		32		33
5.05%, 12/15/2016		90		100
6.00%, 03/15/2018  ^		186		216
Food Products - 0.2%
Kraft Foods Group, Inc.
3.50%, 06/06/2022 - 144A  ^		85		90
5.00%, 06/04/2042 - 144A		49		55
Mondelez International, Inc.
6.50%, 08/11/2017		35		43
6.50%, 02/09/2040  ^		60		81
Health Care Equipment & Supplies - 0.1%
Boston Scientific Corp.
6.25%, 11/15/2015		138		155
Health Care Providers & Services - 0.2%
Coventry Health Care, Inc.
5.45%, 06/15/2021		56		67
Tenet Healthcare Corp.
6.25%, 11/01/2018  ^		55		60
10.00%, 05/01/2018  ^		45		51
UnitedHealth Group, Inc.
3.38%, 11/15/2021		15		16
WellPoint, Inc.
3.30%, 01/15/2023		8		8
Industrial Conglomerates - 0.1%
General Electric Co.
2.70%, 10/09/2022  ^		47		48
4.13%, 10/09/2042  ^		31		32
Insurance - 1.4%
Allianz Finance II BV - Series EMTN
5.75%, 07/08/2041  *		100		151
American International Group, Inc.
3.80%, 03/22/2017  ^		106		115
4.88%, 06/01/2022  ^		120		137
5.45%, 05/18/2017		45		52
8.18%, 05/15/2058  * ^		35		46
AXA SA - Series EMTN
5.25%, 04/16/2040  *		50		69
Lincoln National Corp.
7.00%, 06/15/2040  ^		30		39
Manulife Financial Corp.
3.40%, 09/17/2015		110		116
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		200		200
5.13%, 06/10/2014 - 144A		100		106
Prudential Financial, Inc.
4.75%, 09/17/2015  ^		140		153
5.38%, 06/21/2020		120		140
5.88%, 09/15/2042  *		98		103
XL Group PLC
6.50%, 04/15/2017  * Ž  ^		30		28
Media - 1.0%
CBS Corp.
4.63%, 05/15/2018		20		22

	Principal (000’s)		Value (000’s)
Media (continued)
CBS Corp. (continued)
5.75%, 04/15/2020		$30		$36
8.88%, 05/15/2019  ^		30		40
CC Holdings GS V LLC
3.85%, 04/15/2023 - 144A		47		48
Comcast Corp.
4.65%, 07/15/2042  ^		136		143
5.88%, 02/15/2018		99		119
COX Communications, Inc.
3.25%, 12/15/2022 - 144A ^		49		51
4.70%, 12/15/2042 - 144A ^		3		3
8.38%, 03/01/2039 - 144A		95		146
NBCUniversal Media LLC
2.88%, 01/15/2023		155		156
4.38%, 04/01/2021		97		109
Time Warner Cable, Inc.
4.00%, 09/01/2021  ^		62		68
4.50%, 09/15/2042  ^		110		107
5.50%, 09/01/2041		40		45
Time Warner, Inc.
4.70%, 01/15/2021		30		34
Metals & Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc.
3.55%, 03/01/2022		16		16
Novelis, Inc.
8.75%, 12/15/2020		110		123
Multiline Retail - 0.1%
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		23		27
7.45%, 07/15/2017		105		129
Multi-Utilities - 0.2%
Dominion Resources, Inc.
1.95%, 08/15/2016  ^		70		72
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037		140		173
Oil, Gas & Consumable Fuels - 1.9%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		123		142
Energy Transfer Partners, LP
6.50%, 02/01/2042		135		165
EOG Resources, Inc.
2.63%, 03/15/2023		64		64
Kinder Morgan Energy Partners, LP
3.45%, 02/15/2023		86		89
5.95%, 02/15/2018		100		120
Laredo Petroleum, Inc.
7.38%, 05/01/2022		60		65
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A		80		80
MEG Energy Corp.
6.38%, 01/30/2023 - 144A ^		20		21
6.50%, 03/15/2021 - 144A ^		110		116
Murphy Oil Corp.
2.50%, 12/01/2017  ^		35		35
3.70%, 12/01/2022		70		70
4.00%, 06/01/2022		15		15
Nexen, Inc.
5.88%, 03/10/2035		10		12
6.40%, 05/15/2037  ^		20		26
7.50%, 07/30/2039		95		137
Peabody Energy Corp.
6.25%, 11/15/2021		45		48

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

Transamerica Partners Portfolios Annual Report 2012

Page      60

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Petrobras International Finance Co.
3.88%, 01/27/2016  ^		$160		$168
5.75%, 01/20/2020  ^		150		170
Range Resources Corp.
5.75%, 06/01/2021		10		11
7.25%, 05/01/2018		90		95
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 - 144A §		25		1
Valero Energy Corp.
6.63%, 06/15/2037  ^		35		43
Western Gas Partners, LP
4.00%, 07/01/2022  ^		31		33
5.38%, 06/01/2021  ^		135		154
Williams Cos., Inc.
3.70%, 01/15/2023		15		15
7.88%, 09/01/2021		48		62
Paper & Forest Products - 0.2%
International Paper Co.
4.75%, 02/15/2022  ^		165		187
6.00%, 11/15/2041  ^		40		47
Pharmaceuticals - 0.2%
AbbVie, Inc.
2.00%, 11/06/2018 - 144A		70		71
2.90%, 11/06/2022 - 144A ^		20		20
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/2022		72		72
3.65%, 11/10/2021  ^		25		27
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021  ^		50		54
Real Estate Investment Trusts - 0.1%
Ventas Realty, LP
4.75%, 06/01/2021		35		38
Vornado Realty, LP
5.00%, 01/15/2022		85		94
Real Estate Management & Development - 0.1%
Realogy Group LLC
7.88%, 02/15/2019 - 144A  ^		55		60
Road & Rail - 0.0%  ¥
Burlington Northern Santa Fe LLC
3.05%, 09/01/2022		15		16
Specialty Retail - 0.0%  ¥
QVC, Inc.
7.50%, 10/01/2019 - 144A		45		50
Wireless Telecommunication Services - 0.4%
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		200		242
MetroPCS Wireless, Inc.
7.88%, 09/01/2018  ^		4		4
SBA Tower Trust
5.10%, 04/17/2017 - 144A		40		45
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A		95		117
Total Corporate Debt Securities (cost $12,656)				12,022
STRUCTURED NOTES DEBT - 0.2%
Diversified Financial Services - 0.2%
Tiers Trust
2.06%, 05/12/2014 - 144A *		234		235
Total Structured Notes Debt (cost $234)

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill
0.10%, 05/30/2013    p g		$125		$125
Total Short-Term U.S. Government Obligation (cost $125)
	Shares		Value (000’s)
PREFERRED STOCKS - 0.1%
Diversified Financial Services - 0.1%
Citigroup Capital XIII, 7.88%    * ‡		1,692		47
U.S. Government Agency Obligation - 0.0%  ¥
Fannie Mae, 0.00%    * ‡		600		2
Fannie Mae, 8.25%    * ‡		10,800		18
Freddie Mac, 8.38%    * ‡		14,925		26
Total Preferred Stocks (cost $720)				93
COMMON STOCKS - 58.7%
Aerospace & Defense - 1.2%
Honeywell International, Inc.		6,110		388
United Technologies Corp.  ^		10,800		886
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. - Class B		8,737		644
Airlines - 0.1%
Southwest Airlines Co.		7,472		77
Auto Components - 0.5%
Delphi Automotive PLC    ‡		2,027		78
Johnson Controls, Inc.		13,786		423
Automobiles - 0.5%
Ford Motor Co.		9,459		122
General Motors Co.    ‡		14,842		428
Motors Liquidation Co. GUC Trust    ‡		464		10
Beverages - 1.9%
Beam, Inc.		1,765		108
Coca-Cola Co.		22,468		814
Coca-Cola Enterprises, Inc.		8,786		279
Dr. Pepper Snapple Group, Inc.  ^		3,515		155
PepsiCo, Inc.		10,387		711
Biotechnology - 1.2%
Biogen Idec, Inc.    ‡		4,246		623
Celgene Corp.    ‡		6,641		523
Onyx Pharmaceuticals, Inc.    ‡ ^		255		19
Vertex Pharmaceuticals, Inc.    ‡		2,985		125
Building Products - 0.2%
Masco Corp.		12,809		213
Capital Markets - 1.1%
Ameriprise Financial, Inc.		2,350		147
Goldman Sachs Group, Inc.		1,196		153
Invesco, Ltd.		13,276		346
Morgan Stanley		9,464		181
State Street Corp.		8,681		408
Chemicals - 1.1%
Air Products & Chemicals, Inc.		4,898		412
CF Industries Holdings, Inc.		761		155
Dow Chemical Co.		6,004		194
E.I. du Pont de Nemours & Co.		4,651		209
Georgia Gulf Corp.		1,824		75
Monsanto Co.		2,220		210

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

Transamerica Partners Portfolios Annual Report 2012

Page      61

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Shares		Value (000’s)
Commercial Banks - 1.8%
Comerica, Inc.		1,982		$60
East-West Bancorp, Inc.		3,053		66
KeyCorp		12,534		106
Regions Financial Corp.		6,971		50
SunTrust Banks, Inc.		7,486		212
Wells Fargo & Co.		43,893		1,499
Commercial Services & Supplies - 0.2%
Tyco International, Ltd.		8,943		262
Communications Equipment - 1.4%
Cisco Systems, Inc.		42,950		844
QUALCOMM, Inc.		11,544		716
Computers & Peripherals - 3.0%
Apple, Inc.		5,419		2,889
Hewlett-Packard Co.    ^		19,376		276
Construction & Engineering - 0.5%
Fluor Corp.		9,524		559
Consumer Finance - 0.7%
American Express Co.		6,714		386
Capital One Financial Corp.		7,097		411
Containers & Packaging - 0.4%
Ball Corp.		3,750		168
Crown Holdings, Inc.    ‡		7,695		283
Diversified Financial Services - 1.9%
Bank of America Corp.		81,393		945
Citigroup, Inc.		22,706		898
CME Group, Inc. - Class A		3,946		200
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		14,470		488
Verizon Communications, Inc.		19,544		845
Electric Utilities - 1.2%
American Electric Power Co., Inc.		2,922		125
Edison International		5,000		226
Exelon Corp.		7,294		217
NextEra Energy, Inc.		8,304		574
NV Energy, Inc.		11,293		205
Electrical Equipment - 0.6%
Emerson Electric Co.		11,546		611
Energy Equipment & Services - 1.7%
Baker Hughes, Inc.		6,169		252
Ensco PLC - Class A    ^		5,428		322
Halliburton Co.		14,258		494
National Oilwell Varco, Inc.		4,456		305
Schlumberger, Ltd.		6,293		436
Food & Staples Retailing - 0.7%
CVS Caremark Corp.		6,278		303
Kroger Co.		6,633		173
Wal-Mart Stores, Inc.		4,193		286
Food Products - 1.4%
Archer-Daniels-Midland Co.		13,877		380
General Mills, Inc.		11,400		461
Kellogg Co.		1,035		58
Mondelez International, Inc. - Class A		26,920		685
Gas Utilities - 0.1%
AGL Resources, Inc.		1,425		57
UGI Corp.		1,967		64
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories		9,384		616
Baxter International, Inc.		4,012		267
CareFusion Corp.    ‡		13,674		391
Covidien PLC		8,216		474
Hologic, Inc.    ‡		1,466		29
Health Care Providers & Services - 1.2%
AmerisourceBergen Corp. - Class A		1,943		84
DaVita HealthCare Partners, Inc.    ‡		1,988		220
Humana, Inc.		6,404		440
UnitedHealth Group, Inc.		11,198		607

	Shares		Value (000’s)
Hotels, Restaurants & Leisure - 0.1%
Royal Caribbean Cruises, Ltd.		1,650		$56
Yum! Brands, Inc.		1,317		88
Household Durables - 0.2%
Lennar Corp. - Class A    ^		2,041		79
PulteGroup, Inc.    ‡		8,853		161
Household Products - 1.2%
Clorox Co.		1,562		114
Energizer Holdings, Inc.		1,295		104
Procter & Gamble Co.		15,495		1,052
Industrial Conglomerates - 0.7%
3M Co.		3,175		295
General Electric Co.		22,888		480
Insurance - 1.9%
ACE, Ltd.		3,835		306
American International Group, Inc.    ‡		7,474		264
Assurant, Inc.		939		33
Axis Capital Holdings, Ltd.		1,881		65
Berkshire Hathaway, Inc. - Class B    ‡		5,615		504
Everest RE Group, Ltd.		576		63
Hartford Financial Services Group, Inc.		11,863		266
MetLife, Inc.		14,628		482
Prudential Financial, Inc.		2,597		138
Internet & Catalog Retail - 0.4%
Amazon.com, Inc.    ‡		1,621		407
Expedia, Inc.		1,246		77
Internet Software & Services - 1.4%
eBay, Inc.    ‡		6,050		309
Google, Inc. - Class A    ‡		1,676		1,189
LinkedIn Corp. - Class A    ‡		326		37
IT Services - 2.1%
Accenture PLC - Class A		1,846		123
Cognizant Technology Solutions Corp. - Class A    ‡		2,375		176
Fidelity National Information Services, Inc.		4,893		170
International Business Machines Corp.		5,568		1,066
Mastercard, Inc. - Class A		252		124
Visa, Inc. - Class A		4,142		628
Life Sciences Tools & Services - 0.1%
Mettler-Toledo International, Inc.    ‡		712		138
Machinery - 0.7%
Deere & Co.		1,444		125
PACCAR, Inc.		8,232		372
Pentair, Ltd.		2,721		134
SPX Corp.		1,917		134
Media - 2.7%
CBS Corp. - Class B		10,116		385
Comcast Corp. - Class A    ^		15,278		571
DIRECTV    ‡		1,933		97
DISH Network Corp. - Class A		2,010		73
Time Warner Cable, Inc.		6,309		613
Time Warner, Inc.		15,873		759
Walt Disney Co.		7,246		361
Metals & Mining - 0.2%
Alcoa, Inc.		12,343		107
U.S. Steel Corp.    ^		3,019		72
Walter Energy, Inc.    ^		1,757		63
Multiline Retail - 0.9%
Big Lots, Inc.    ‡		291		8
Kohl’s Corp.		1,071		46
Macy’s, Inc.		3,719		145
Nordstrom, Inc.		2,413		129
Target Corp.		11,236		665
Multi-Utilities - 0.7%
NiSource, Inc.		6,516		162
PG&E Corp.		3,111		125
Sempra Energy		7,152		508

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

Transamerica Partners Portfolios Annual Report 2012

Page      62

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels - 4.8%
Anadarko Petroleum Corp.		2,453		$182
Apache Corp.		2,120		166
Cheniere Energy, Inc.    ‡		9,933		187
Chesapeake Energy Corp.    ^		3,258		54
Chevron Corp.		12,081		1,307
ConocoPhillips		4,851		281
Denbury Resources, Inc.    ‡		1,911		31
Energen Corp.		2,000		90
EOG Resources, Inc.		3,575		432
Exxon Mobil Corp.		16,023		1,388
Kinder Morgan, Inc.		7,765		274
Marathon Oil Corp.		5,095		156
Marathon Petroleum Corp.		1,675		106
Occidental Petroleum Corp.		4,004		307
Valero Energy Corp.		7,010		239
Pharmaceuticals - 3.0%
Allergan, Inc.		3,484		320
Johnson & Johnson		4,837		339
Merck & Co., Inc.		29,681		1,214
Mylan, Inc.    ‡		2,083		57
Pfizer, Inc.		42,736		1,072
Valeant Pharmaceuticals International, Inc. ‡		3,472		208
Warner Chilcott PLC - Class A		1,557		19
Real Estate Investment Trusts - 1.4%
CBL & Associates Properties, Inc.		4,822		102
DiamondRock Hospitality Co.		3,751		34
DuPont Fabros Technology, Inc.    ^		1,480		36
Highwoods Properties, Inc.    ^		1,719		58
Home Properties, Inc.    ^		1,510		93
Host Hotels & Resorts, Inc.		10,332		162
LaSalle Hotel Properties    ^		8,185		207
Liberty Property Trust		4,545		163
National Retail Properties, Inc.		1,812		57
Plum Creek Timber Co., Inc.    ^		3,777		167
Simon Property Group, Inc.		1,810		285
Strategic Hotels & Resorts, Inc.    ‡		5,082		33
Weyerhaeuser Co.		5,456		152
Road & Rail - 1.5%
CSX Corp.		31,632		624
Norfolk Southern Corp.		1,485		92
Union Pacific Corp.		7,638		960
Semiconductors & Semiconductor Equipment - 1.0%
Altera Corp.		7,446		257
Applied Materials, Inc.		9,031		103
Broadcom Corp. - Class A    ‡		12,511		416
LAM Research Corp.    ‡		5,158		186
LSI Corp. ‡		22,526		159
MagnaChip Semiconductor Corp.     ‡ ^		149		2
Software - 2.4%
Adobe Systems, Inc.    ‡		6,216		234
Citrix Systems, Inc.    ‡		3,440		226
Microsoft Corp.		49,573		1,325
Oracle Corp.		25,235		841
Specialty Retail - 1.7%
AutoZone, Inc.    ‡		1,068		379
Home Depot, Inc.		11,845		732
Lowe’s Cos., Inc.		15,439		548
Staples, Inc.    ^		3,418		39
TJX Cos., Inc.		3,621		154
Textiles, Apparel & Luxury Goods - 0.6%
Coach, Inc.		3,807		211
V.F. Corp.		3,295		498
Tobacco - 0.7%
Lorillard, Inc.		648		76
Philip Morris International, Inc.		8,336		697

	Shares		Value (000’s)
Trading Companies & Distributors - 0.3%
WW Grainger, Inc.		1,498		$303
Wireless Telecommunication Services - 0.0%  ¥
MetroPCS Communications, Inc.    ‡		3,132		31
Total Common Stocks (cost $58,048)				64,360
SHORT-TERM INVESTMENT COMPANY - 1.3%
Capital Markets - 1.3%
BlackRock Provident TempFund 24		1,468,058		1,468
Total Short-Term Investment Company (cost $1,468)
WARRANTS - 0.1%
Automobiles - 0.1%
General Motors Co.    ‡
Expiration: 07/10/2016
Exercise Price: $10.00		1,742		34
General Motors Co.    ‡
Expiration: 07/10/2019
Exercise Price: $18.33		1,742		22
Oil, Gas & Consumable Fuels - 0.0%  ¥
SemGroup Corp.    ‡ ^
Expiration: 11/30/2014
Exercise Price: $25.00		68		1
Total Warrants (cost $174)				57
	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTION - 0.0%  ¥
Put Option - 0.0%  ¥
Eurodollar 2YR MID-CRV		$33		6
Exercise Price $99.25
Expires 09/13/2013
Total Purchased Option (cost $5)
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 6.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26%  p		6,883,330		6,883
Total Securities Lending Collateral (cost $6,883)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $848 on 01/02/2013.
Collateralized by U.S. Government Agency Obligations, 2.50% - 3.50%, due 10/20/2027 - 06/01/2032, and with a total value of $872.		$848		848
Total Repurchase Agreement (cost $848)
Total Investment Securities (cost $119,466) П				124,272
Other Assets and Liabilities - Net				(14,670)
Net Assets				$109,602

The notes to the financial statements are an integral part of this report.
Transamerica Partners Portfolios		Annual Report 2012
	Page      63

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
TBA SHORT COMMITMENTS - (6.1%)
U.S. Government Agency Obligations - (6.1%)
Fannie Mae, TBA
2.50%		$(100)		$(104)
3.50%		(1,100)		(1,170)
4.00%		(1,100)		(1,178)
4.50%		(2,200)		(2,377)
5.00%		(900)		(975)
Ginnie Mae, TBA
4.00%		(200)		(219)
4.50%		(600)		(657)
Total TBA Short Commitments (proceeds $(6,673))				(6,680)

FUTURES CONTRACTS: e
Description	Type	Contracts		Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note	Short		(15)	03/19/2013		$9
2-Year U.S. Treasury Note	Long		32	03/28/2013		1
30-Year U.S. Treasury Bond	Long		5	03/19/2013		(2)
5-Year U.S. Treasury Note	Long		25	03/28/2013		2
90-Day Eurodollar	Short		(2)	03/14/2016		¿
90-Day Eurodollar	Short		(2)	06/13/2016		¿
90-Day Eurodollar	Short		(2)	09/19/2016		¿
90-Day Eurodollar	Short		(2)	12/19/2016		1
German Euro Bund	Short		(4)	03/07/2013		(4)
S&P 500 E-Mini Index	Long		13	03/15/2013		2
Ultra Long U.S. Treasury Bond	Long		4	03/19/2013		(11)
						$(2)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought (Sold) (000’s)		Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)		Net Unrealized Appreciation (Depreciation) (000’s)
EUR	RBC		(1,205)		01/23/2013		$(1,583)		$(8)
EUR	CITI		295		01/23/2013		386		4
EUR	UBS		(149)		01/23/2013		(196)		(1)
EUR	UBS		(124)		01/23/2013		(162)		(2)
									$(7)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 12/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)	Collateral           (Received) Pledged           (000’s)	Net Exposures (1)                     (000’s)
CITI	$4	$—	$4
RBC	(8)	—	(8)
UBS	(3)	—	(3)

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

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

Transamerica Partners Portfolios Annual Report 2012

Page      64

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

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

p	Rate shown reflects the yield at 12/31/2012.
¿	Amount is less than 1.
*	Floating or variable rate note. Rate is listed as of 12/31/2012.
^	All or a portion of this security is on loan. The value of all securities on loan is $6,734.
¥	Percentage rounds to less than 0.1%.
Џ	In default.
§	Illiquid. Total aggregate market value of illiquid securities is $24, or 0.02% of the portfolio’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Ә	Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is less than $1, or less than 0.01% of the portfolio’s net assets.
‡	Non-income producing security.
П	Aggregate cost for federal income tax purposes is $121,160. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $6,693 and $3,581, respectively. Net unrealized appreciation for tax purposes is $3,112.
e	Cash in the amount of $47 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.
g	This security in the amount of $60 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 12/31/2012, these securities aggregated $7,432, or 6.78% of the portfolio’s net assets.
CITI	Citibank, Inc.
IO	Interest Only
OTC	Over The Counter
RBC	Royal Bank of Canada
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced
UBS	UBS Warburg LLC

CURRENCY ABBREVIATIONS:
EUR	Euro

VALUATION SUMMARY (all amounts in thousands): э

Investment Securities	Level 1 -     Quoted     Prices	Level 2 -  Other  Significant  Observable  Inputs	Level 3 - Significant Unobservable Inputs	Value at    12/31/2012
Asset-Backed Securities	$—	$4,336	$—	$4,336
Common Stocks	64,360	—	—	64,360
Corporate Debt Securities	—	12,022	¿	12,022
Foreign Government Obligations	—	2,300	—	2,300
Mortgage-Backed Securities	—	5,641	—	5,641
Municipal Government Obligations	—	118	—	118
Preferred Corporate Debt Securities	—	265	—	265
Preferred Stocks	93	—	—	93
Purchased Option	—	6	—	6
Repurchase Agreement	—	848	—	848
Securities Lending Collateral	6,883	—	—	6,883
Short-Term Investment Company	1,468	—	—	1,468
Short-Term U.S. Government Obligation	—	125	—	125
Structured Notes Debt	—	235	—	235
U.S. Government Agency Obligations	—	23,353	—	23,353
U.S. Government Obligations	—	2,162	—	2,162
Warrants	57	—	—	57
Total	$72,861	$51,411	$¿	$124,272
TBA Short Commitments	Level 1 -     Quoted     Prices	Level 2 -  Other  Significant  Observable  Inputs	Level 3 - Significant Unobservable Inputs	Value at    12/31/2012
U.S. Government Agency Obligations	$—	$(6,680)	$—	$(6,680)

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

Transamerica Partners Portfolios Annual Report 2012

Page      65

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

Other Financial Instruments ₣	Level 1 -    Quoted    Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at   12/31/2012
Futures Contracts - Appreciation	$15	$—	$—	$15
Futures Contracts - Depreciation	(17)	—	—	(17)
Forward Foreign Currency Contracts - Appreciation	—	4	—	4
Forward Foreign Currency Contracts - Depreciation	—	(11)	—	(11)
Total	$(2)	$(7)	$—	$(9)

Level 3 Rollforward - Investment Securities

Securities	Beginning  Balance at  12/31/2011	Purchases	Sales	Accrued  Discounts/  (Premiums)	Total  Realized  Gain/ (Loss)	Net Change in  Unrealized  Appreciation/  (Depreciation) ƒ	Transfers      into Level 3	Transfers   out of   Level 3 φ	Ending  Balance at  12/31/2012 ₪	Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2012 ƒ
Corporate Debt Securities	$¿	$¿	$—	$—	$(10) Ҹ	$11	$—	$(1)	$¿	$(¿)

Э	Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the Notes to the financial statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.
ƒ	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 12/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.
¿	Amount rounds to less than 1.
φ	Transferred out of Level 3 because of availability of observable inputs.
₪	Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.
Ҹ	Realized amount is a result of an involuntary liquidation of a Corporate Debt Security on 10/12/2012.

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

Transamerica Partners Portfolios Annual Report 2012

Page      66

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
COMMON STOCKS - 98.3%
Aerospace & Defense - 3.3%
Lockheed Martin Corp.		49,800		$4,596
Northrop Grumman Corp.		154,200		10,421
Raytheon Co.		134,800		7,759
Textron, Inc.   ^		141,500		3,508
Airlines - 0.7%
Delta Air Lines, Inc.   ‡		449,400		5,334
Auto Components - 0.5%
Lear Corp.		84,200		3,944
Automobiles - 0.5%
General Motors Co.   ‡		123,400		3,558
Biotechnology - 1.1%
Amgen, Inc.		52,700		4,549
United Therapeutics Corp.   ‡		70,400		3,761
Capital Markets - 2.7%
Ameriprise Financial, Inc.		83,000		5,198
Goldman Sachs Group, Inc.		124,700		15,907
Chemicals - 3.2%
Agrium, Inc.		71,100		7,104
CF Industries Holdings, Inc.		51,000		10,360
Huntsman Corp.		478,400		7,607
Commercial Banks - 9.3%
Fifth Third Bancorp		773,000		11,742
Huntington Bancshares, Inc.		1,594,400		10,188
KeyCorp		1,328,900		11,189
Regions Financial Corp.		769,100		5,476
U.S. Bancorp		304,100		9,713
Wells Fargo & Co.		712,000		24,337
Communications Equipment - 1.5%
Brocade Communications Systems, Inc.   ‡		388,300		2,070
Cisco Systems, Inc.		504,700		9,917
Consumer Finance - 1.9%
American Express Co.		60,600		3,483
Discover Financial Services		302,000		11,642
Diversified Consumer Services - 0.8%
Apollo Group, Inc. - Class A   ‡ ^		304,600		6,372
Diversified Financial Services - 6.1%
Bank of America Corp.		343,300		3,982
Citigroup, Inc.		434,900		17,205
JPMorgan Chase & Co.		605,600		26,628
Diversified Telecommunication Services - 3.7%
AT&T, Inc.		597,400		20,139
Verizon Communications, Inc.		208,700		9,030
Electric Utilities - 2.5%
American Electric Power Co., Inc.		48,400		2,066
Edison International		72,000		3,254
Entergy Corp.		143,000		9,116
NV Energy, Inc.		271,000		4,916
Electrical Equipment - 0.4%
First Solar, Inc.   ‡ ^		105,500		3,258
Food & Staples Retailing - 4.6%
CVS Caremark Corp.		297,500		14,384
Kroger Co.		371,800		9,674
Walgreen Co.		330,900		12,247
Food Products - 0.8%
Archer-Daniels-Midland Co.		110,500		3,027
Ingredion, Inc.		51,000		3,286
Health Care Providers & Services - 6.6%
Aetna, Inc.   ^		163,700		7,579
Cardinal Health, Inc.		76,000		3,130
Humana, Inc.		148,800		10,212
McKesson Corp.		97,000		9,405
UnitedHealth Group, Inc.		279,500		15,160
WellPoint, Inc.		99,700		6,074
Hotels, Restaurants & Leisure - 0.8%
Wyndham Worldwide Corp.		120,700		6,422
Household Durables - 0.8%
Whirlpool Corp.		60,200		6,125

	Shares		Value (000’s)
Household Products - 0.4%
Energizer Holdings, Inc.		38,900		$3,111
Independent Power Producers & Energy Traders - 1.0%
AES Corp.		709,000		7,586
Industrial Conglomerates - 2.3%
General Electric Co.		869,100		18,242
Insurance - 6.1%
ACE, Ltd.		48,500		3,870
Aflac, Inc.		73,800		3,920
Allstate Corp.		231,200		9,287
Assurant, Inc.		180,300		6,256
Everest RE Group, Ltd.		70,300		7,729
Lincoln National Corp.		133,000		3,445
PartnerRe, Ltd.		44,500		3,582
Travelers Cos., Inc.		138,800		9,970
IT Services - 2.1%
Accenture PLC - Class A		47,300		3,145
Amdocs, Ltd.		118,600		4,031
Computer Sciences Corp.		79,700		3,192
Lender Processing Services, Inc.		119,200		2,935
SAIC, Inc.   ^		292,200		3,308
Machinery - 0.8%
AGCO Corp.   ‡		130,000		6,386
Media - 3.2%
CBS Corp. - Class B		94,600		3,600
Comcast Corp. - Class A		219,800		8,216
DIRECTV   ‡		192,200		9,640
News Corp. - Class A		134,400		3,433
Multiline Retail - 0.2%
Dillard’s, Inc. - Class A		22,700		1,902
Multi-Utilities - 2.6%
Ameren Corp.		214,600		6,593
DTE Energy Co.		68,500		4,113
Public Service Enterprise Group, Inc.		309,900		9,483
Oil, Gas & Consumable Fuels - 16.7%
Chevron Corp.		216,000		23,358
ConocoPhillips		286,600		16,620
Exxon Mobil Corp.		478,900		41,448
HollyFrontier Corp.		227,500		10,590
Marathon Petroleum Corp.		188,600		11,882
Murphy Oil Corp.   ^		166,900		9,939
Tesoro Corp.		95,400		4,202
Valero Energy Corp.		312,200		10,652
Western Refining, Inc.  ^		125,100		3,527
Paper & Forest Products - 0.6%
Domtar Corp.		51,900		4,335
Pharmaceuticals - 4.0%
Merck & Co., Inc.		187,200		7,664
Pfizer, Inc.		625,900		15,697
Warner Chilcott PLC - Class A		697,800		8,402
Real Estate Management & Development - 0.5%
Jones Lang LaSalle, Inc.		44,500		3,735
Road & Rail - 0.4%
Union Pacific Corp.		26,400		3,319
Software - 3.2%
CA, Inc.		185,100		4,068
Microsoft Corp.		313,100		8,369
Oracle Corp.		113,300		3,775
Symantec Corp.   ‡		459,200		8,638
Specialty Retail - 2.0%
GameStop Corp. - Class A   ^		183,100		4,594
Gap, Inc.		261,000		8,101
TJX Cos., Inc.		74,100		3,146
Tobacco - 0.4%
Lorillard, Inc.		25,300		2,952
Total Common Stocks (cost $673,922)				772,042

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

Transamerica Partners Portfolios Annual Report 2012

Page      67

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 4.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		32,120,590		$32,121
Total Securities Lending Collateral (cost $32,121)
Total Investment Securities (cost $706,043) П				804,163
Other Assets and Liabilities - Net				(19,124)
Net Assets				$785,039

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

^	All or a portion of this security is on loan. The value of all securities on loan is $31,399.
‡	Non-income producing security.
p	Rate shown reflects the yield at 12/31/2012.
П	Aggregate cost for federal income tax purposes is $711,118. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $109,984 and $16,939, respectively. Net unrealized appreciation for tax purposes is $93,045.

VALUATION SUMMARY (all amounts in thousands): э
Investment Securities	Level 1 -  Quoted  Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at 12/31/2012
Common Stocks	$772,042	$—	$—	$772,042
Securities Lending Collateral	32,121	—	—	32,121
Total	$804,163	$—	$—	$804,163

э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page      68

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
COMMON STOCKS - 98.5%
Aerospace & Defense - 3.5%
General Dynamics Corp.		14,200		$984
Lockheed Martin Corp.   ^		17,300		1,597
Northrop Grumman Corp.		47,100		3,183
Raytheon Co.		48,600		2,797
Airlines - 0.7%
Delta Air Lines, Inc.   ‡		148,300		1,760
Automobiles - 0.4%
General Motors Co.   ‡		37,600		1,084
Beverages - 0.4%
Coca-Cola Co.		30,300		1,098
Biotechnology - 3.3%
Amgen, Inc.		37,000		3,194
Biogen Idec, Inc.   ‡		17,000		2,493
Celgene Corp.   ‡		29,900		2,354
Capital Markets - 1.7%
Goldman Sachs Group, Inc.		31,900		4,069
Chemicals - 3.1%
Agrium, Inc.		27,500		2,748
CF Industries Holdings, Inc.		14,500		2,946
Eastman Chemical Co.		27,500		1,871
Commercial Banks - 6.2%
Fifth Third Bancorp		175,500		2,666
Huntington Bancshares, Inc.		342,300		2,187
KeyCorp		355,500		2,993
Regions Financial Corp.		217,700		1,550
U.S. Bancorp		40,000		1,278
Wells Fargo & Co.		133,100		4,549
Communications Equipment - 2.5%
Cisco Systems, Inc.		177,000		3,478
Motorola Solutions, Inc.		45,700		2,545
Computers & Peripherals - 3.2%
Apple, Inc.		14,500		7,729
Construction & Engineering - 0.4%
Fluor Corp.   ^		16,900		993
Consumer Finance - 1.2%
Discover Financial Services		79,000		3,045
Diversified Consumer Services - 0.8%
Apollo Group, Inc. - Class A   ‡		96,700		2,023
Diversified Financial Services - 3.2%
Citigroup, Inc.		85,000		3,363
JPMorgan Chase & Co.		100,000		4,397
Diversified Telecommunication Services - 3.4%
AT&T, Inc.		97,300		3,280
Verizon Communications, Inc.		116,100		5,024
Electric Utilities - 1.3%
American Electric Power Co., Inc.		22,300		952
Entergy Corp.		33,900		2,161
Electrical Equipment - 0.9%
First Solar, Inc.   ‡ ^		72,300		2,233
Food & Staples Retailing - 4.3%
CVS Caremark Corp.		83,900		4,056
Kroger Co.		117,800		3,065
Walgreen Co.		90,400		3,346
Food Products - 1.1%
Archer-Daniels-Midland Co.		64,000		1,753
Dean Foods Co.   ‡		62,900		1,038
Health Care Providers & Services - 6.4%
Aetna, Inc.   ^		69,800		3,232
Cardinal Health, Inc.		24,400		1,005
Humana, Inc.		44,700		3,068
McKesson Corp.		33,400		3,238
UnitedHealth Group, Inc.		70,000		3,797
WellPoint, Inc.		19,600		1,194
Hotels, Restaurants & Leisure - 1.2%
Wyndham Worldwide Corp.		57,300		3,049
Household Durables - 1.0%
Whirlpool Corp.		25,000		2,544

	Shares		Value (000’s)
Household Products - 0.9%
Kimberly-Clark Corp.		12,700		$1,072
Procter & Gamble Co.		16,600		1,127
Independent Power Producers & Energy Traders - 0.7%
AES Corp.		155,200		1,661
Industrial Conglomerates - 2.2%
3M Co.		19,400		1,801
General Electric Co.		170,200		3,573
Insurance - 2.3%
ACE, Ltd.		13,900		1,109
Aflac, Inc.		23,100		1,227
Travelers Cos., Inc.		46,000		3,304
IT Services - 5.8%
Accenture PLC - Class A		48,000		3,192
Amdocs, Ltd.		31,600		1,074
Computer Sciences Corp.		56,900		2,279
International Business Machines Corp.		28,100		5,383
SAIC, Inc.		92,200		1,044
Visa, Inc. - Class A		8,500		1,288
Machinery - 0.5%
Cummins, Inc.		11,500		1,246
Media - 5.4%
CBS Corp. - Class B		29,700		1,130
Comcast Corp. - Class A		115,900		4,332
DIRECTV   ‡		68,300		3,426
News Corp. - Class A		72,700		1,857
Time Warner Cable, Inc.		25,400		2,469
Multiline Retail - 1.0%
Target Corp.		42,400		2,509
Multi-Utilities - 1.1%
Ameren Corp.		46,900		1,441
Public Service Enterprise Group, Inc.		40,500		1,239
Oil, Gas & Consumable Fuels - 12.1%
Chevron Corp.		46,300		5,007
ConocoPhillips		64,000		3,711
Exxon Mobil Corp.		88,300		7,641
HollyFrontier Corp.		62,700		2,919
Marathon Petroleum Corp.		53,000		3,339
Murphy Oil Corp.   ^		37,500		2,233
Tesoro Corp.		30,000		1,322
Valero Energy Corp.		96,500		3,293
Personal Products - 0.3%
Herbalife, Ltd.   ^		25,300		833
Pharmaceuticals - 2.3%
Merck & Co., Inc.		31,300		1,281
Pfizer, Inc.		174,400		4,374
Road & Rail - 1.1%
Union Pacific Corp.		21,400		2,690
Semiconductors & Semiconductor Equipment - 0.5%
Intel Corp.		60,600		1,250
Software - 6.3%
CA, Inc.		40,100		881
Microsoft Corp.		237,300		6,343
Oracle Corp.		148,100		4,935
Symantec Corp.   ‡		168,000		3,160
Specialty Retail - 3.9%
GameStop Corp. - Class A   ^		104,400		2,619
Gap, Inc.		86,300		2,679
Lowe’s Cos., Inc.		27,100		963
TJX Cos., Inc.		75,800		3,217
Tobacco - 1.9%
Lorillard, Inc.		17,000		1,983
Philip Morris International, Inc.		32,000		2,677
Total Common Stocks (cost $206,977)				241,142

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

Transamerica Partners Portfolios Annual Report 2012

Page      69

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 5.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		12,355,803		$12,356
Total Securities Lending Collateral (cost $12,356)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $3,704 on 01/02/2013.
Collateralized by U.S. Government Agency Obligations, 3.50%, due 02/01/2032 - 06/01/2032, and with a total value of $3,779.		$3,704		3,704
Total Repurchase Agreement (cost $3,704)
Total Investment Securities (cost $223,037) Π				257,202
Other Assets and Liabilities - Net				(12,218)
Net Assets				$244,984

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

^ All or a portion of this security is on loan. The value of all securities on loan is $12,088.

‡ Non-income producing security.

p Rate shown reflects the yield at 12/31/2012.

Π Aggregate cost for federal income tax purposes is $225,377. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $36,963 and $5,138, respectively. Net unrealized appreciation for tax purposes is $31,825.

VALUATION SUMMARY (all amounts in thousands): Э

Investment Securities	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value at 12/31/2012
Common Stocks	$241,142	$—	$—	$241,142
Repurchase Agreement	—	3,704	—	3,704
Securities Lending Collateral	12,356	—	—	12,356
Total	$253,498	$3,704	$—	$257,202

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page      70

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
COMMON STOCKS - 97.5%
Aerospace & Defense - 4.5%
Boeing Co.		189,568	$	14,286
Honeywell International, Inc.		105,608		6,703
Precision Castparts Corp.		53,643		10,161
United Technologies Corp.		73,746		6,048
Automobiles - 0.3%
Ford Motor Co.		214,420		2,777
Beverages - 1.2%
Coca-Cola Co.		277,939		10,075
Biotechnology - 5.5%
Alexion Pharmaceuticals, Inc.    ‡		64,067		6,010
Amgen, Inc.		104,933		9,058
Biogen Idec, Inc.    ‡		70,657		10,363
Celgene Corp.    ‡		62,931		4,954
Gilead Sciences, Inc.    ‡		134,116		9,851
Vertex Pharmaceuticals, Inc.    ‡		113,525		4,761
Capital Markets - 1.3%
Goldman Sachs Group, Inc.		46,796		5,969
Morgan Stanley		258,523		4,943
Chemicals - 2.7%
CF Industries Holdings, Inc.		24,156		4,908
Monsanto Co.		157,850		14,940
Sherwin-Williams Co.		15,874		2,442
Commercial Services & Supplies - 0.5%
ADT Corp.		43,681		2,031
Tyco International, Ltd.		63,896		1,869
Communications Equipment - 4.0%
Cisco Systems, Inc.		1,092,378		21,465
Emulex Corp.    ‡		130,465		952
F5 Networks, Inc.    ‡		16,465		1,600
QUALCOMM, Inc.		132,592		8,223
Riverbed Technology, Inc.    ‡		36,187		714
Computers & Peripherals - 7.6%
Apple, Inc.		87,097		46,425
EMC Corp.    ‡		396,643		10,035
NetApp, Inc.    ‡		163,236		5,477
QLogic Corp.    ‡		106,397		1,035
Consumer Finance - 0.6%
American Express Co.		79,269		4,556
Diversified Consumer Services - 0.0% ¥
ITT Educational Services, Inc.    ‡^		16,673		289
Diversified Financial Services - 1.3%
Bank of America Corp.		648,769		7,526
JPMorgan Chase & Co.		71,163		3,129
Diversified Telecommunication Services - 1.4%
Verizon Communications, Inc.		261,195		11,302
Electrical Equipment - 0.3%
Roper Industries, Inc.		22,997		2,564
Energy Equipment & Services - 2.0%
Core Laboratories NV		7,944		868
Diamond Offshore Drilling, Inc.		59,741		4,059
National Oilwell Varco, Inc.		42,863		2,930
Oceaneering International, Inc.		59,338		3,192
Schlumberger, Ltd.		43,434		3,010
Transocean, Ltd.		62,613		2,796
Food & Staples Retailing - 4.2%
Costco Wholesale Corp.		126,354		12,480
CVS Caremark Corp.		113,427		5,484
Wal-Mart Stores, Inc.		147,741		10,080
Whole Foods Market, Inc.		68,639		6,269
Food Products - 0.7%
Green Mountain Coffee Roasters, Inc.    ‡^		51,380		2,125
Mondelez International, Inc. - Class A		138,409		3,525
Health Care Equipment & Supplies - 2.4%
Abbott Laboratories		170,059		11,139
Edwards Lifesciences Corp.    ‡		25,434		2,293
Hologic, Inc.    ‡		127,101		2,546

	Shares		Value (000’s)
Health Care Equipment & Supplies (continued)
Zimmer Holdings, Inc.		55,644	$	3,709
Health Care Providers & Services - 2.7%
Aetna, Inc.		68,798		3,185
Express Scripts Holding Co.    ‡		119,570		6,457
McKesson Corp.		40,400		3,917
UnitedHealth Group, Inc.		159,843		8,670
Hotels, Restaurants & Leisure - 2.3%
Chipotle Mexican Grill, Inc. - Class A    ‡		14,584		4,338
Dunkin’ Brands Group, Inc.    ^		128,717		4,271
Starbucks Corp.		36,915		1,979
Starwood Hotels & Resorts Worldwide, Inc.		14,268		818
Yum! Brands, Inc.		113,029		7,506
Industrial Conglomerates - 0.5%
General Electric Co.		209,529		4,398
Internet & Catalog Retail - 3.3%
Amazon.com, Inc.    ‡		74,717		18,764
priceline.com, Inc.    ‡		13,747		8,540
Internet Software & Services - 7.4%
Baidu, Inc. ADR ‡		44,659		4,479
eBay, Inc.    ‡		182,387		9,305
Facebook, Inc. - Class A    ‡		145,363		3,871
Google, Inc. - Class A    ‡		35,437		25,138
IAC/InterActiveCorp		111,317		5,265
LinkedIn Corp. - Class A    ‡		54,536		6,262
Rackspace Hosting, Inc.    ‡^		55,273		4,105
Tencent Holdings, Ltd.		62,093		2,032
Youku Tudou, Inc. ADR ‡^		21,463		391
IT Services - 5.8%
International Business Machines Corp.		88,453		16,943
Mastercard, Inc. - Class A		29,174		14,333
Teradata Corp.    ‡		31,617		1,957
Visa, Inc. - Class A		94,156		14,272
Life Sciences Tools & Services - 0.7%
Bruker Corp.    ‡		110,300		1,684
Illumina, Inc.    ‡^		61,524		3,420
Life Technologies Corp.    ‡		19,601		962
Machinery - 1.1%
Dover Corp.		22,816		1,499
Illinois Tool Works, Inc.		56,306		3,424
Parker Hannifin Corp.		47,748		4,062
Media - 3.0%
Comcast Corp. - Class A		173,008		6,466
News Corp. - Class A		153,834		3,929
Omnicom Group, Inc.		94,233		4,708
Sirius XM Radio, Inc.    ^		1,178,035		3,405
Walt Disney Co.		126,483		6,298
Metals & Mining - 0.2%
Allied Nevada Gold Corp.    ‡^		43,239		1,303
Multiline Retail - 0.6%
Dollar Tree, Inc.    ‡		65,663		2,664
Family Dollar Stores, Inc.		32,428		2,056
Oil, Gas & Consumable Fuels - 1.6%
Concho Resources, Inc.    ‡		47,073		3,792
EOG Resources, Inc.		24,963		3,015
Exxon Mobil Corp.		38,765		3,355
Valero Energy Corp.		83,602		2,853
Personal Products - 0.9%
Estee Lauder Cos., Inc. - Class A		117,546		7,036
Herbalife, Ltd.    ^		19,569		645
Pharmaceuticals - 4.9%
Allergan, Inc.		66,748		6,123
Bristol-Myers Squibb Co.		96,213		3,136
Eli Lilly & Co.		121,577		5,996
Johnson & Johnson		48,916		3,429
Merck & Co., Inc.		140,644		5,758
Novo Nordisk A/S ADR		39,561		6,457
Perrigo Co.    ^		30,246		3,146

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

Transamerica Partners Portfolios Annual Report 2012

Page 71

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Shares		Value (000’s)
Pharmaceuticals (continued)
Shire PLC ADR		69,786		$6,433
Real Estate Investment Trusts - 0.9%
American Tower Corp. - Class A		101,061		7,809
Road & Rail - 1.1%
Canadian Pacific Railway, Ltd.		7,021		713
Kansas City Southern		23,757		1,983
Union Pacific Corp.		49,585		6,235
Semiconductors & Semiconductor Equipment - 2.3%
Altera Corp.		151,970		5,234
ARM Holdings PLC ADR ^		104,078		3,937
Avago Technologies, Ltd. - Class A		102,930		3,259
Broadcom Corp. - Class A    ‡		114,914		3,816
Xilinx, Inc.		69,642		2,500
Software - 7.1%
BMC Software, Inc.    ‡		41,242		1,636
Check Point Software Technologies, Ltd.    ‡ ^		72,102		3,435
Intuit, Inc.		84,064		5,002
Microsoft Corp.		469,659		12,553
NetSuite, Inc.    ‡ ^		22,207		1,495
Oracle Corp.		276,284		9,205
Red Hat, Inc.    ‡		162,436		8,603
Salesforce.com, Inc.    ‡		48,179		8,099
Splunk, Inc.    ‡		50,184		1,456
VMware, Inc. - Class A    ‡ ^		61,081		5,750
Workday, Inc. - Class A    ‡		23,936		1,305
Specialty Retail - 5.3%
Bed Bath & Beyond, Inc.    ‡		18,581		1,039
Buckle, Inc.    ^		61,287		2,736
Home Depot, Inc.		92,345		5,712
Inditex SA		81,015		11,383
Lowe’s Cos., Inc.		178,275		6,332
O’Reilly Automotive, Inc.    ‡		48,042		4,296
PetSmart, Inc.		41,072		2,807
TJX Cos., Inc.		226,110		9,598

	Shares		Value (000’s)
Textiles, Apparel & Luxury Goods - 3.6%
Burberry Group PLC		120,445		$2,421
Coach, Inc.		100,326		5,569
Lululemon Athletica, Inc.    ‡ ^		95,566		7,285
NIKE, Inc. - Class B		163,246		8,424
Ralph Lauren Corp. - Class A		41,729		6,256
Tobacco - 1.2%
Philip Morris International, Inc.		121,895		10,195
Wireless Telecommunication Services - 0.5%
Crown Castle International Corp.    ‡		57,034		4,116
Total Common Stocks (cost $692,410)				804,390
SECURITIES LENDING COLLATERAL - 4.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		35,771,469		35,771
Total Securities Lending Collateral (cost $35,771)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $21,540 on 01/02/2013.
Collateralized by U.S. Government Agency Obligations, 3.50%, due 06/01/2032, and with a total value of $21,976.		$21,540		21,540
Total Repurchase Agreement (cost $21,540)
Total Investment Securities (cost $749,721) П				861,701
Other Assets and Liabilities - Net				(36,687)
Net Assets				$825,014

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

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

^ All or a portion of this security is on loan. The value of all securities on loan is $34,918.

p Rate shown reflects the yield at 12/31/2012.

П Aggregate cost for federal income tax purposes is $756,648. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $118,277 and $13,224, respectively. Net unrealized appreciation for tax purposes is $105,053.

DEFINITION:

ADR  American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): Э

		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Investment Securities	Prices	Inputs	Inputs	12/31/2012
Common Stocks	$788,554	$15,836	$—	$804,390
Repurchase Agreement	—	21,540	—	21,540
Securities Lending Collateral	35,771	—	—	35,771
Total	$824,325	$37,376	$—	$861,701

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page 72

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
COMMON STOCKS - 95.3%
Aerospace & Defense - 0.3%
Alliant Techsystems, Inc.		37,400		$2,317
Automobiles - 0.9%
Harley-Davidson, Inc.		147,950		7,226
Beverages - 1.9%
Beam, Inc.		152,150		9,294
Brown-Forman Corp. - Class B		30,350		1,920
Dr. Pepper Snapple Group, Inc.		75,100		3,318
Building Products - 1.2%
Fortune Brands Home & Security, Inc.    ‡		98,300		2,872
Owens Corning, Inc.    ‡		168,700		6,241
Capital Markets - 5.7%
Ameriprise Financial, Inc.		98,100		6,144
Charles Schwab Corp.		290,600		4,173
Invesco, Ltd.		416,900		10,877
Northern Trust Corp.		166,800		8,367
State Street Corp.		205,700		9,670
T. Rowe Price Group, Inc.		63,200		4,116
Chemicals - 4.5%
Airgas, Inc.		110,250		10,065
Albemarle Corp.		65,620		4,076
Ashland, Inc.		89,800		7,221
FMC Corp.		110,600		6,472
Sherwin-Williams Co.		19,900		3,061
Sigma-Aldrich Corp.    ^		53,000		3,900
Commercial Banks - 6.6%
CIT Group, Inc.    ‡		161,200		6,229
City National Corp.    ^		52,300		2,590
Cullen/Frost Bankers, Inc.    ^		33,700		1,829
Fifth Third Bancorp		702,600		10,671
First Republic Bank		46,300		1,518
Huntington Bancshares, Inc.		236,800		1,513
KeyCorp		719,300		6,057
M&T Bank Corp.		52,600		5,180
SunTrust Banks, Inc.		468,150		13,271
Zions Bancorporation    ^		97,500		2,087
Commercial Services & Supplies - 2.2%
Republic Services, Inc. - Class A		143,000		4,194
Tyco International, Ltd.		448,000		13,104
Communications Equipment - 0.7%
Motorola Solutions, Inc.		103,550		5,766
Containers & Packaging - 1.7%
Ball Corp.		134,500		6,018
Rock-Tenn Co. - Class A		48,900		3,419
Silgan Holdings, Inc.		91,100		3,789
Distributors - 0.5%
Genuine Parts Co.		62,000		3,942
Electric Utilities - 2.0%
Northeast Utilities		195,200		7,628
NV Energy, Inc.		210,400		3,817
Westar Energy, Inc.    ^		133,500		3,821
Electrical Equipment - 1.7%
AMETEK, Inc.		103,750		3,898
Eaton Corp. PLC		96,204		5,214
Regal Beloit Corp.		57,600		4,059
Electronic Equipment & Instruments - 1.2%
Amphenol Corp. - Class A		78,020		5,048
Arrow Electronics, Inc.    ‡		115,900		4,413
Energy Equipment & Services - 1.3%
Cameron International Corp.    ‡		108,950		6,151
Oceaneering International, Inc.		77,600		4,174
Food Products - 1.8%
Hershey Co.		130,290		9,409
JM Smucker Co.		15,700		1,354
Ralcorp Holdings, Inc.    ‡		34,900		3,129

	Shares		Value (000’s)
Gas Utilities - 0.9%
EQT Corp.		70,320		$4,148
ONEOK, Inc.		45,800		1,958
Questar Corp.		48,700		962
Health Care Equipment & Supplies - 1.6%
CareFusion Corp.    ‡		289,410		8,272
St. Jude Medical, Inc.		123,500		4,463
Health Care Providers & Services - 3.6%
AmerisourceBergen Corp. - Class A		227,200		9,810
CIGNA Corp.		240,500		12,858
Henry Schein, Inc.    ‡		30,600		2,462
Humana, Inc.		42,680		2,929
Hotels, Restaurants & Leisure - 2.0%
Darden Restaurants, Inc.		50,999		2,299
Marriott International, Inc. - Class A		113,766		4,240
Starwood Hotels & Resorts Worldwide, Inc.		107,300		6,154
Yum! Brands, Inc.		48,300		3,207
Household Durables - 2.0%
Jarden Corp.    ‡		23,400		1,210
Mohawk Industries, Inc.    ‡		50,600		4,578
Newell Rubbermaid, Inc.		438,800		9,772
Household Products - 1.0%
Clorox Co.		54,100		3,961
Energizer Holdings, Inc.		50,700		4,055
Industrial Conglomerates - 0.5%
Carlisle Cos., Inc.		65,779		3,865
Insurance - 6.4%
Alleghany Corp.    ‡		12,974		4,352
Chubb Corp.		121,640		9,163
Hartford Financial Services Group, Inc.		109,200		2,450
Loews Corp.		163,200		6,650
Marsh & McLennan Cos., Inc.		333,200		11,486
Old Republic International Corp.		216,100		2,301
OneBeacon Insurance Group, Ltd. - Class A		90,755		1,261
Unum Group		142,800		2,973
WR Berkley Corp.    ^		104,800		3,955
XL Group PLC - Class A		167,200		4,190
Internet & Catalog Retail - 0.6%
Expedia, Inc.		47,350		2,909
TripAdvisor, Inc.    ‡ ^		45,250		1,899
Internet Software & Services - 1.3%
Yahoo! Inc.    ‡		495,500		9,860
IT Services - 0.6%
Jack Henry & Associates, Inc.		119,300		4,684
Machinery - 5.5%
Dover Corp.		167,000		10,974
IDEX Corp.		74,400		3,462
Pentair, Ltd.		279,850		13,755
Rexnord Corp.    ‡ ^		126,400		2,692
Snap-on, Inc.		43,906		3,468
Stanley Black & Decker, Inc.		118,400		8,758
Media - 3.3%
AMC Networks, Inc.    ‡		18,325		907
Cablevision Systems Corp. - Class A    ^		73,160		1,093
CBS Corp. - Class B		85,300		3,246
Clear Channel Outdoor Holdings, Inc. - Class A    ‡ ^		108,261		760
DISH Network Corp. - Class A		121,400		4,419
Gannett Co., Inc.    ^		63,300		1,140
Interpublic Group of Cos., Inc.		603,100		6,646
McGraw-Hill Cos., Inc.		129,550		7,083
Washington Post Co. - Class B    ^		1,800		657
Multiline Retail - 2.0%
Family Dollar Stores, Inc.		65,300		4,141
Kohl’s Corp.		124,460		5,349
Nordstrom, Inc.		111,250		5,952
Multi-Utilities - 5.5%
CenterPoint Energy, Inc.		178,880		3,443
CMS Energy Corp.		381,750		9,307

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

Transamerica Partners Portfolios Annual Report 2012

Page      73

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Shares		Value (000’s)
Multi-Utilities (continued)
NiSource, Inc.		536,800		$13,362
Sempra Energy		57,800		4,100
Wisconsin Energy Corp.		91,300		3,364
Xcel Energy, Inc.		352,850		9,425
Oil, Gas & Consumable Fuels - 5.1%
Cameco Corp.    ^		338,100		6,667
Devon Energy Corp.		65,100		3,388
Energen Corp.		135,821		6,124
Marathon Oil Corp.		263,450		8,078
Marathon Petroleum Corp.		64,400		4,057
PBF Energy, Inc. - Class A    ‡ ^		45,700		1,328
QEP Resources, Inc.		90,000		2,724
Whiting Petroleum Corp.    ‡		108,900		4,723
Williams Cos., Inc.		79,200		2,593
Paper & Forest Products - 1.1%
MeadWestvaco Corp.		279,500		8,908
Pharmaceuticals - 0.8%
Hospira, Inc.    ‡		192,500		6,014
Professional Services - 0.9%
Dun & Bradstreet Corp.    ^		49,500		3,893
Equifax, Inc.		57,300		3,101
Real Estate Investment Trusts - 1.4%
Annaly Capital Management, Inc.    ^		94,100		1,321
HCP, Inc.		64,500		2,914
Regency Centers Corp.		71,100		3,351
Vornado Realty Trust		39,937		3,198
Real Estate Management & Development - 1.2%
Brookfield Office Properties, Inc.    ^		167,000		2,841
CBRE Group, Inc. - Class A    ‡		344,400		6,853
Semiconductors & Semiconductor Equipment - 3.2%
Analog Devices, Inc.		128,240		5,393
LSI Corp.    ‡		745,300		5,277
Maxim Integrated Products, Inc.		169,000		4,969
Microchip Technology, Inc.		156,200		5,091
Xilinx, Inc.		105,400		3,784
Software - 2.7%
BMC Software, Inc.    ‡		183,830		7,291
Check Point Software Technologies, Ltd.    ‡ ^		103,850		4,947
Parametric Technology Corp.    ‡		256,050		5,764
Synopsys, Inc.    ‡		106,400		3,388

	Shares		Value (000’s)
Specialty Retail - 3.8%
AutoZone, Inc.    ‡		13,900		$4,928
Bed Bath & Beyond, Inc.    ‡		78,900		4,411
Gap, Inc.		105,700		3,281
Limited Brands, Inc.		80,750		3,800
PetSmart, Inc.		29,400		2,009
Tiffany & Co.    ^		51,600		2,959
TJX Cos., Inc.		83,000		3,523
Williams-Sonoma, Inc.		99,600		4,359
Textiles, Apparel & Luxury Goods - 1.4%
PVH Corp.		80,900		8,980
V.F. Corp.		14,200		2,144
Thrifts & Mortgage Finance - 0.5%
Capitol Federal Financial, Inc.		99,000		1,157
People’s United Financial, Inc.    ^		238,300		2,881
Trading Companies & Distributors - 1.0%
MSC Industrial Direct Co., Inc. - Class A		106,850		8,054
Water Utilities - 1.0%
American Water Works Co., Inc.		206,000		7,649
Wireless Telecommunication Services - 0.2%
Telephone & Data Systems, Inc.		68,263		1,511
Total Common Stocks (cost $636,283)				741,087
SECURITIES LENDING COLLATERAL - 4.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		37,138,708		37,139
Total Securities Lending Collateral (cost $37,139)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 5.0%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $39,234 on 01/02/2013.
Collateralized by U.S. Government Agency Obligations, 3.50%, due 06/01/2032, and with a total value of $40,026.		$39,234		39,234
Total Repurchase Agreement (cost $39,234)
Total Investment Securities (cost $712,656) П				817,460
Other Assets and Liabilities - Net				(39,496)
Net Assets				$777,964

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

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $36,239.

p Rate shown reflects the yield at 12/31/2012.

П Aggregate cost for federal income tax purposes is $716,852. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $108,674 and $8,066, respectively. Net unrealized appreciation for tax purposes is $100,608.

VALUATION SUMMARY (all amounts in thousands): Э

		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Investment Securities	Prices	Inputs	Inputs	12/31/2012
Common Stocks	$741,087	$—	$—	$741,087
Repurchase Agreement	—	39,234	—	39,234
Securities Lending Collateral	37,139	—	—	37,139
Total	$778,226	$39,234	$—	$817,460

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page      74

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS - 99.8%
Automobiles - 1.2%
Harley-Davidson, Inc.		40,900		$1,998
Biotechnology - 4.5%
Alexion Pharmaceuticals, Inc.    ‡ ^		17,184		1,612
Medivation, Inc.    ‡ ^		64,962		3,324
Regeneron Pharmaceuticals, Inc.    ‡ ^		14,342		2,453
Building Products - 2.5%
USG Corp.    ‡ ^		144,568		4,058
Chemicals - 3.0%
Georgia Gulf Corp.		38,500		1,589
PPG Industries, Inc.		6,200		839
Westlake Chemical Corp.    ^		31,400		2,490
Communications Equipment - 2.0%
Aruba Networks, Inc.    ‡		159,600		3,312
Construction & Engineering - 1.6%
Quanta Services, Inc.    ‡ ^		94,500		2,579
Construction Materials - 2.5%
Vulcan Materials Co.		78,815		4,102
Consumer Finance - 1.9%
Discover Financial Services		81,320		3,135
Electrical Equipment - 1.2%
Belden, Inc.    ^		45,300		2,038
Electronic Equipment & Instruments - 4.7%
FEI Co.    ^		74,328		4,123
Trimble Navigation, Ltd.    ‡ ^		59,374		3,549
Food & Staples Retailing - 0.7%
Whole Foods Market, Inc.    ^		12,836		1,172
Food Products - 1.9%
Hershey Co.		43,955		3,174
Health Care Equipment & Supplies - 3.7%
Cooper Cos., Inc.    ^		25,296		2,339
Edwards Lifesciences Corp.    ‡ ^		19,631		1,770
Intuitive Surgical, Inc.    ‡ ^		4,219		2,069
Health Care Providers & Services - 1.5%
Catamaran Corp.    ‡ ^		51,771		2,439
Household Durables - 10.2%
D.R. Horton, Inc.    ^		58,300		1,153
Lennar Corp. - Class A    ^		93,072		3,599
Mohawk Industries, Inc.    ‡		29,900		2,705
Newell Rubbermaid, Inc.		108,455		2,415
Toll Brothers, Inc.    ‡ ^		102,587		3,317
Whirlpool Corp.		35,783		3,641
Insurance - 1.3%
First American Financial Corp.    ^		87,600		2,110
Internet & Catalog Retail - 2.3%
Expedia, Inc.		60,671		3,728
Internet Software & Services - 5.6%
Akamai Technologies, Inc.    ‡ ^		96,425		3,945
IAC/InterActiveCorp    ^		74,298		3,514
LinkedIn Corp. - Class A    ‡ ^		15,604		1,792
IT Services - 4.8%
Alliance Data Systems Corp.    ‡ ^		22,728		3,290
Computer Sciences Corp.    ^		72,815		2,916
Teradata Corp.    ‡		27,082		1,676
Machinery - 2.1%
Pentair, Ltd.		69,827		3,432
Metals & Mining - 1.2%
Agnico-Eagle Mines, Ltd.		39,228		2,058
Oil, Gas & Consumable Fuels - 1.5%
Cobalt International Energy, Inc.    ‡ ^		100,813		2,476
Pharmaceuticals - 1.6%
Watson Pharmaceuticals, Inc.    ‡		30,357		2,611
Professional Services - 2.6%
Equifax, Inc.    ^		80,120		4,336
Real Estate Management & Development - 1.6%
Realogy Holdings Corp.    ‡		61,130		2,565

			Value
	Shares		(000’s)
Road & Rail - 5.6%
Canadian Pacific Railway, Ltd.    ^		41,836		$4,252
Hertz Global Holdings, Inc.    ‡ ^		140,100		2,279
Kansas City Southern    ^		32,798		2,738
Semiconductors & Semiconductor Equipment - 5.0%
ARM Holdings PLC ADR ^		74,456		2,817
Cree, Inc.    ‡ ^		71,400		2,426
NXP Semiconductor NV    ‡ ^		115,800		3,053
Software - 3.9%
CommVault Systems, Inc.    ‡ ^		36,900		2,572
ServiceNow, Inc.    ‡ ^		126,176		3,789
Specialty Retail - 11.0%
American Eagle Outfitters, Inc.    ^		124,281		2,549
Chico’s FAS, Inc.    ^		179,494		3,313
Foot Locker, Inc.    ^		52,720		1,693
GNC Holdings, Inc. - Class A    ^		135,872		4,523
Ulta Salon Cosmetics & Fragrance, Inc.    ^		38,990		3,832
Urban Outfitters, Inc.    ‡ ^		62,102		2,444
Textiles, Apparel & Luxury Goods - 3.5%
Michael Kors Holdings, Ltd.    ‡ ^		73,948		3,774
Under Armour, Inc. - Class A    ‡ ^		41,115		1,995
Wireless Telecommunication Services - 3.1%
SBA Communications Corp. - Class A    ‡ ^		46,648		3,313
Sprint Nextel Corp.    ‡ ^		305,078		1,730
Total Common Stocks (cost $146,769)				164,535
SECURITIES LENDING COLLATERAL - 25.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		42,133,685		42,134
Total Securities Lending Collateral (cost $42,134)
	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $471 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $482.		$471		471
Total Repurchase Agreement (cost $471)
Total Investment Securities (cost $189,374) П				207,140
Other Assets and Liabilities - Net				(42,207)
Net Assets				$164,933

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

Transamerica Partners Portfolios Annual Report 2012

Page      75

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

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

^ All or a portion of this security is on loan. The value of all securities on loan is $41,208.

‡ Non-income producing security.

p Rate shown reflects the yield at 12/31/2012.

П Aggregate cost for federal income tax purposes is $189,600. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $18,542 and $1,002, respectively. Net unrealized appreciation for tax purposes is $17,540.

VALUATION SUMMARY (all amounts in thousands): Э

		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Investment Securities	Prices	Inputs	Inputs	12/31/2012
Common Stocks	$164,535	$—	$—	$164,535
Repurchase Agreement	—	471	—	471
Securities Lending Collateral	42,134	—	—	42,134
Total	$206,669	$471	$—	$207,140

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page      76

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
COMMON STOCKS - 96.6%
Aerospace & Defense - 0.8%
Cubic Corp.		12,300		$590
Air Freight & Logistics - 1.7%
Atlas Air Worldwide Holdings, Inc.    ‡		14,400		638
UTi Worldwide, Inc.		40,700		545
Capital Markets - 0.5%
Ares Capital Corp.		19,100		334
Chemicals - 4.1%
Innospec, Inc.		23,200		800
Koppers Holdings, Inc.    ^		17,100		652
Sensient Technologies Corp.		14,900		530
Zep, Inc.		59,800		864
Commercial Banks - 8.6%
First Busey Corp.    ^		112,430		523
First Midwest Bancorp, Inc.    ^		80,500		1,008
First Niagara Financial Group, Inc.		80,610		639
Hancock Holding Co.    ^		18,400		584
International Bancshares Corp.    ^		58,600		1,058
MB Financial, Inc.    ^		33,700		666
Webster Financial Corp.		51,900		1,067
Westamerica Bancorporation    ^		9,300		396
Commercial Services & Supplies - 5.9%
ACCO Brands Corp.    ‡ ^		133,400		979
G&K Services, Inc. - Class A		30,900		1,056
McGrath RentCorp.    ^		1,300		38
Standard Parking Corp.    ‡ ^		28,800		633
United Stationers, Inc.    ^		47,190		1,463
Computers & Peripherals - 1.2%
Diebold, Inc.    ^		28,400		869
Construction & Engineering - 0.1%
Sterling Construction Co., Inc.    ‡		8,600		85
Containers & Packaging - 2.1%
Aptargroup, Inc.    ^		18,200		869
Greif, Inc. - Class A		13,400		596
Diversified Consumer Services - 1.6%
Matthews International Corp. - Class A    ^		34,200		1,098
Electric Utilities - 1.8%
UNS Energy Corp.    ^		16,100		683
Westar Energy, Inc.    ^		21,400		612
Electrical Equipment - 4.1%
Acuity Brands, Inc.    ^		10,100		684
Belden, Inc.    ^		48,900		2,200
Electronic Equipment & Instruments - 2.3%
Coherent, Inc.    ^		12,600		638
MTS Systems Corp.    ^		19,032		969
Energy Equipment & Services - 2.5%
Bristow Group, Inc.		14,700		789
SEACOR Holdings, Inc.    ^		11,940		1,000
Food & Staples Retailing - 1.3%
Casey’s General Stores, Inc.    ^		17,200		913
Food Products - 0.7%
Post Holdings, Inc.    ‡ ^		14,700		503
Gas Utilities - 2.3%
Atmos Energy Corp.    ^		23,400		822
New Jersey Resources Corp.    ^		7,400		293
WGL Holdings, Inc.    ^		13,500		529
Health Care Equipment & Supplies - 3.1%
Haemonetics Corp.    ‡ ^		7,000		286
ICU Medical, Inc.    ‡ ^		18,700		1,139
STERIS Corp.    ^		21,700		754
Health Care Providers & Services - 2.6%
Amsurg Corp. - Class A    ‡ ^		40,300		1,210
Corvel Corp.    ‡		13,900		623
Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc.    ‡		8,500		80

	Shares		Value (000’s)
Hotels, Restaurants & Leisure - 2.0%
CEC Entertainment, Inc.    ^		31,700		$1,053
Choice Hotels International, Inc.    ^		9,800		329
Household Durables - 1.9%
Helen of Troy, Ltd.    ‡ ^		39,435		1,317
Industrial Conglomerates - 3.9%
Carlisle Cos., Inc.    ^		46,000		2,703
Insurance - 4.7%
AMERISAFE, Inc.    ‡ ^		28,000		763
Assured Guaranty, Ltd.    ^		39,700		565
Platinum Underwriters Holdings, Ltd.    ^		18,200		837
Primerica, Inc.		37,900		1,138
IT Services - 2.4%
Forrester Research, Inc.    ^		20,700		555
MAXIMUS, Inc.		18,100		1,144
Life Sciences Tools & Services - 4.6%
Charles River Laboratories International, Inc.    ‡		41,800		1,566
ICON PLC ADR ‡ ^		61,100		1,696
Machinery - 5.7%
Albany International Corp. - Class A    ^		53,600		1,216
ESCO Technologies, Inc.		30,700		1,148
Mueller Industries, Inc.		33,000		1,652
Marine - 1.8%
Kirby Corp.    ‡ ^		20,600		1,275
Media - 2.5%
Arbitron, Inc.		37,000		1,727
Multiline Retail - 1.2%
Fred’s, Inc. - Class A    ^		63,300		843
Office Electronics - 1.1%
Zebra Technologies Corp. - Class A    ‡		20,100		790
Oil, Gas & Consumable Fuels - 1.5%
Halcon Resources Corp.    ‡		38,741		268
Penn Virginia Corp.    ^		25,742		114
Scorpio Tankers, Inc.    ‡ ^		94,900		674
Paper & Forest Products - 1.5%
Deltic Timber Corp.    ^		14,600		1,031
Real Estate Investment Trusts - 3.4%
Campus Crest Communities, Inc.    ^		58,300		715
DiamondRock Hospitality Co.    ^		66,000		594
Mack-Cali Realty Corp.    ^		19,200		501
Summit Hotel Properties, Inc.    ^		62,200		591
Road & Rail - 1.1%
Genesee & Wyoming, Inc. - Class A    ‡ ^		10,100		768
Software - 0.8%
Websense, Inc.    ‡		36,800		553
Specialty Retail - 5.0%
Ascena Retail Group, Inc.    ‡ ^		55,900		1,034
Cato Corp. - Class A    ^		52,100		1,429
Stage Stores, Inc.    ^		41,100		1,018
Thrifts & Mortgage Finance - 2.4%
Flushing Financial Corp.    ^		38,433		590
Northwest Bancshares, Inc.    ^		89,600		1,087
Trading Companies & Distributors - 1.7%
GATX Corp.    ^		27,600		1,195
Total Common Stocks (cost $53,915)				67,786
SECURITIES LENDING COLLATERAL - 25.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		17,768,244		17,768
Total Securities Lending Collateral (cost $17,768)

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

Transamerica Partners Portfolios Annual Report 2012

Page 77

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.7%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $2,606 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $2,659.		$2,606		$2,606
Total Repurchase Agreement (cost $2,606)
Total Investment Securities (cost $74,289) П				88,160
Other Assets and Liabilities - Net				(17,977)
Net Assets				$70,183

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

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $17,344.

p Rate shown reflects the yield at 12/31/2012.

П Aggregate cost for federal income tax purposes is $74,519. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $14,752 and $1,111, respectively. Net unrealized appreciation for tax purposes is $13,641.

DEFINITION:

ADR            American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): Э

		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Investment Securities	Prices	Inputs	Inputs	12/31/2012
Common Stocks	$67,786	$—	$—	$67,786
Repurchase Agreement	—	2,606	—	2,606
Securities Lending Collateral	17,768	—	—	17,768
Total	$85,554	$2,606	$—	$88,160

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page 78

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS - 98.3%
Aerospace & Defense - 1.3%
Cubic Corp.    ^		16,100		$772
GenCorp, Inc.    ‡ ^		131,100		1,200
Sparton Corp.    ‡		5,400		75
TASER International, Inc.    ‡ ^		79,800		713
Triumph Group, Inc.		17,830		1,164
Air Freight & Logistics - 1.0%
Atlas Air Worldwide Holdings, Inc.    ‡		20,200		895
Forward Air Corp.    ^		35,392		1,239
UTi Worldwide, Inc.		54,700		733
Airlines - 0.2%
US Airways Group, Inc.    ‡ ^		35,500		479
Auto Components - 0.0% ¥
China Automotive Systems, Inc.    ‡ ^		15,700		75
Superior Industries International, Inc.    ^		1,500		31
Beverages - 0.2%
Boston Beer Co., Inc. - Class A    ‡ ^		5,499		739
Biotechnology - 3.1%
Acorda Therapeutics, Inc.    ‡ ^		55,265		1,374
BioMarin Pharmaceutical, Inc.    ‡ ^		50,615		2,493
Genomic Health, Inc.    ‡ ^		41,207		1,123
Isis Pharmaceuticals, Inc.    ‡ ^		27,700		290
Maxygen, Inc.    ^		66,600		164
Momenta Pharmaceuticals, Inc.    ‡ ^		23,900		282
Myrexis, Inc.    ‡		16,000		45
Myriad Genetics, Inc.    ‡ ^		2,100		57
Onyx Pharmaceuticals, Inc.    ‡ ^		35,310		2,667
Targacept, Inc.    ‡ ^		19,700		86
United Therapeutics Corp.    ‡		12,510		668
Building Products - 0.7%
Trex Co., Inc.    ‡ ^		28,330		1,055
USG Corp.    ‡ ^		38,800		1,089
Capital Markets - 0.4%
Apollo Investment Corp.    ^		10,900		91
Ares Capital Corp.		25,400		445
CorEnergy Infrastructure Trust REIT		2,900		17
Horizon Technology Finance Corp.    ^		11,300		168
THL Credit, Inc.    ^		21,700		321
Chemicals - 2.9%
Chemtura Corp.    ‡		64,065		1,362
Georgia Gulf Corp.		23,600		974
Innospec, Inc.		32,100		1,107
Koppers Holdings, Inc.    ^		22,800		870
LSB Industries, Inc.    ‡		44,804		1,587
Material Sciences Corp.    ‡ ^		3,100		28
Minerals Technologies, Inc.    ^		23,200		926
Sensient Technologies Corp.    ^		20,000		711
Zep, Inc.		80,600		1,164
Commercial Banks - 6.7%
Access National Corp.    ^		23,300		303
Bancfirst Corp.    ^		600		25
Banco Latinoamericano de Comercio Exterior SA - Class E		33,300		718
BancorpSouth, Inc.		48,575		706
Boston Private Financial Holdings, Inc.    ^		22,600		204
C&F Financial Corp.		1,300		51
CapitalSource, Inc.    ^		17,800		135
Center Bancorp, Inc.		24,500		284
Central Pacific Financial Corp.    ‡ ^		20,300		316
Century Bancorp, Inc. - Class A    ^		900		30
Citizens & Northern Corp.    ^		18,300		346
East-West Bancorp, Inc.		4,500		97
First Busey Corp.   ^		144,472		672
First Community Bancshares, Inc.		2,600		42
First Defiance Financial Corp.    ^		15,500		297

			Value
	Shares		(000’s)
Commercial Banks (continued)
First Financial Bankshares, Inc.    ^		15,600		$609
First Merchants Corp.    ^		53,200		789
First Midwest Bancorp, Inc.    ^		108,700		1,361
First Niagara Financial Group, Inc.		109,739		870
Hancock Holding Co.    ^		25,400		806
Hanmi Financial Corp.    ‡ ^		41,500		564
Horizon Bancorp		6,000		118
International Bancshares Corp.    ^		80,800		1,457
Lakeland Financial Corp.    ^		28,000		724
MainSource Financial Group, Inc.    ^		14,700		186
MB Financial, Inc.		46,700		922
National Penn Bancshares, Inc.    ^		98,800		921
OceanFirst Financial Corp.    ^		3,200		44
Old National Bancorp    ^		57,325		680
Pacific Mercantile Bancorp    ‡ ^		4,900		31
Peoples Bancorp, Inc.    ^		24,400		498
Preferred Bank/Los Angeles CA    ‡ ^		3,700		53
PrivateBancorp, Inc. - Class A    ^		14,400		221
Republic Bancorp, Inc. - Class A    ^		40,900		864
Southwest Bancorp, Inc.    ‡ ^		38,000		426
Suffolk Bancorp    ‡ ^		23,200		304
Taylor Capital Group, Inc.    ‡		5,300		96
Washington Trust Bancorp, Inc.    ^		7,900		208
Webster Financial Corp.    ^		70,600		1,451
West Bancorporation, Inc.    ^		36,200		390
Westamerica Bancorporation    ^		12,200		520
Wilshire Bancorp, Inc.    ‡		163,700		961
Commercial Services & Supplies - 3.3%
ACCO Brands Corp.    ‡ ^		182,300		1,338
G&K Services, Inc. - Class A    ^		41,753		1,426
McGrath RentCorp.    ^		4,500		131
Quad/Graphics, Inc.    ^		4,100		84
Rollins, Inc.		31,915		703
Standard Parking Corp.    ‡ ^		41,288		908
Sykes Enterprises, Inc.    ‡		83,100		1,265
Tetra Tech, Inc.    ‡		62,970		1,665
TRC Cos., Inc.    ‡ ^		34,800		203
United Stationers, Inc.    ^		64,470		1,997
Communications Equipment - 1.1%
Arris Group, Inc.    ‡		3,800		57
Aruba Networks, Inc.    ‡ ^		73,684		1,529
Aviat Networks, Inc. - Class A    ‡		36,300		119
Aware, Inc.    ^		20,000		110
Bel Fuse, Inc. - Class B    ^		1,900		37
Brocade Communications Systems, Inc.    ‡		78,400		418
Comtech Telecommunications Corp.		40,600		1,030
Computers & Peripherals - 0.9%
Diebold, Inc.    ^		38,800		1,188
Imation Corp.    ‡ ^		46,700		218
Lexmark International, Inc. - Class A    ^		22,700		526
Synaptics, Inc.    ‡		26,070		781
Construction & Engineering - 0.6%
Argan, Inc.    ^		31,000		558
EMCOR Group, Inc.    ^		29,307		1,014
Sterling Construction Co., Inc.    ‡		14,800		147
Construction Materials - 0.1%
Headwaters, Inc.    ‡ ^		20,000		171
Consumer Finance - 2.1%
Asta Funding, Inc.    ^		5,100		49
Atlanticus Holdings Corp.    ‡ ^		9,796		33
Cash America International, Inc.    ^		33,695		1,337
Encore Capital Group, Inc.    ‡ ^		20,218		619
Ezcorp, Inc. - Class A    ‡		71,595		1,421
First Cash Financial Services, Inc.    ‡ ^		33,365		1,655
Imperial Holdings, Inc.    ‡ ^		22,600		101

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

Transamerica Partners Portfolios Annual Report 2012

Page      79

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

			Value
	Shares		(000’s)
Consumer Finance (continued)
Portfolio Recovery Associates, Inc.    ‡ ^		9,954		$1,064
Containers & Packaging - 0.6%
Aptargroup, Inc.    ^		23,400		1,117
Greif, Inc. - Class A		18,200		810
Diversified Consumer Services - 1.6%
Ascent Capital Group, Inc.    ‡ ^		3,900		242
Capella Education Co.    ‡ ^		4,500		127
Coinstar, Inc.    ‡ ^		35,015		1,821
Matthews International Corp. - Class A    ^		44,300		1,422
Steiner Leisure, Ltd.    ‡ ^		26,270		1,266
Diversified Financial Services - 1.0%
Gain Capital Holdings, Inc.    ^		12,700		52
KKR Financial Holdings LLC		48,900		516
PHH Corp.    ‡		52,300		1,190
Prospect Capital Corp.		114,200		1,242
Diversified Telecommunication Services - 0.2%
Fairpoint Communications, Inc.    ‡ ^		5,900		47
IDT Corp. - Class B    ^		44,300		422
Electric Utilities - 1.4%
Cleco Corp.		4,200		168
El Paso Electric Co.    ^		33,400		1,066
NGP Capital Resources Co.    ^		7,100		51
Portland General Electric Co.		10,200		279
UNS Energy Corp.    ^		43,000		1,824
Westar Energy, Inc.    ^		28,800		824
Electrical Equipment - 2.9%
Acuity Brands, Inc.    ^		13,400		908
AZZ, Inc.		13,200		507
Belden, Inc.    ^		102,535		4,612
EnerSys, Inc.    ‡ ^		56,250		2,117
First Solar, Inc.    ‡ ^		2,000		62
Lihua International, Inc.    ^		67,600		297
Electronic Equipment & Instruments - 2.1%
Agilysys, Inc.    ‡ ^		51,600		432
Coherent, Inc.    ^		18,100		916
FEI Co.    ^		27,045		1,500
LoJack Corp.    ‡ ^		37,100		104
MTS Systems Corp.    ^		26,100		1,329
Multi-Fineline Electronix, Inc.    ‡		26,339		532
Power-One, Inc.    ‡ ^		62,700		258
SYNNEX Corp.    ‡ ^		25,925		891
Tech Data Corp.    ‡		6,100		278
Energy Equipment & Services - 2.2%
Bristow Group, Inc.		19,000		1,020
Dril-Quip, Inc.    ‡ ^		20,735		1,515
Exterran Holdings, Inc.    ‡ ^		38,500		844
Helix Energy Solutions Group, Inc.    ‡ ^		70,100		1,447
Hercules Offshore, Inc.    ‡ ^		21,400		132
SEACOR Holdings, Inc.		16,060		1,346
T.G.C. Industries, Inc.    ^		10,800		88
Food & Staples Retailing - 0.6%
Casey’s General Stores, Inc.    ^		22,900		1,216
PriceSmart, Inc.    ^		7,235		557
Food Products - 1.5%
Cal-Maine Foods, Inc.    ^		16,000		644
Darling International, Inc.    ‡ ^		71,202		1,142
Dean Foods Co.    ‡		21,700		358
Feihe International, Inc.    ‡ ^		19,600		129
John B Sanfilippo & Son, Inc.    ^		11,400		207
Lancaster Colony Corp.    ^		17,345		1,201
Post Holdings, Inc.    ‡ ^		20,000		685
Gas Utilities - 1.3%
Atmos Energy Corp.    ^		30,600		1,075
Chesapeake Utilities Corp.    ^		9,300		422
Laclede Group, Inc.    ^		2,000		77

			Value
	Shares		(000’s)
Gas Utilities (continued)
New Jersey Resources Corp.    ^		10,472		$415
Southwest Gas Corp.		29,900		1,268
WGL Holdings, Inc.    ^		18,100		709
Health Care Equipment & Supplies - 5.4%
Align Technology, Inc.    ‡ ^		34,345		953
Cynosure, Inc. - Class A    ‡ ^		22,200		535
DexCom, Inc.    ‡ ^		58,930		802
Endologix, Inc.    ‡ ^		66,475		947
Haemonetics Corp.    ‡ ^		9,400		384
ICU Medical, Inc.    ‡ ^		25,400		1,548
Insulet Corp.    ‡ ^		81,828		1,736
NxStage Medical, Inc.    ‡		112,666		1,267
RTI Biologics, Inc.    ‡ ^		396,478		1,693
Spectranetics Corp.    ‡ ^		156,254		2,309
STERIS Corp.    ^		29,100		1,011
SurModics, Inc.    ‡		4,200		94
Thoratec Corp.    ‡		52,460		1,968
Wright Medical Group, Inc.    ‡ ^		39,500		829
Health Care Providers & Services - 1.4%
Amsurg Corp. - Class A    ‡ ^		64,900		1,948
CardioNet, Inc.    ‡ ^		52,100		119
Corvel Corp.    ‡		20,700		928
HMS Holdings Corp.    ‡ ^		23,460		608
Select Medical Holdings Corp.		50,600		477
Health Care Technology - 0.4%
Allscripts Healthcare Solutions, Inc.    ‡		11,000		104
Vocera Communications, Inc.    ‡		48,170		1,209
Hotels, Restaurants & Leisure - 3.4%
BJ’s Restaurants, Inc.    ‡ ^		25,555		841
Boyd Gaming Corp.    ‡ ^		11,700		78
Buffalo Wild Wings, Inc.    ‡ ^		17,910		1,304
CEC Entertainment, Inc.    ^		42,700		1,417
Choice Hotels International, Inc.    ^		13,500		454
Cracker Barrel Old Country Store, Inc.    ^		2,300		148
Life Time Fitness, Inc.    ‡ ^		31,745		1,562
Marriott Vacations Worldwide Corp.    ‡		10,900		454
Nathan’s Famous, Inc.    ‡		1,300		44
Papa John’s International, Inc.    ‡		34,390		1,889
Red Robin Gourmet Burgers, Inc.    ‡		11,900		420
Texas Roadhouse, Inc. - Class A    ^		82,215		1,381
Household Durables - 0.8%
CSS Industries, Inc.		9,900		217
Helen of Troy, Ltd.    ‡ ^		52,500		1,753
Hooker Furniture Corp.    ^		3,400		49
NACCO Industries, Inc. - Class A    ^		7,300		443
Household Products - 0.2%
Harbinger Group, Inc.    ‡		78,500		604
Independent Power Producers & Energy Traders - 0.0% ¥
Genie Energy, Ltd.    ^		16,800		119
Industrial Conglomerates - 1.4%
Carlisle Cos., Inc.		62,100		3,649
Raven Industries, Inc.    ^		22,535		594
Insurance - 3.3%
AMERISAFE, Inc.    ‡ ^		40,100		1,093
Assured Guaranty, Ltd.		53,100		756
Crawford & Co. - Class B    ^		27,700		221
First American Financial Corp.    ^		55,700		1,342
Fortegra Financial Corp.    ‡ ^		5,800		52
Homeowners Choice, Inc.    ^		23,300		484
Maiden Holdings, Ltd.    ^		50,700		466
National Financial Partners Corp.    ‡ ^		68,200		1,169
Phoenix Cos., Inc.    ‡ ^		5,800		143
Platinum Underwriters Holdings, Ltd.		24,400		1,122
Primerica, Inc.		50,400		1,512
Protective Life Corp.    ^		16,300		466

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

Transamerica Partners Portfolios Annual Report 2012

Page      80

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

			Value
	Shares		(000’s)
Insurance (continued)
Stewart Information Services Corp.    ^		13,300		$346
Symetra Financial Corp.		4,400		57
United Fire Group, Inc.    ^		20,000		437
Internet & Catalog Retail - 0.2%
PetMed Express, Inc.    ^		44,900		498
Internet Software & Services - 2.0%
AOL, Inc.    ‡ ^		16,600		492
Bankrate, Inc.    ‡ ^		68,360		851
comScore, Inc.    ‡ ^		65,479		902
Digital River, Inc.    ‡		13,800		199
IAC/InterActiveCorp    ^		14,400		681
j2 Global, Inc.    ^		41,320		1,263
Sohu.com, Inc.    ‡		10,900		516
VistaPrint NV     ‡ ^		30,176		992
IT Services - 3.3%
Acxiom Corp.    ‡		8,800		154
Booz Allen Hamilton Holding Corp. - Class A    ^		34,500		480
Convergys Corp.    ^		77,000		1,264
CoreLogic, Inc.    ‡		23,000		619
Forrester Research, Inc.    ^		27,900		748
InterXion Holding NV    ‡		59,250		1,408
Lender Processing Services, Inc.		20,500		505
MAXIMUS, Inc.		55,813		3,527
Virtusa Corp.    ‡ ^		66,043		1,085
Leisure Equipment & Products - 0.2%
Arctic Cat, Inc.    ‡ ^		7,500		250
LeapFrog Enterprises, Inc. - Class A    ‡ ^		14,600		126
Multimedia Games Holding Co., Inc.    ‡		17,100		252
Life Sciences Tools & Services - 2.0%
Charles River Laboratories International, Inc.    ‡		58,000		2,173
Fluidigm Corp.    ‡ ^		95,888		1,372
ICON PLC ADR   ‡ ^		83,100		2,307
Machinery - 4.2%
Actuant Corp. - Class A    ^		1,000		28
Albany International Corp. - Class A		72,400		1,642
CLARCOR, Inc.    ^		14,855		710
ESCO Technologies, Inc.    ^		71,563		2,677
Flow International Corp.    ‡ ^		23,800		83
FreightCar America, Inc.    ^		18,500		415
Kadant, Inc.    ‡		18,700		496
LB Foster Co. - Class A    ^		8,300		361
Lindsay Corp.    ^		9,905		794
Middleby Corp.    ‡ ^		10,935		1,402
Mueller Industries, Inc.    ^		48,200		2,411
Terex Corp.    ‡ ^		23,300		655
Wabtec Corp.		8,353		731
Marine - 0.6%
Kirby Corp.    ‡ ^		27,800		1,721
Media - 1.6%
Arbitron, Inc.		50,200		2,343
Ballantyne Strong, Inc.    ‡ ^		30,600		101
Cinemark Holdings, Inc.    ^		64,902		1,686
Fisher Communications, Inc.    ^		900		24
Global Sources, Ltd.    ‡ ^		7,100		46
Lakes Entertainment, Inc.    ‡ ^		34,300		103
Nexstar Broadcasting Group, Inc. - Class A    ‡ ^		3,000		32
Saga Communications, Inc. - Class A    ^		600		28
Scholastic Corp.    ^		16,400		485
Metals & Mining - 0.7%
Coeur d’Alene Mines Corp.    ‡ ^		33,700		829
Commercial Metals Co.    ^		35,800		532
Golden Star Resources, Ltd.    ‡ ^		37,500		69
RTI International Metals, Inc.    ‡ ^		18,800		518

			Value
	Shares		(000’s)
Multiline Retail - 0.6%
Dillard’s, Inc. - Class A    ^		7,500		$628
Fred’s, Inc. - Class A    ^		85,700		1,141
Multi-Utilities - 0.1%
PNM Resources, Inc.		12,600		258
Office Electronics - 0.4%
Zebra Technologies Corp. - Class A    ‡		27,100		1,064
Oil, Gas & Consumable Fuels - 4.0%
CVR Energy, Inc.    ‡ ^		22,100		1,078
Delek US Holdings, Inc.    ^		20,100		509
Energy XXI Bermuda, Ltd.    ^		48,405		1,559
Frontline, Ltd.    ‡ ^		42,200		138
Gulfport Energy Corp.    ‡ ^		51,140		1,956
Halcon Resources Corp.    ‡		52,188		361
Oasis Petroleum, Inc.    ‡ ^		48,555		1,544
Penn Virginia Corp.    ^		35,200		155
PetroQuest Energy, Inc.    ‡		225,550		1,116
Rentech, Inc.    ^		384,205		1,010
REX American Resources Corp.    ‡		21,000		405
Scorpio Tankers, Inc.    ‡ ^		128,100		911
Vaalco Energy, Inc.    ‡ ^		59,000		510
W&T Offshore, Inc.    ^		22,400		359
Western Refining, Inc.    ^		9,100		257
Paper & Forest Products - 1.6%
Buckeye Technologies, Inc.    ^		36,555		1,049
Deltic Timber Corp.    ^		20,200		1,427
Louisiana-Pacific Corp.    ‡ ^		77,100		1,490
P.H. Glatfelter Co.		22,200		388
Resolute Forest Products    ‡ ^		29,100		385
Pharmaceuticals - 1.7%
Auxilium Pharmaceuticals, Inc.    ‡		76,490		1,417
Cumberland Pharmaceuticals, Inc.    ‡ ^		43,200		181
Endocyte, Inc.    ‡ ^		29,500		265
Impax Laboratories, Inc.    ‡		76,275		1,563
Salix Pharmaceuticals, Ltd.    ‡		26,355		1,067
Santarus, Inc.    ‡ ^		52,900		581
Professional Services - 0.5%
Barrett Business Services, Inc.    ^		22,600		861
Corporate Executive Board Co.    ^		4,700		223
Resources Connection, Inc.		26,900		321
Real Estate Investment Trusts - 4.8%
AG Mortgage Investment Trust, Inc.    ^		5,900		139
Arbor Realty Trust, Inc.		70,200		420
Campus Crest Communities, Inc.    ^		80,500		987
Cedar Realty Trust, Inc.    ^		165,100		872
DiamondRock Hospitality Co.    ^		90,252		812
Extra Space Storage, Inc.		36,500		1,329
FelCor Lodging Trust, Inc.    ‡ ^		11,800		55
Kite Realty Group Trust    ^		49,800		278
Lexington Realty Trust    ^		116,300		1,215
Mack-Cali Realty Corp.    ^		26,100		681
Mission West Properties, Inc.    ^		25,700		234
Monmouth Real Estate Investment Corp. - Class A		79,000		818
One Liberty Properties, Inc.		27,100		550
Ramco-Gershenson Properties Trust		31,000		413
Redwood Trust, Inc.    ^		50,700		856
RLJ Lodging Trust		68,000		1,318
Sovran Self Storage, Inc.		21,400		1,330
STAG Industrial, Inc.    ^		65,800		1,182
Summit Hotel Properties, Inc.    ^		82,600		785
Road & Rail - 0.8%
Genesee & Wyoming, Inc. - Class A    ‡		13,600		1,035
Old Dominion Freight Line, Inc.    ‡ ^		40,197		1,378

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

Transamerica Partners Portfolios Annual Report 2012

Page      81

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

			Value
	Shares		(000’s)
Semiconductors & Semiconductor Equipment - 2.0%
Advanced Energy Industries, Inc.    ‡ ^		8,800		$122
EXAR Corp.    ‡ ^		8,600		77
FormFactor, Inc.    ‡ ^		124,500		568
Kulicke & Soffa Industries, Inc.    ‡		42,900		514
MagnaChip Semiconductor Corp.    ‡		21,200		338
Microsemi Corp.    ‡ ^		69,150		1,454
Pericom Semiconductor Corp.    ‡ ^		18,100		145
Power Integrations, Inc.    ^		19,740		663
Rudolph Technologies, Inc.    ‡ ^		40,600		546
Skyworks Solutions, Inc.    ‡		51,927		1,054
Tessera Technologies, Inc.		26,600		437
Software - 3.0%
Aspen Technology, Inc.    ‡ ^		64,605		1,786
Blackbaud, Inc.    ^		54,610		1,247
Cadence Design Systems, Inc.    ‡ ^		160,811		2,173
Fair Isaac Corp.    ^		1,600		67
Manhattan Associates, Inc.    ‡ ^		2,900		175
MICROS Systems, Inc.    ‡ ^		23,776		1,009
Parametric Technology Corp.    ‡		42,398		954
Rosetta Stone, Inc.    ‡ ^		47,100		581
SolarWinds, Inc.    ‡		2,400		126
Websense, Inc.    ‡		52,000		782
Specialty Retail - 3.6%
Ascena Retail Group, Inc.    ‡ ^		75,200		1,390
Brown Shoe Co., Inc.    ^		47,100		865
Build-A-Bear Workshop, Inc.    ‡		38,800		148
Cato Corp. - Class A    ^		107,774		2,957
Chico’s FAS, Inc.		91,616		1,691
Hot Topic, Inc.    ^		95,300		920
Lumber Liquidators Holdings, Inc.    ‡		8,700		460
Office Depot, Inc.    ‡ ^		47,700		156
rue21 inc    ‡ ^		27,580		783
Stage Stores, Inc.		55,300		1,370
Textiles, Apparel & Luxury Goods - 1.6%
Movado Group, Inc.		31,600		969
Skechers U.S.A., Inc. - Class A    ‡ ^		51,900		960
True Religion Apparel, Inc.    ^		48,430		1,231
Vera Bradley, Inc.    ‡ ^		58,752		1,475
Thrifts & Mortgage Finance - 1.3%
Dime Community Bancshares, Inc.		16,000		222
First Financial Northwest, Inc.    ‡ ^		3,400		26
Flagstar Bancorp, Inc.    ‡ ^		31,600		613
Flushing Financial Corp.   ^		51,010		782
Home Loan Servicing Solutions, Ltd.    ^		3,500		66
Northwest Bancshares, Inc.    ^		121,200		1,471
Provident Financial Holdings, Inc.    ^		5,300		93
Pulaski Financial Corp.    ^		4,900		44
Rockville Financial, Inc.    ^		11,400		147
Tree.com, Inc.    ^		13,700		247
Washington Federal, Inc.    ^		10,000		169

			Value
	Shares		(000’s)
Tobacco - 0.2%
Universal Corp.    ^		12,600		$629
Trading Companies & Distributors - 1.0%
Applied Industrial Technologies, Inc.    ^		27,775		1,167
Beacon Roofing Supply, Inc.    ‡ ^		4,100		136
GATX Corp.		37,900		1,641
Water Utilities - 0.0% ¥
Consolidated Water Co., Ltd.    ^		6,700		50
Total Common Stocks (cost $244,196)				291,908
	Principal		Value
	(000’s)		(000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill
0.06%, 03/14/2013    p  g		$280		280
Total Short-Term U.S. Government Obligation (cost $280)
			Value
	Shares		(000’s)
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		76,323,450		76,323
Total Securities Lending Collateral (cost $76,323)
	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $4,884 on 01/02/2013.
Collateralized by U.S. Government Agency Obligations, 3.50%, due 02/01/2032, and with a total value of $4,986.		$4,884		4,884
Total Repurchase Agreement (cost $4,884)
Total Investment Securities (cost $325,683) П				373,395
Other Assets and Liabilities - Net				(76,459)
Net Assets				$296,936

FUTURES CONTRACTS:

Description	Type	Contracts	Expiration Date	Unrealized  Appreciation  (000’s)
Russell 2000 Mini Index	Long	14	03/15/2013		$31

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

Transamerica Partners Portfolios Annual Report 2012

Page      82

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

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

^ All or a portion of this security is on loan. The value of all securities on loan is $74,384.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 12/31/2012.

g This security in the amount of $280 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

П Aggregate cost for federal income tax purposes is $328,241. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $54,106 and $8,952, respectively. Net unrealized appreciation for tax purposes is $45,154.

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): Э

		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Investment Securities	Prices	Inputs	Inputs	12/31/2012
Common Stocks	$291,908	$—	$—	$291,908
Repurchase Agreement	—	4,884	—	4,884
Securities Lending Collateral	76,323	—	—	76,323
Short-Term U.S. Government Obligation	—	280	—	280
Total	$368,231	$5,164	$—	$373,395
		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Other Financial Instruments  ₣	Prices	Inputs	Inputs	12/31/2012
Futures Contracts - Appreciation	$31	$—	$—	$31

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

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

Transamerica Partners Portfolios Annual Report 2012

Page      83

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
COMMON STOCKS - 97.8%
Aerospace & Defense - 2.4%
Triumph Group, Inc.		21,000	$	1,371
Air Freight & Logistics - 1.2%
Hub Group, Inc. - Class A    ‡^		20,620		693
Chemicals - 2.0%
Kraton Performance Polymers, Inc.    ‡		49,190		1,182
Commercial Banks - 10.0%
Bank of the Ozarks, Inc.    ^		25,211		844
Home Bancshares, Inc.    ^		26,364		871
PrivateBancorp, Inc. - Class A    ^		90,000		1,378
Signature Bank    ‡^		14,110		1,007
SVB Financial Group    ‡		15,810		885
Texas Capital Bancshares, Inc.    ‡^		19,300		865
Commercial Services & Supplies - 2.5%
Healthcare Services Group Inc.    ^		63,000		1,463
Diversified Consumer Services - 2.2%
Coinstar, Inc.    ‡^		24,190		1,258
Diversified Financial Services - 1.3%
MarketAxess Holdings, Inc.    ^		21,530		760
Electrical Equipment - 1.3%
EnerSys, Inc.    ‡^		19,500		734
Electronic Equipment & Instruments - 1.0%
InvenSense, Inc. - Class A    ‡^		51,283		570
Energy Equipment & Services - 1.7%
Pacific Drilling SA    ‡		107,970		1,019
Food Products - 1.9%
Annie’s, Inc.    ‡^		16,320		546
TreeHouse Foods, Inc.    ‡^		10,990		572
Health Care Providers & Services - 8.2%
Air Methods Corp.    ^		60,810		2,243
Centene Corp.    ‡		25,970		1,065
HMS Holdings Corp.    ‡^		56,124		1,455
Health Care Technology - 6.0%
athenahealth, Inc.    ‡^		11,030		810
Computer Programs & Systems, Inc.    ^		16,987		855
Medidata Solutions, Inc.    ‡^		19,830		777
Vocera Communications, Inc.    ‡		43,050		1,081
Hotels, Restaurants & Leisure - 4.4%
Buffalo Wild Wings, Inc.    ‡^		13,780		1,003
Red Robin Gourmet Burgers, Inc.    ‡^		17,935		633
Sonic Corp.    ‡^		86,700		903
Household Durables - 1.0%
Meritage Homes Corp.    ‡		15,310		572
Insurance - 2.2%
eHealth, Inc.     ‡^		17,642		485
Hilltop Holdings, Inc.    ‡^		58,023		785
Internet Software & Services - 3.3%
LivePerson, Inc.    ‡^		77,780		1,022
SPS Commerce, Inc.    ‡^		23,650		881
IT Services - 1.7%
MAXIMUS, Inc.		16,020		1,013
Life Sciences Tools & Services - 0.9%
PAREXEL International Corp.    ‡^		17,410		515
Machinery - 5.4%
Chart Industries, Inc.    ‡^		14,020		935
Wabtec Corp.		25,390		2,222
Oil, Gas & Consumable Fuels -4.1%
Approach Resources, Inc.    ‡^		47,780		1,195
Callon Petroleum Co.     ‡^		128,090		602
Gulfport Energy Corp.     ‡^		15,570		595
Personal Products - 1.9%
Inter Parfums, Inc.    ^		29,150		567
Prestige Brands Holdings, Inc.    ‡^		27,390		549
Pharmaceuticals - 4.9%
Akorn, Inc.    ‡^		112,240		1,499
Impax Laboratories, Inc.    ‡		66,303		1,359
Professional Services - 2.4%
Advisory Board Co.    ‡^		29,870		1,398

	Shares		Value (000’s)
Semiconductors & Semiconductor Equipment - 2.0%
Applied Micro Circuits Corp.    ‡ ^		82,271		$691
Inphi Corp.    ‡^		49,985		479
Software - 7.4%
AVG Technologies NV    ‡		53,760		851
QLIK Technologies, Inc.    ‡^		38,696		840
Sourcefire, Inc.    ‡^		14,750		696
Synchronoss Technologies, Inc.    ‡^		60,298		1,273
Tangoe, Inc.    ‡^		56,459		670
Specialty Retail - 10.3%
Asbury Automotive Group, Inc.    ‡^		33,650		1,078
Francesca’s Holdings Corp.    ‡^		32,508		844
Group 1 Automotive, Inc.    ^		18,650		1,156
Hibbett Sports, Inc.    ‡^		12,220		644
Pier 1 Imports, Inc.    ^		116,510		2,331
Textiles, Apparel & Luxury Goods - 3.2%
Deckers Outdoor Corp.    ‡^		11,077		446
Steven Madden, Ltd.    ‡^		33,190		1,403
Trading Companies & Distributors - 1.0%
Beacon Roofing Supply, Inc.    ‡^		16,829		560
Total Common Stocks (cost $57,662)				56,999
WARRANT - 0.0% ¥
Oil, Gas & Consumable Fuels - 0.0% ¥
Magnum Hunter Resources Corp.    ‡^
Expiration: 10/14/2013
Exercise Price: $10.50		10,091		t
Total Warrant (cost $t)
SECURITIES LENDING COLLATERAL - 23.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26%  p		13,854,836		13,855
Total Securities Lending Collateral (cost $13,855)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co.
0.03%  p, dated 12/31/2012, to be repurchased at $1,533 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $1,565.		$1,533		1,533
Total Repurchase Agreement (cost $1,533)
Total Investment Securities (cost $73,050) Π				72,387
Other Assets and Liabilities - Net				(14,087)
Net Assets				$58,300

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

Transamerica Partners Portfolios Annual Report 2012

Page 84

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

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

^ All or a portion of this security is on loan. The value of all securities on loan is $13,521.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

¿ Amount is less than 1.

p Rate shown reflects the yield at 12/31/2012.

П Aggregate cost for federal income tax purposes is $73,486. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $1,608 and $2,707, respectively. Net unrealized depreciation for tax purposes is $1,099.

VALUATION SUMMARY (all amounts in thousands): Э

		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Investment Securities	Prices	Inputs	Inputs	12/31/2012
Common Stocks	$56,999	$—	$—	$56,999
Repurchase Agreement	—	1,533	—	1,533
Securities Lending Collateral	13,855	—	—	13,855
Warrants	¿	—	—	¿
Total	$70,854	$1,533	$—	$72,387

Э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Partners Portfolios Annual Report 2012

Page 85

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2012

	Shares		Value (000’s)
PREFERRED STOCK - 2.0%
Germany - 2.0%
Volkswagen AG, 1.70%      p		54,377	$	12,477
Total Preferred Stock (cost $4,999)
COMMON STOCKS - 95.5%
Brazil - 4.4%
BM&FBOVESPA SA		750,300		5,130
Embraer SA      ADR ‡		215,600		6,147
Itau Unibanco Holding SA      ADR		490,670		8,076
Natura Cosmeticos SA		269,300		7,713
Canada - 3.4%
Canadian National Railway Co.      ^		84,250		7,651
Cenovus Energy, Inc.      ^		180,688		6,047
Teck Resources, Ltd. - Class B      ^		207,500		7,541
China - 1.5%
Baidu, Inc.      ADR ‡		88,991		8,924
Denmark - 2.6%
Novo Nordisk A/S - Class B		99,464		16,196
France - 7.6%
Air Liquide SA		97,793		12,355
Cie Generale des Etablissements Michelin - Class B		92,121		8,827
LVMH Moet Hennessy Louis Vuitton SA		87,843		16,211
Publicis Groupe SA		172,754		10,393
Germany - 11.4%
Adidas AG		152,560		13,616
Allianz SE		75,740		10,558
Deutsche Bank AG		176,400		7,761
Fresenius Medical Care AG & Co., KGaA		168,643		11,639
SAP AG		158,371		12,735
Siemens AG		120,900		13,220
Hong Kong - 12.0%
AIA Group, Ltd.		2,240,119		8,885
China Merchants Bank Co., Ltd. - Class H      ^		2,116,880		4,754
CNOOC, Ltd.		6,178,627		13,612
Hong Kong Exchanges and Clearing, Ltd.      ^		658,021		11,388
HSBC Holdings PLC		1,205,973		12,782
Industrial & Commercial Bank of China, Ltd. - Class H      ^		15,653,467		11,298
Sinopharm Group Co., Ltd. - Class H      ^		1,824,398		5,793
Tencent Holdings, Ltd.      ^		171,245		5,603
Israel - 1.5%
Teva Pharmaceutical Industries, Ltd.      ADR		239,524		8,944
Japan - 9.1%
FANUC Corp.		41,510		7,723
KDDI Corp.		103,807		7,339
Komatsu, Ltd.		435,867		11,184
Mitsubishi UFJ Financial Group, Inc.      ^		2,887,798		15,626
Toyota Motor Corp.		298,757		13,951
Korea, Republic of - 2.3%
Hyundai Motor Co.      ‡		23,919		4,931
Samsung Electronics Co., Ltd.		6,569		9,438
Mexico - 1.6%
Wal-Mart de Mexico SAB de CV - Series V      ^		3,024,400		9,869
Netherlands - 0.7%
ASML Holding NV		64,452		4,134
Sweden - 1.7%
Hennes & Mauritz AB - Class B		289,671		10,039
Svenska Handelsbanken AB - Class A		8,978		323
Switzerland - 6.6%
Julius Baer Group, Ltd.      ‡		191,554		6,820
Nestle SA		110,753		7,226
Novartis AG		184,471		11,654
Swatch Group AG - BR		11,940		6,055

	Shares		Value (000’s)
Switzerland (continued)
Syngenta AG		20,550		$8,302
United Kingdom - 18.7%
ARM Holdings PLC		483,581		6,107
BG Group PLC		222,339		3,709
BP PLC      ADR		78,000		3,248
British American Tobacco PLC		210,728		10,712
Burberry Group PLC		233,806		4,700
Carnival PLC		258,278		10,030
Kingfisher PLC		2,218,733		10,367
Pearson PLC		343,637		6,698
Reckitt Benckiser Group PLC		236,534		15,015
Rolls-Royce Holdings PLC      ‡		440,340		6,316
Royal Bank of Scotland Group PLC      ‡		828,017		4,426
SABMiller PLC		181,479		8,423
Standard Chartered PLC		501,568		12,980
Tullow Oil PLC		149,201		3,110
Vodafone Group PLC		3,880,060		9,767
United States - 10.4%
Accenture PLC - Class A		125,909		8,373
Check Point Software Technologies, Ltd.      ‡^		148,696		7,084
Covidien PLC		156,446		9,033
MercadoLibre, Inc.      ^		21,800		1,713
Potash Corp. of Saskatchewan, Inc.		221,000		8,992
Schlumberger, Ltd.		188,708		13,076
Yandex NV - Class A      ‡		184,000		3,969
Yum! Brands, Inc.		159,010		10,558
Total Common Stocks (cost $460,024)				586,819
SECURITIES LENDING COLLATERAL - 7.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.26% p		45,979,539		45,980
Total Securities Lending Collateral (cost $45,980)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co.
0.03% p, dated 12/31/2012, to be repurchased at $12,019 on 01/02/2013.
Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $12,263.	$	12,019		12,019
Total Repurchase Agreement (cost $12,019)
Total Investment Securities (cost $523,022) П				657,295
Other Assets and Liabilities - Net				(42,863)
Net Assets				$614,432

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

Transamerica Partners Portfolios Annual Report 2012

Page      86

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities	Value (000’s)
Commercial Banks	11.9%		$78,027
Textiles, Apparel & Luxury Goods	6.2		40,583
Pharmaceuticals	5.6		36,794
Automobiles	4.8		31,358
Oil, Gas & Consumable Fuels	4.5		29,726
Chemicals	4.5		29,649
Hotels, Restaurants & Leisure	3.1		20,588
Specialty Retail	3.1		20,406
Internet Software & Services	3.1		20,209
Software	3.0		19,819
Semiconductors & Semiconductor Equipment	3.0		19,679
Insurance	3.0		19,443
Machinery	2.9		18,907
Health Care Providers & Services	2.6		17,432
Wireless Telecommunication Services	2.6		17,106
Media	2.6		17,091
Diversified Financial Services	2.5		16,518
Household Products	2.3		15,015
Industrial Conglomerates	2.0		13,220
Energy Equipment & Services	2.0		13,075
Aerospace & Defense	1.9		12,463
Tobacco	1.6		10,712
Food & Staples Retailing	1.5		9,869
Health Care Equipment & Supplies	1.4		9,033
Auto Components	1.3		8,827
Beverages	1.3		8,423
IT Services	1.3		8,373
Personal Products	1.2		7,713
Road & Rail	1.2		7,651
Metals & Mining	1.1		7,541
Food Products	1.1		7,226
Capital Markets	1.0		6,820
Investment Securities, at Value	91.2		599,296
Short-Term Investments	8.8		57,999
Total Investments	100.0%		$657,295

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts (Sold) (000’s)		Settlement Date		Amount in U.S. Dollars (Sold) (000’s)		Net Unrealized  (Depreciation)  (000’s)
EUR	SSB		(9,515)		05/08/2013		$(12,205)		$(368)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 12/31/2012:

	Total Market Value of OTC	Collateral
	Derivatives	(Received) Pledged	Net Exposures (1)
Counterparty	(000’s)	(000’s)	(000’s)
SSB	$(368)	$—	$(368)

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

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

p Rate shown reflects the yield at 12/31/2012.

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $43,908.

П Aggregate cost for federal income tax purposes is $524,170. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $146,287 and $13,162, respectively. Net unrealized appreciation for tax purposes is $133,125.

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

Transamerica Partners Portfolios Annual Report 2012

Page      87

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2012

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

CURRENCY ABBREVIATION:
EUR	Euro

VALUATION SUMMARY (all amounts in thousands): э

		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Investment Securities	Prices	Inputs	Inputs	12/31/2012
Common Stocks	$142,088	$444,731	$—	$586,819
Preferred Stock	—	12,477	—	12,477
Repurchase Agreement	—	12,019	—	12,019
Securities Lending Collateral	45,980	—	—	45,980
Total	$188,068	$469,227	$—	$657,295
		Level 2 -
		Other	Level 3 -
	Level 1 -	Significant	Significant
	Quoted	Observable	Unobservable	Value at
Other Financial Instruments ₣	Prices	Inputs	Inputs	12/31/2012
Forward Foreign Currency Contracts - Depreciation	$—	$(368)	$—	$(368)

э Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the year ended 12/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

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

Transamerica Partners Portfolios Annual Report 2012

Page      88

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2012

(all amounts in thousands)

	Money Market		High Quality Bond			Inflation-      Protected       Securities			Core Bond		High Yield Bond		Balanced
Assets:
Investment securities, at value	$	834,133	$	390,392		$	346,088		$	1,811,477	$	782,671	$	123,424
Repurchase agreements, at value		114,047		10,235			–			36		24,502		848
Cash on deposit with broker		–		–			70			1,874		–		47
Cash		–		–			–			432		255		2
Foreign currency, at value		–		–			149			1,057		–		1
Unrealized appreciation on forward foreign currency contracts		–		–			265			257		–		4
Unrealized appreciation on swap agreements		–		–			439			1,925		–		–
Premium paid on swap agreements		–		–			–			722		–		–
Receivables:
Due from advisor		–		–			–			–		–		6
Due from custodian		–		–			–			1,027		–		–
Investment securities sold		–		–			862			662,410		1,991		17,901
Interest		445		1,703			1,443			9,694		12,523		264
Dividends		–		–			–			–		7		75
Securities lending income (net)		–		3			–	(A)		10		–		1
Variation margin		–		–			203			1,071		–		20
Other		–		–			–			8		92		–
Prepaid expenses		3		1			1			5		3		–	(A)
		948,628		402,334			349,520			2,492,005		822,044		142,593
Liabilities:
Cash due to broker		–		–			400			1,050		–		–
Accounts payable and accrued liabilities:
Collateral for securities on loan		–		16,134			6,809			55,283		–		6,883
Investment securities purchased		–		–			–			752,742		1,592		19,321
Advisory fees		195		113			103			435		380		42
Trustee and CCO fees		– (A)		–	(A)		–	(A)		1		– (A)		–	(A)
Custody fees		27		11			20			62		33		22
Interest from TBA short commitment		–		–			–			318		–		10
Audit and tax fees		16		17			18			21		19		19
Legal fees		29		12			18			52		25		3
Other		3		1			–	(A)		5		2		–	(A)
Unrealized depreciation on swap agreements		–		–			91			811		–		–
Premium received on swap agreements		–		–			–			1,815		–		–
TBA short commitments, at value		–		–			–			208,827		–		6,680
Written options and swaptions, at value		–		–			588			196		–		–
Unrealized depreciation on forward foreign currency contracts		–		–			337			354		–		11
		270		16,288			8,384			1,021,972		2,051		32,991
Net Assets	$	948,358	$	386,046		$	341,136		$	1,470,033	$	819,993	$	109,602
Investment securities, at cost	$	834,133	$	384,754		$	323,694		$	1,766,189	$	758,773	$	118,618
Repurchase agreements, at cost		114,047		10,235			–			36		24,502		848
Foreign currency, at cost		–		–			174			1,128		–		1
Securities loaned, at value		–		15,806			6,673			54,153		–		6,734
Proceeds from TBA short commitments		–		–			–			208,594		–		6,673
Premium on written options and swaptions		–		–			632			230		–		–

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

Transamerica Partners Portfolios Annual Report 2012

Page      89

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At December 31, 2012

(all amounts in thousands)

	Large Value			Large Core			Large Growth			Mid Value			Mid Growth			Small Value
Assets:
Investment securities, at value	$	804,163		$	253,498		$	840,161		$	778,226		$	206,669		$	85,554
Repurchase agreement, at value		–			3,704			21,540			39,234			471			2,606
Cash		–			–			–			18			–			–
Receivables:
Due from advisor		–			–			7			11			1			1
Investment securities sold		25,145			–			1,253			857			–			–
Interest		–			–	(A)		–	(A)		–	(A)		–	(A)		–	(A)
Dividends		919			272			331			691			38			33
Dividend reclaims		–			–			117			–			–			–
Securities lending income (net)		19			24			32			11			15			3
Other		7			–			8			–			–			–
Prepaid expenses		3			1			4			3			1			–	(A)
		830,256			257,499			863,453			819,051			207,195			88,197
Liabilities:
Cash due to custodian		12,731			–			–			–			–			–
Accounts payable and accrued liabilities:
Collateral for securities on loan		32,121			12,356			35,771			37,139			42,134			17,768
Investment securities purchased		–			–			2,157			3,436			–			175
Advisory fees		306			124			432			435			100			48
Trustee and CCO fees		–	(A)		–	(A)		–	(A)		–	(A)		–	(A)		–	(A)
Custody fees		15			6			31			17			6			4
Audit and tax fees		17			18			18			16			16			16
Legal fees		24			8			26			41			5			2
Other		3			3			4			3			1			1
		45,217			12,515			38,439			41,087			42,262			18,014
Net Assets	$	785,039		$	244,984		$	825,014		$	777,964		$	164,933		$	70,183
Investment securities, at cost	$	706,043		$	219,333		$	728,181		$	673,422		$	188,903		$	71,683
Repurchase agreements, at cost		–			3,704			21,540			39,234			471			2,606
Securities loaned, at value		31,399			12,088			34,918			36,239			41,208			17,344
							International
	Small Core			Small Growth			Equity
Assets:
Investment securities, at value	$	368,511		$	70,854		$	645,276
Repurchase agreement, at value		4,884			1,533			12,019
Cash		25			–			70
Foreign currency, at value		–			–			34
Receivables:
Investment securities sold		196			139			1,757
Interest		–	(A)		–	(A)		–	(A)
Dividends		155			2			647
Dividend reclaims		–			–			3,557
Securities lending income (net)		35			7			22
Variation margin		30			–			–
Prepaid expenses		1			–	(A)		2
		373,837			72,535			663,384
Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		76,323			13,855			45,980
Investment securities purchased		336			313			2,101
Advisory fees		203			44			387
Trustee and CCO fees		–	(A)		–	(A)		–	(A)
Custody fees		10			5			61
Audit and tax fees		16			16			24
Legal fees		10			2			29
Other		3			–	(A)		2
Unrealized depreciation on forward foreign currency contracts		–			–			368
		76,901			14,235			48,952
Net Assets	$	296,936		$	58,300		$	614,432
Investment securities, at cost	$	320,799		$	71,517		$	511,003
Repurchase agreements, at cost		4,884			1,533			12,019
Foreign currency, at cost		–			–			34
Securities loaned, at value		74,384			13,521			43,908

(A)

Rounds to less than $1.

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

Transamerica Partners Portfolios Annual Report 2012

Page      90

STATEMENTS OF OPERATIONS

For the year ended December 31, 2012

(all amounts in thousands)

	Money Market			High Quality    Bond		Inflation- Protected     Securities		Core Bond		High Yield Bond		Balanced
Investment income:
Interest income	$	1,628		$	10,027	$	6,422	$	51,740	$	60,334	$	1,073
Securities lending income (net)		–			51		16		213		–		36
Dividend income		–			–		–		148		282		1,425
Withholding taxes on foreign income		–			–		–		(29)		–		(1)
Total investment income		1,628			10,078		6,438		52,072		60,616		2,533
Expenses:
Advisory		2,291			1,426		1,234		5,347		4,264		492
Custody		157			65		112		377		175		135
Audit and tax		16			18		20		22		20		21
Legal		81			34		36		137		69		10
Printing and shareholder reports		5			2		2		10		5		1
Trustee and CCO		23			10		9		39		20		3
Other		15			8		6		28		14		2
Total expenses		2,588			1,563		1,419		5,960		4,567		664
Expenses reimbursed/waived		–			–		(10)		–		–		(116)
Net expenses		2,588			1,563		1,409		5,960		4,567		548
Net investment income (loss)		(960)			8,515		5,029		46,112		56,049		1,985
Net realized gain (loss) on transactions from:
Investment securities		–	(A)		1,238		14,247		32,282		15,615		4,490
Swap agreements		–			–		(91)		(2,015)		–		–
Futures contracts		–			–		(964)		(3,491)		–		141
Written option and swaption contracts		–			–		532		3,224		–		1
Foreign currency transactions		–			–		1,399		(410)		–		(14)
TBA short commitments		–			–		2		48		–		–
		–	(A)		1,238		15,125		29,638		15,615		4,618
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		–			2,394		2,091		44,462		37,127		7,127
Swap agreements		–			–		151		551		–		–
Futures contracts		–			–		593		284		–		(62)
Written option and swaption contracts		–			–		1,374		1,811		–		–
TBA short commitments		–			–		–		1,590		–		42
Translation of assets and liabilities denominated in foreign currencies		–			–		(158)		(1,625)		–		(36)
		–			2,394		4,051		47,073		37,127		7,071
Net realized and change in unrealized gain		–	(A)		3,632		19,176		76,711		52,742		11,689
Net increase (decrease) in net assets resulting from operations	$	(960)		$	12,147	$	24,205	$	122,823	$	108,791	$	13,674

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

Transamerica Partners Portfolios Annual Report 2012

Page      91

STATEMENTS OF OPERATIONS (continued)

For the year ended December 31, 2012

(all amounts in thousands)

	Large Value		Large Core			Large Growth		Mid Value			Mid Growth			Small Value
Investment income:
Interest income	$	3	$	1		$	3	$	6		$	1		$	–	(A)
Securities lending income (net)		99		97			858		138			151			48
Dividend income		21,568		5,703			12,014		15,648			1,476			1,800
Withholding taxes on foreign income		(13)		(4)			(77)		(28)			(13)			–
Total investment income		21,657		5,797			12,798		15,764			1,615			1,848
Expenses:
Advisory		3,821		1,502			5,674		5,142			1,367			672
Custody		89		35			185		103			33			22
Audit and tax		18		18			19		16			16			16
Legal		73		22			75		107			15			6
Printing and shareholder reports		5		2			5		5			1			1
Trustee and CCO		22		6			22		19			5			2
Other		16		5			19		14			5			2
Total expenses		4,044		1,590			5,999		5,406			1,442			721
Expenses reimbursed/waived		–		–			(52)		(36)			(19)			(24)
Net expenses		4,044		1,590			5,947		5,370			1,423			697
Net investment income		17,613		4,207			6,851		10,394			192			1,151
Net realized gain (loss) on transactions from:
Investment securities		94,471		21,814			113,500		74,180			25,645			10,988
Foreign currency transactions		–		–			(11)		–	(A)		(1)			–
		94,471		21,814			113,489		74,180			25,644			10,988
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		29,113		13,087			23,288		52,088			1,870			1,663
Translation of assets and liabilities denominated in foreign currencies		–		–			–		–	(A)		–	(A)		–
		29,113		13,087			23,288		52,088			1,870			1,663
Net realized and change in unrealized gain		123,584		34,901			136,777		126,268			27,514			12,651
Net increase in net assets resulting from operations	$	141,197	$	39,108		$	143,628	$	136,662		$	27,706		$	13,802
	Small Core		Small Growth			International Equity
Investment income:
Interest income	$	2	$	1		$	4
Securities lending income (net)		500		99			455
Dividend income		5,239		469			16,657
Withholding taxes on foreign income		–		(3)			(1,274)
Total investment income		5,741		566			15,842
Expenses:
Advisory		2,403		696			4,815
Custody		65		39			316
Audit and tax		16		16			22
Legal		30		8			66
Printing and shareholder reports		2		–	(A)		4
Trustee and CCO		8		2			16
Other		5		2			12
Total expenses		2,529		763			5,251
Expenses reimbursed/waived		–		(38)			–
Net expenses		2,529		725			5,251
Net investment income (loss)		3,212		(159)			10,591
Net realized gain (loss) on transactions from:
Investment securities		28,560		10,769			44,878
Futures contracts		140		–			–
Foreign currency transactions		–		–	(A)		2,891
		28,700		10,769			47,769
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		10,190		(4,949)			51,904
Futures contracts		9		–			–
Translation of assets and liabilities denominated in foreign currencies		–		–	(A)		(2,718)
		10,199		(4,949)			49,186
Net realized and change in unrealized gain		38,899		5,820			96,955
Net increase in net assets resulting from operations	$	42,111	$	5,661		$	107,546

(A)

  Rounds to less than $1.

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

Transamerica Partners Portfolios   Annual Report 2012

Page      92

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

(all amounts in thousands)

	Money Market					High Quality Bond				Inflation-Protected Securities
	December 31, 2012			December 31, 2011		December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
From operations:
Net investment income (loss)	$	(960)		$	(436)	$	8,515	$	11,479	$	5,029	$	11,473
Net realized gain		–	(A)		8		1,238		483		15,125		17,853
Net change in unrealized appreciation (depreciation)		–			–		2,394		(1,728)		4,051		11,205
Net increase (decrease) in net assets resulting from operations		(960)			(428)		12,147		10,234		24,205		40,531
From transactions in investors’ beneficial interests:
Contributions		607,907			494,457		150,408		242,064		52,453		76,278
Withdrawals		(654,218)			(563,796)		(234,737)		(257,771)		(94,066)		(86,275)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(46,311)			(69,339)		(84,329)		(15,707)		(41,613)		(9,997)
Net increase (decrease) in net assets		(47,271)			(69,767)		(72,182)		(5,473)		(17,408)		30,534
Net Assets:
Beginning of year		995,629			1,065,396		458,228		463,701		358,544		328,010
End of year	$	948,358		$	995,629	$	386,046	$	458,228	$	341,136	$	358,544
	Core Bond					High Yield Bond				Balanced
	December 31, 2012			December 31, 2011		December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
From operations:
Net investment income	$	46,112		$	55,524	$	56,049	$	58,484	$	1,985	$	2,528
Net realized gain		29,638			41,206		15,615		9,982		4,618		6,365
Net change in unrealized appreciation (depreciation)		47,073			(2,706)		37,127		(34,284)		7,071		(5,078)
Net increase in net assets resulting from operations		122,823			94,024		108,791		34,182		13,674		3,815
From transactions in investors’ beneficial interests:
Contributions		259,903			274,865		112,474		120,713		9,138		7,124
Withdrawals		(501,284)			(402,304)		(130,548)		(134,702)		(17,321)		(23,165)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(241,381)			(127,439)		(18,074)		(13,989)		(8,183)		(16,041)
Net increase (decrease) in net assets		(118,558)			(33,415)		90,717		20,193		5,491		(12,226)
Net Assets:
Beginning of year		1,588,591			1,622,006		729,276		709,083		104,111		116,337
End of year	$	1,470,033		$	1,588,591	$	819,993	$	729,276	$	109,602	$	104,111
	Large Value					Large Core				Large Growth
	December 31, 2012			December 31, 2011		December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
From operations:
Net investment income	$	17,613		$	15,905	$	4,207	$	3,381	$	6,851	$	3,800
Net realized gain		94,471			68,630		21,814		19,125		113,489		102,817
Net change in unrealized appreciation (depreciation)		29,113			(57,168)		13,087		(13,572)		23,288		(120,670)
Net increase (decrease) in net assets resulting from operations		141,197			27,367		39,108		8,934		143,628		(14,053)
From transactions in investors’ beneficial interests:
Contributions		62,284			67,603		15,283		16,232		68,357		66,114
Withdrawals		(296,208)			(231,319)		(44,611)		(45,957)		(403,278)		(212,337)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(233,924)			(163,716)		(29,328)		(29,725)		(334,921)		(146,223)
Net increase (decrease) in net assets		(92,727)			(136,349)		9,780		(20,791)		(191,293)		(160,276)
Net Assets:
Beginning of year		877,766			1,014,115		235,204		255,995		1,016,307		1,176,583
End of year	$	785,039		$	877,766	$	244,984	$	235,204	$	825,014	$	1,016,307

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

Transamerica Partners Portfolios Annual Report 2012

Page      93

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Mid Value				Mid Growth				Small Value
	December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
From operations:
Net investment income (loss)	$	10,394	$	9,178	$	192	$	(795)	$	1,151	$	724
Net realized gain		74,180		76,189		25,644		30,656		10,988		10,311
Net change in unrealized appreciation (depreciation)		52,088		(100,232)		1,870		(44,996)		1,663		(8,991)
Net increase (decrease) in net assets resulting from operations		136,662		(14,865)		27,706		(15,135)		13,802		2,044
From transactions in investors’ beneficial interests:
Contributions		55,524		58,995		15,872		25,002		5,249		8,136
Withdrawals		(163,057)		(204,429)		(85,247)		(72,998)		(52,826)		(40,649)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(107,533)		(145,434)		(69,375)		(47,996)		(47,577)		(32,513)
Net increase (decrease) in net assets		29,129		(160,299)		(41,669)		(63,131)		(33,775)		(30,469)
Net Assets:
Beginning of year		748,835		909,134		206,602		269,733		103,958		134,427
End of year	$	777,964	$	748,835	$	164,933	$	206,602	$	70,183	$	103,958
	Small Core				Small Growth				International Equity
	December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
From operations:
Net investment income (loss)	$	3,212	$	1,029	$	(159)	$	(465)	$	10,591	$	13,705
Net realized gain		28,700		44,622		10,769		17,926		47,769		37,755
Net change in unrealized appreciation (depreciation)		10,199		(51,725)		(4,949)		(24,244)		49,186		(155,704)
Net increase (decrease) in net assets resulting from operations		42,111		(6,074)		5,661		(6,783)		107,546		(104,244)
From transactions in investors’ beneficial interests:
Contributions		21,792		20,061		6,048		11,856		82,896		70,059
Withdrawals		(63,027)		(59,525)		(61,533)		(39,680)		(256,180)		(178,905)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(41,235)		(39,464)		(55,485)		(27,824)		(173,284)		(108,846)
Net increase (decrease) in net assets		876		(45,538)		(49,824)		(34,607)		(65,738)		(213,090)
Net Assets:
Beginning of year		296,060		341,598		108,124		142,731		680,170		893,260
End of year	$	296,936	$	296,060	$	58,300	$	108,124	$	614,432	$	680,170

(A)

  Rounds to less than $1.

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

Transamerica Partners Portfolios Annual Report 2012

Page      94

FINANCIAL HIGHLIGHTS

For the years ended:

					Money Market
	December 31, 2012		December 31,   2011		December 31, 2010		December 31,   2009		December 31,  2008
Net assets end of year (000’s)	$	948,358	$	995,629	$	1,065,396	$	1,132,907	$       1,325,802
Total return		(0 .11)%		(0 .04)%		0 .02%		0 .36%	2 .44%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .28%		0 .28%		0 .28%		0 .27%	0 .27%
Before reimbursement		0 .28%		0 .28%		0 .28%		0 .27%	0 .27%
Net investment income (loss) to average net assets		(0 .11)%		(0 .04)%		0 .02%		0 .37%	2 .43%
			High Quality Bond
	December 31, 2012		December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008
Net assets end of year (000’s)	$	386,046	$	458,228	$	463,701	$	477,088	$          421,232
Total return		2 .95%		2 .16%		4 .20%		9 .83%	0 .55%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .38%		0 .38%		0 .38%		0 .38%	0 .38%
Before reimbursement		0 .38%		0 .38%		0 .38%		0 .38%	0 .38%
Net investment income to average net assets		2 .10%		2 .43%		2 .99%		3 .75%	4 .24%
Portfolio turnover rate		68%		84%		87%		104%	64%
			Inflation-Protected Securities
	December 31, 2012		December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008
Net assets end of year (000’s)	$	341,136	$	358,544	$	328,010	$	370,010	$          389,198
Total return		7 .06%		12 .33%		6 .23%		10 .22%	(2 .14)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .40%		0 .40%		0 .38%		0 .40%	0 .39%
Before reimbursement		0 .40%		0 .40%		0 .38%		0 .40%	0 .39%
Net investment income to average net assets		1 .43%		3 .30%		2 .04%		1 .02%	4 .99%
Portfolio turnover rate		103%		134%		117%		118%	154%
					Core Bond
	December 31, 2012		December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008
Net assets end of year (000’s)	$	1,470,033	$	1,588,591	$	1,622,006	$	1,749,531	$       1,667,313
Total return		8 .28%		6 .20%		8 .26%		12 .89%	(1 .83)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .39%		0 .39%		0 .39%		0 .38%	0 .38%
Before reimbursement		0 .39%		0 .39%		0 .39%		0 .38%	0 .38%
Net investment income to average net assets		3 .03%		3 .54%		3 .65%		4 .45%	5 .12%
Portfolio turnover rate		297%		406%		633%		1,014%(A)	530%

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

Transamerica Partners Portfolios Annual Report 2012

Page      95

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

						High Yield Bond
	December 31, 2012			December 31,   2011		December 31, 2010		December 31,   2009			December 31,  2008
Net assets end of year (000’s)	$	819,993		$	729,276	$	709,083	$	641,917		$          439,863
Total return		15 .14%			4 .93%		15 .81%		57 .21%		(28 .90)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .59%			0 .59%		0 .59%		0 .59%		0 .58%
Before reimbursement		0 .59%			0 .59%		0 .59%		0 .59%		0 .58%
Net investment income to average net assets		7 .23%			8 .04%		8 .84%		10 .10%		9 .57%
Portfolio turnover rate		102%			81%		98%		98%		54%
						Balanced
	December 31, 2012			December 31, 2011		December 31, 2010		December 31, 2009			December 31,  2008
Net assets end of year (000’s)	$	109,602		$	104,111	$	116,337	$	137,734		$          168,930
Total return		13 .47%			3 .60%		13 .91%		23 .45%		(26 .71)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .50%			0 .50%		0 .50%		0 .50%		0 .50%
Before reimbursement		0 .61%			0 .62%		0 .59%		0 .55%		0 .53%
Net investment income to average net assets		1 .82%			2 .26%		2 .42%		3 .01%		3 .45%
Portfolio turnover rate		150%			245%		211%		167%		154%
						Large Value
	December 31, 2012			December 31, 2011		December 31, 2010		December 31, 2009			December 31,  2008
Net assets end of year (000’s)	$	785,039		$	877,766	$	1,014,115	$	1,263,463		$      1,450,970
Total return		17 .39%			2 .32%		14 .66%		16 .71%		(42 .94)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .48%			0 .47%		0 .47%		0 .48%		0 .48%
Before reimbursement		0 .48%			0 .47%		0 .47%		0 .48%		0 .48%
Net investment income to average net assets		2 .08%	(B)		1 .70%		1 .65%		2 .22%		2 .53%
Portfolio turnover rate		48%			55%		62%		124%	(A)	26%
						Large Core
	December 31, 2012			December 31, 2011		December 31, 2010		December 31, 2009			December 31,  2008
Net assets end of year (000’s)	$	244,984		$	235,204	$	255,995	$	280,896		$          281,774
Total return		17 .30%			3 .51%		11 .79%		23 .36%		(36 .65)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .64%			0 .63%		0 .63%		0 .62%		0 .65%
Before reimbursement		0 .64%			0 .63%		0 .63%		0 .62%		0 .65%
Net investment income to average net assets		1 .68%			1 .37%		1 .47%		1 .57%		1 .31%
Portfolio turnover rate		54%			63%		55%		168%		99%

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

Transamerica Partners Portfolios Annual Report 2012

Page      96

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

					Large Growth
	December 31,   2012		December 31,   2011		December 31,   2010		December 31,   2009			December 31,   2008
Net assets end of year (000’s)	$	825,014	$	1,016,307	$	1,176,583	$	1,341,520		$	1,130,783
Total return		14 .91%		(1 .78)%		16 .62%		35 .56%			(39 .87)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .65%		0 .65%		0 .65%		0 .65%			0 .65%
Before reimbursement		0 .66%		0 .65%		0 .66%		0 .65%			0 .65%
Net investment income to average net assets		0 .75%		0 .34%		0 .56%		0 .97%			0 .92%
Portfolio turnover rate		53%		53%		119%		102%	(A)		102%
					Mid Value
	December 31,   2012		December 31,   2011		December 31,   2010		December 31,   2009			December 31,   2008
Net assets end of year (000’s)	$	777,964	$	748,835	$	909,134	$	808,661		$	630,249
Total return		19 .50%		(2 .19)%		21 .29%		32 .53%			(37 .73)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .70%		0 .70%		0 .69%		0 .70%			0 .70%
Before reimbursement		0 .70%		0 .70%		0 .69%		0 .70%			0 .70%
Net investment income to average net assets		1 .36%		1 .08%		1 .14%		1 .44%			1 .69%
Portfolio turnover rate		71%		69%		76%		122%			68%
					Mid Growth
	December 31,   2012		December 31,   2011		December 31,   2010		December 31,   2009			December 31,   2008
Net assets end of year (000’s)	$	164,933	$	206,602	$	269,733	$	251,749		$	228,966
Total return		13 .93%		(6 .90)%		29 .27%		25 .24%			(41 .55)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .75%		0 .75%		0 .75%		0 .75%			0 .75%
Before reimbursement		0 .76%		0 .75%		0 .75%		0 .76%			0 .75%
Net investment income (loss) to average net assets		0 .10%		(0 .33)%		(0 .36)%		(0 .23)%			(0 .02)%
Portfolio turnover rate		178%		135%		199%		214%			158%
					Small Value
	December 31,   2012		December 31,   2011		December 31,   2010		December 31,   2009			December 31,   2008
Net assets end of year (000’s)	$	70,183	$	103,958	$	134,427	$	145,727		$	156,628
Total return		16 .11%		1 .35%		23 .12%		19 .64%			(26 .63)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .85%		0 .85%		0 .85%		0 .85%			0 .85%
Before reimbursement		0 .88%		0 .87%		0 .87%		0 .88%			0 .87%
Net investment income to average net assets		1 .41%		0 .63%		0 .84%		1 .24%			1 .94%
Portfolio turnover rate		15%		16%		121%		103%			117%

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

Transamerica Partners Portfolios Annual Report 2012

Page      97

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

					Small Core
	December 31,   2012		December 31,   2011		December 31,   2010		December 31,   2009		December 31,   2008
Net assets end of year (000’s)	$	296,936	$	296,060	$	341,598	$	340,044	$	389,662
Total return		15 .04%		(2 .19)%		29 .89%		27 .64%		(36 .06)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .84%		0 .84%		0 .85%		0 .85%		0 .85%
Before reimbursement		0 .84%		0 .84%		0 .85%		0 .85%		0 .85%
Net investment income to average net assets		1 .07%		0 .32%		0 .43%		0 .67%		0 .94%
Portfolio turnover rate		59%		59%		55%		88%		106%
					Small Growth
	December 31,   2012		December 31,   2011		December 31,   2010		December 31,   2009		December 31,   2008
Net assets end of year (000’s)	$	58,300	$	108,124	$	142,731	$	152,724	$	152,513
Total return		1 .30%		(6 .45)%		25 .65%		32 .99%		(37 .87)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .90%		0 .90%		0 .90%		0 .90%		0 .90%
Before reimbursement		0 .94%		0 .94%		0 .93%		0 .93%		0 .93%
Net investment loss to average net assets		(0 .20)%		(0 .37)%		(0 .41)%		(0 .38)%		(0 .18)%
Portfolio turnover rate		209%		120%		99%		104%		146%
			International Equity
	December 31,   2012		December 31,   2011		December 31,   2010		December 31,   2009		December 31,   2008
Net assets end of year (000’s)	$	614,432	$	680,170	$	893,260	$	1,044,049	$	1,100,060
Total return		17 .35%		(13.51)%		14 .94%		26 .10%		(49 .94)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0 .82%		0 .82%		0 .81%		0 .82%		0 .84%
Before reimbursement		0 .82%		0 .82%		0 .81%		0 .82%		0 .84%
Net investment income to average net assets		1 .65%		1 .70%		1 .45%		1 .39%		2 .78%
Portfolio turnover rate		23%		24%		29%		138%		174%

^(A) Excludes investment securities received in kind.

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

Note: Prior to January 1, 2010, all of the Financial Highlights were audited by another independent registered public accounting firm.

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

Transamerica Partners Portfolios Annual Report 2012

Page      98

NOTES TO FINANCIAL STATEMENTS

At December 31, 2012

(all amounts in thousands)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

This report should be read in conjunction with the Portfolios’ current prospectus, which contains more complete information about the Portfolios, including investment objectives and strategies.

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

In preparing the Portfolios’ financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolios.

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

Such income is reflected separately in the Statements of Operations. The value of loaned securities and related collateral outstanding at December 31, 2012 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Income from loaned securities in the Statements of Operations is net of fees and rebates earned by the lending agent for its services.

Repurchase agreements: 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.

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

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

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

Transamerica Partners Portfolios Annual Report 2012

Page      99

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 1.  (continued)

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

Forward foreign currency contracts: The Portfolios are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Portfolios 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.

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

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

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

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

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

Transactions in written options were as follows:

Inflation-Protected Securities	Premium	Notional     Amount
Balance at December 31, 2011	$27	$47
Sales	728	25,532
Closing Buys	(144)	(7,371)
Expirations	(556)	(15,492)
Exercised	(35)	(967)
Balance at December 31, 2012	$20	$1,749

Core Bond	Premium	Notional     Amount
Balance at December 31, 2011	$—	$—
Sales	761	15,947
Closing Buys	(355)	(10,291)
Expirations	(406)	(5,656)
Exercised	—	—
Balance at December 31, 2012	$—	$—

Transamerica Partners Portfolios Annual Report 2012

Page    100

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 1.  (continued)

Inflation-Protected Securities	Premium	Notional     Amount
Balance at December 31, 2011	$293	EUR13,140
Sales	220	9,085
Closing Buys	(143)	(7,945)
Expirations	(296)	(13,210)
Exercised	—	—-
Balance at December 31, 2012	$74	EUR1,070

Balanced	Premium	Notional     Amount
Balance at December 31, 2011	$—	$—
Sales	22	452
Closing Buys	(11)	(294)
Expirations	(11)	(158)
Exercised	—	—-
Balance at December 31, 2012	$—	$—

Transactions in written swaptions were as follows:

Inflation-Protected Securities	Premium	Notional     Amount
Balance at December 31, 2011	$1,520	$45,300
Sales	1,572	129,900
Closing Buys	(2,227)	(123,600)
Expirations	(478)	(14,800)
Exercised	—-	—
Balance at December 31, 2012	$387	$36,800

Core Bond	Premium	Notional     Amount
Balance at December 31, 2011	$3,930	$158,729
Sales	9,504	598,500
Closing Buys	(10,969)	(589,700)
Expirations	(2,235)	(155,229)
Exercised	—	—
Balance at December 31, 2012	$230	$12,300

Inflation-Protected Securities	Premium	Notional     Amount
Balance at December 31, 2011	$—	EUR—
Sales	151	3,200
Closing Buys	—	—
Expirations	—	—
Exercised	—-	—
Balance at December 31, 2012	$151	EUR3,200

Futures contracts: The Portfolios are subject to equity and commodity price risks, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios 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 each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolios. Upon entering into such contracts, the Portfolios bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolios may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at December 31, 2012 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Transamerica Partners Portfolios Annual Report 2012

Page    101

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 1.  (continued)

Swap agreements: Swap agreements are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps”). The Portfolios enter into credit default, cross-currency, interest rate, total return, variance, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked to market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Assets and Liabilities.

Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities, and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses in the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of realized gains or losses in the Statements of Operations.

Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

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

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

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

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

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

Cash overdraft: Throughout the year, the Portfolios may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate. Payables, if any, are reflected as Due to Custodian in the Statements of Assets and Liabilities. Expenses from cash overdrafts are included in Other in the Statements of Operations.

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

Transamerica Partners Portfolios Annual Report 2012

Page    102

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 1.  (continued)

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

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

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

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

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

Structured notes: Certain Portfolios invest in structured notes. A structured debt instrument is a hybrid debt security that has an embedded derivative. This type of instrument is used to manage cash flows from the debt security. Investment in structured notes involves the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Structured notes may be less liquid than other types of securities and more volatile than their underlying reference instruments. All structured notes are listed within the Schedules of Investments.

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

Treasury inflation-protected securities (“TIPS”): Certain Portfolios invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income in the Statements of Operations with a corresponding adjustment to cost.

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

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

Restricted and illiquid securities: The Portfolios may invest in unregulated or 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. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

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

Transamerica Partners Portfolios Annual Report 2012

Page    103

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 1.  (continued)

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, has elected to place security transactions of the Portfolios with broker/dealers with which other funds or portfolios advised by Transamerica Asset Management, Inc. (“TAM”) has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolios. In no event will commissions paid by the Portfolios be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

Commissions recaptured for the year ended December 31, 2012, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Portfolio	Commissions
Large Growth	$35
Mid Value	236
Mid Growth	50
Small Value	2
Small Core	66
Small Growth	59
International Equity	— *
* Rounds to less than $1.

Portfolios not listed in the above table did not have any commissions recaptured during the year ended December 31, 2012.

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

Real estate investment trust (“REITs”): Dividend income related to a Real Estate Investment Trust is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

There are certain additional risks involved in investing in REITs. These include, but are not limited to, economical conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

NOTE 2. SECURITY VALUATIONS

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

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

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

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

Transamerica Partners Portfolios Annual Report 2012

Page    104

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 2.  (continued)

The Portfolios’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed an internal valuation committee (the “Valuation Committee”) to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of portfolio investments. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. 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 market value. These securities are categorized as Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

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

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

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

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

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

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

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

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

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

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

Transamerica Partners Portfolios Annual Report 2012

Page    105

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 2.  (continued)

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

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

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

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

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

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

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

NOTE 3. RELATED PARTY TRANSACTIONS

TAM, the Portfolios’ investment adviser, is directly owned by Western Reserve Life Assurance Co. of Ohio and AUSA Holding Company (“AUSA”), both of which are indirect, wholly-owned subsidiaries of AEGON NV. AUSA is wholly-owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Partners Portfolios Annual Report 2012

Page    106

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 3.   (continued)

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

TFLIC Sub-accounts	Investments               in Portfolio
Money Market	3.82%
High Quality Bond	15.60
Inflation-Protected Securities	13.47
Core Bond	12.39
High Yield Bond	6.03
Balanced	50.58
Large Value	34.91
Large Core	53.96
Large Growth	37.16
Mid Value	5.18
Mid Growth	0.81
Small Value	1.28
Small Core	47.84
Small Growth	1.34
International Equity	21.82

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

CIT Sub-accounts	Investments              in Portfolio
Money Market	17.60%
High Quality Bond	32.45
Inflation-Protected Securities	17.89
Core Bond	27.19
High Yield Bond	23.46
Balanced	5.68
Large Value	19.63
Large Core	14.81
Large Growth	17.87
Mid Value	9.70
Mid Growth	32.36
Small Value	33.40
Small Core	12.27
Small Growth	24.48
International Equity	32.81

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

CTF Sub-accounts	Investments              in Portfolio
Money Market	0.04%
High Quality Bond	11.72
Inflation-Protected Securities	4.53
Core Bond	5.68
High Yield Bond	19.59
Balanced	–
Large Value	5.15
Large Core	3.08
Large Growth	2.99
Mid Value	24.13
Mid Growth	12.02
Small Value	8.83
Small Core	1.72
Small Growth	8.76
International Equity	5.24

Transamerica Fund Services, Inc. (“TFS”) is the Portfolios’ administrator. TAM and TFS are affiliates of AEGON NV.

Certain officers and trustees of the Series Portfolio and of the entities that invest in the Series Portfolio are also officers of TAM or its affiliates. None of the non-independent trustees receive compensation for services as trustees of the Series Portfolio or the entities that invest in the Series Portfolio.

Transamerica Partners Portfolios Annual Report 2012

Page    107

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 3.  (continued)

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

For each Portfolio, TAM has entered into Investment Sub-Advisory Agreements with the Portfolios’ sub-advisers. It is the responsibility of each sub-adviser to make the day-to-day investment decisions of the Portfolios and to place the purchase and sales orders for securities transactions of the Portfolios, subject in all cases to the general supervision of TAM.

Payment of fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of a Portfolio.

Portfolio	Advisory      Fee
Money Market	0.25%
High Quality Bond	0.35
Inflation-Protected Securities	0.35
Core Bond	0.35
High Yield Bond	0.55
Balanced	0.45
Large Value	0.45
Large Core	0.60
Large Growth	0.62
Mid Value	0.67
Mid Growth	0.72
Small Value	0.82
Small Core	0.80
Small Growth (Effective August 31, 2012)
First $300 Million	0.84
Over $300 Million	0.80
Small Growth (Prior to August 31, 2012)	0.87
International Equity	0.75

TAM has voluntarily elected to waive fees to the extent the total operating expenses of a Portfolio exceed the following expense caps (as a percentage of ANA):

Portfolio	Expense Cap
Money Market	0.30%
High Quality Bond	0.40
Inflation-Protected Securities	0.40
Core Bond	0.40
High Yield Bond	0.60
Balanced	0.50
Large Value	0.50
Large Core	0.65
Large Growth	0.65
Mid Value	0.70
Mid Growth	0.75
Small Value	0.85
Small Core	0.85
Small Growth	0.90
International Equity	0.90

Such fee waivers are not subject to recoupment by TAM in future years.

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

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by the Trust to an Independent Trustee on a current basis for services rendered as Trustee. Deferred compensation amounts will accumulate based on the value of Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), or investment options under Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds, as elected by the Trustee. After December 31, 2012, shares of Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds will no longer be available as investment options under the Deferred Compensation Plan.

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of TAM or sub-advisers for the year ended December 31, 2012.

Transamerica Partners Portfolios Annual Report 2012

Page    108

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 4.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2012 were as follows:

	Purchases of securities:		Proceeds  from maturities and sales of     securities:
Portfolio	Long-term	U.S. Government	Long-term	U.S. Government
Money Market	$–	$–	$–	$–
High Quality Bond	95,696	174,182	137,713	147,049
Inflation-Protected Securities	4,168	351,354	16,992	410,127
Core Bond	719,337	4,454,067	818,145	4,518,870
High Yield Bond	767,486	–	755,041	–
Balanced	85,745	83,869	89,934	79,636
Large Value	398,202	–	613,562	–
Large Core	133,586	–	157,532	–
Large Growth	473,089	–	816,451	–
Mid Value	525,744	–	637,400	–
Mid Growth	331,918	–	400,914	–
Small Value	11,850	–	57,860	–
Small Core	173,806	–	210,998	–
Small Growth	165,303	–	222,371	–
International Equity	143,383	–	293,142	–

NOTE 5.  DERIVATIVE FINANCIAL INSTRUMENTS

Inflation-Protected Securities:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of purchased option/swaptions, swaps, and forward foreign currency contracts held throughout the year averaged nine, nine, and eight contracts, respectively, with an overall increase from seven, eight, and five contracts at the beginning of the year, respectively, to nine, 12, and 12 contracts, respectively, at year end. The volume of futures and written options/swaptions held throughout the year averaged seven and 11 contracts, respectively, with an overall decrease from eight and 14 contracts, respectively to seven and 10 contracts, respectively. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate          contracts	Foreign exchange          contracts	Equity        Contracts	Total
Asset derivatives
Purchased options and swaptions, at value	$615	$1	$—	$616 * *
Unrealized appreciation on swap agreements	439	—	—	439
Unrealized appreciation on futures contracts	386	—	—	386 *
Unrealized appreciation on forward foreign currency transactions	—	265	—	265
Liability derivatives
Written options and swaptions, at value	(499)	(24)	(65)	(588)
Unrealized depreciation on swap agreements	(91)	—	—	(91)
Unrealized depreciation on futures contracts	(150)	—	—	(150) *
Unrealized depreciation on forward currency contracts	—	(337)	—	(337)
Total	$700	$(95)	$(65)	$540

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

* * Included within Investment securities, at value.

Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate     contracts	Foreign exchange   contracts	Total
Realized Gain (Loss) on derivatives recognized in income
Net realized (loss) on purchased option and swaption contracts	$(624)	$(335)	$(959) ^
Net realized (loss) on swap agreements	(91)	—	(91)
Net realized (loss) on futures contracts	(964)	—	(964)
Net realized gain (loss) on written option and swaption contracts	(61)	593	532
Net realized (loss) on forward foreign currency transactions	—	1,619	1,619 ~
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased option and swaption contracts	(540)	21	(519) Ψ
Net change in unrealized appreciation (depreciation) on swap agreements	151		151
Net change in unrealized appreciation (depreciation) on futures contracts	593		593
Net change in unrealized appreciation (depreciation) on written option and swaption contracts	1,559	(185)	1,374
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities	—	(135)	(135)
denominated in foreign currencies
Total	$23	$1,578	$1,601

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

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Ψ Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.

Transamerica Partners Portfolios Annual Report 2012

Page      109

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 5.  (continued)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Core Bond:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of purchased option/swaptions, swaps, futures, written options/swaptions, and forward foreign currency contracts held throughout the year averaged seven, 27, 12, nine, and five contracts, respectively, with an overall decrease from 15, 42, 17, 11, and six contracts at the beginning of the year, respectively, to three, 10, 11, one, and four contracts, respectively, at year end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate     contracts	Foreign exchange     contracts	Credit contracts	Total
Asset derivatives
Purchased options and swaptions, at value	$575	$—	$—	$575 * *
Unrealized appreciation on forward foreign currency contracts	—	257	—	257
Premium paid on swap agreements	—	—	722	722
Unrealized appreciation on swap agreements	—	—	1,925	1,925
Unrealized appreciation on futures contracts	1,206	—	—	1,206 *
Liability derivatives
Unrealized depreciation on swap agreements	(809)	—	(2)	(811)
Premium received on swap agreements	—	—	(1,815)	(1,815)
Written options and swaptions, at value	(196)	—	—	(196)
Unrealized depreciation on forward foreign currency contracts	—	(354)	—	(354)
Unrealized depreciation on futures contracts	(140)	—	—	(140) *
Total	$636	$(97)	$830	$1,369

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

* * Included within Investment securities, at value.

Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate   contracts	Foreign exchange   contracts	Credit   contracts	Total
Realized Gain (Loss) on derivatives recognized in income
Net realized (loss) on purchased option and swaption contracts	$(4,927)	$(281)	$—	$(5,208) ^
Net realized gain (loss) on swap agreements	(2,366)	—	351	(2,015)
Net realized gain on futures contracts	(3,486)	(5)	—	(3,491)
Net realized (loss) on written option and swaption contracts	3,224	—	—	3,224
Net realized (loss) on forward foreign currency transactions	—	(12)	—	(12) ~
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased option and swaption contracts	1,020	273	—	1,293 Ψ
Net change in unrealized appreciation (depreciation) on swap agreements	(649)	—	1,200	551
Net change in unrealized appreciation (depreciation) on futures contracts	284	—	—	284
Net change in unrealized appreciation (depreciation) on written option and swaption contracts	1,811	—	—	1,811
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies	—	(1,449)	—	(1,449)
Total	$(5,089)	$(1,474)	$1,551	$(5,012)

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

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Ψ Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Partners Portfolios Annual Report 2012

Page    110

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Balanced:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of purchased options and future contracts held throughout the year averaged two and 11 contracts, respectively, with an overall decrease from six and 14 contracts at the beginning of the year, respectively, to one and 11 contracts, respectively, at year end. The volume of written option/swaption contracts held began in the second quarter at two contracts and ended the third quarter at one contract. The volume of forward foreign currency contracts held throughout the year averaged four contracts, beginning and ending the year at four contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts	Equity contracts	Foreign           Exchange           Contracts	Total
Asset derivatives
Purchased options and swaptions, at value	$6	$—	$—	$6 *  *
Unrealized appreciation on futures contracts	13	2	—	15*
Unrealized appreciation on forward foreign currency contracts	—	—	4	4
Liability derivatives
Unrealized depreciation on futures contracts	(17)	—	—	(17)
Unrealized depreciation on forward foreign currency contracts	—	—	(11)	(11)
Total	$2	$2	$(7)	$(3)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

* * Included within Investment securities, at value.

Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate   contracts	Equity      contracts	Foreign           Exchange           Contracts	Total
Realized Gain (Loss) on derivatives recognized in income
Net realized (loss) on purchased option and swaption contracts	$(6)	$—	$(7)	$(13) ^
Net realized gain (loss) on futures contracts	(11)	152	— (A)	141
Net realized (loss) on forward foreign currency contracts	—	—	(3)	(3)
Net realized gain on written option and swaption contracts	1	—	—	1
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased option and swaption contracts	12	—	7	19 Ψ
Net change in unrealized appreciation (depreciation) on futures contracts	(61)	(1)	—	(62)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies	—	—	(35)	(35)
Total	$(65)	$151	$(38)	$48

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

^(A)  Rounds to less than 1.

Ψ Included within net increase (decrease) in unrealized appreciation (depreciation) on Investment securities.

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Small Core:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of future contracts held throughout the year averaged one contract, beginning and ending the year at one contract. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2012:

Derivatives not accounted for as hedging instruments
Location	Equity contracts
Asset derivatives
Unrealized appreciation on futures contracts	$31*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transamerica Partners Portfolios Annual Report 2012

Page    111

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2012:

Derivatives not accounted for as hedging instruments
Location	Equity  contracts
Realized Gain (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$140
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on futures contracts	9
Total	$149

International Equity:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held throughout the year averaged one contract, with an overall decrease from two contracts at the beginning of the year to one contract at year end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign  exchange     contracts
Asset derivatives
Unrealized depreciation on forward foreign currency contracts	$(368)

Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign  exchange     contracts
Realized Gain (Loss) on derivatives recognized in income
Net realized gain on forward foreign currency transactions	$3,189
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies	(2,809)
Total	$380

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

NOTE 6.  FEDERAL INCOME TAX MATTERS

The Series Portfolio has received rulings from the Internal Revenue Service that each Portfolio will be treated as a separate partnership for federal income tax purposes. Income taxes are not provided for by the Portfolios because taxable income/(loss) of each Portfolio is included in the income tax returns of the investors. It is intended that the Portfolios’ assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code. The Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Portfolios’ tax provisions taken for all open tax years (2009 - 2011), or expected to be taken in the Portfolios’ 2012 tax returns, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. For tax purposes, each component of the Portfolios’ net assets are reported at the investor level; therefore, the Statements of Assets and Liabilities do not present the components of net assets.

Each investor in the Portfolio will be subject to taxation on its share of the Portfolio’s ordinary income and capital gains; which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, and post-October loss deferrals.

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an authoritative guidance that will enhance disclosures related to financial instruments and derivative instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. This information will enable users of the Portfolios’ financial statements to evaluate the effect or potential effect of netting arrangements on the Portfolios’ financial position. The adoption of this disclosure requirement is effective for financial statements interim and annual periods beginning on or after January 1, 2013. Management is currently evaluating the implication of the additional disclosure requirements and its impact on the Portfolios’ financial statements.

Transamerica Partners Portfolios Annual Report 2012

Page    112

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2012

(all amounts in thousands)

NOTE 8. SUBSEQUENT EVENT

On January 15, 2013, a large shareholder of the State Street Navigator Securities Lending Trust – Prime Portfolio (“Navigator”) (the money market mutual fund in which the Portfolio invests the cash collateral received from lending of securities) redeemed its holdings. This resulted in the TAM family of mutual funds becoming a 28.07% shareholder of the Navigator as of January 15, 2013. No individual portfolio of the trust has a significant holding in the Navigator.

Effective on or about March 1, 2013, TAM will terminate its investment sub-advisory agreement with GE Asset Management, Inc. with respect to Transamerica Partners Money Market Portfolio and will enter into a new investment sub-advisory agreement with AEGON USA Investment Management, LLC (“AUIM”). AUIM is an affiliated sub-adviser.

Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Portfolios’ financial statements.

Transamerica Partners Portfolios Annual Report 2012

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Owners of Beneficial Interests of the Transamerica Partners Portfolios:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Partners Portfolios (comprising, respectively, the Money Market Portfolio, High Quality Bond Portfolio, Inflation-Protected Securities Portfolio, Core Bond Portfolio, High Yield Bond Portfolio, Balanced Portfolio, Large Value Portfolio, Large Core Portfolio, Large Growth Portfolio, Mid Value Portfolio, Mid Growth Portfolio, Small Value Portfolio, Small Core Portfolio, Small Growth Portfolio and International Equity Portfolio) (collectively, the “Portfolios”) as of December 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for periods ended prior to January 1, 2010 were audited by another independent registered public accounting firm whose report, dated March 1, 2010, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Portfolios’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2012, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned portfolios comprising Transamerica Partners Portfolios at December 31, 2012, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

March 1, 2013

Transamerica Partners Portfolios Annual Report 2012

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TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on October 18, 2012, the Board considered the termination of GE Asset Management Incorporated (“GEAM”) as sub-adviser to Transamerica Partners Money Market Portfolio (the “Portfolio”) and approval of a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) for the Portfolio between Transamerica Asset Management, Inc. (“TAM”) and AEGON USA Investment Management, LLC (“AUIM”), the Portfolio’s proposed new sub-adviser.

Following their review and consideration, the Trustees determined that the terms of the New Sub-Advisory Agreement are reasonable and that the termination of GEAM as sub-adviser to the Portfolio and approval of the New Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the New Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with GEAM.

To assist the Trustees in their consideration of the New Sub-Advisory Agreement, the Trustees received in advance of their meeting certain materials and information. In addition, the Independent Trustees consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Trustees’ deliberations.

Among other matters, the Board considered:

(a) that TAM advised the Board that the appointment of AUIM is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services;

(b) that AUIM is an experienced and respected asset management firm and that AUIM has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio based on an assessment of the services that AUIM provides to other Transamerica funds;

(c) that AUIM and TAM are affiliated entities;

(d) that in June 2012 the Board performed a full annual review of a number of sub-advisory agreements with AUIM with respect to Transamerica funds not discussed herein, and determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the Portfolio;

(e) the proposed responsibilities of AUIM for the Portfolio and the services expected to be provided by it;

(f) the fact that the sub-advisory fee payable to AUIM would be paid by TAM and not the Portfolio;

(g) that the advisory fee rate paid by the Portfolio to TAM would not increase, and that the sub-advisory fee to be paid by TAM to AUIM is reasonable in light of the services to be provided;

(h) that TAM recommended to the Board that AUIM be appointed as sub-adviser to the Portfolio based on its desire to engage an investment sub-adviser with strong research and management capabilities across the fixed income spectrum and with the ability to implement the current investment strategies of the Portfolio; and

(i) that the Portfolio would bear the costs of obtaining shareholder approval of the AUIM Sub-Advisory Agreement.

A discussion followed that included additional consideration of these and other matters.

In their deliberations, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the considerations discussed here, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services to be Provided

 In evaluating the nature, extent and quality of the services to be provided by AUIM under the AUIM Sub-Advisory Agreement, the Board considered, among other things, information and assurances provided by TAM and AUIM as to the operations, facilities, organization and personnel of AUIM, the anticipated ability of AUIM to perform its duties under the AUIM Sub-Advisory Agreement, and the anticipated ability of AUIM to implement the investment strategies of the Portfolio, including potentially employing certain investment strategies to increase the yield of the Portfolio. The Board also considered that AUIM and TAM are affiliated entities. The Board considered that TAM has advised the Board that the appointment of AUIM is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services. The Board considered that AUIM is an experienced and respected asset management firm and that TAM believes that AUIM has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio based on the assessment of the services that AUIM provides to other Transamerica funds. The Board Members also considered that they recently had performed a full annual review of a number of sub-advisory agreements with AUIM and had determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the funds subject to those agreements.

Based on their review of the materials provided and the assurances they had received from TAM, the Board determined that AUIM can provide sub-advisory services that are appropriate in scope and extent in light of the investment program for the Portfolio and that AUIM’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Portfolio.

Transamerica Partners Portfolios Annual Report 2012

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TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO (continued)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Investment Performance

The Board considered AUIM’s performance, investment management experience, capabilities and resources, including with respect to other Transamerica funds that it sub-advises, including other money market portfolios. The Board reviewed the performance of the Portfolio as compared to the performance of the other Transamerica money market portfolios sub-advised by AUIM. In addition, the Board Members noted that they had recently considered the performance of those other funds as part of the full annual review of the sub-advisory agreements for those funds and, in that connection, determined that AUIM was capable of providing investment and related services that are appropriate in scope and extent in light of those funds’ operations, the competitive landscape of the investment company business and investor needs.

On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by AUIM, the Board concluded that AUIM is capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies.

Sub-Advisory Fee, Cost of Services Provided and Profitability

The Board considered the proposed sub-advisory fee rate under the AUIM Sub-Advisory Agreement and noted that it would not differ from the sub-advisory fee rate under the sub-advisory agreement with GEAM. The Board noted that the advisory fee rate payable by the Portfolio would not change in connection with the sub-adviser change. Additionally, the Board considered that AUIM agreed to voluntarily waive its sub-advisory fee with respect to the Portfolio from 0.05% to 0.04%, noting that such waivers could be discontinued at any time. The Board Members noted that the Portfolio does not pay the sub-advisory fee, and therefore shareholders would not benefit directly from the waiver, but further noted that TAM had been waiving fees and/or reimbursing expenses for the Portfolio in recent years. On the basis of these considerations, together with the other information it considered, the Board determined that the sub-advisory fee to be received by AUIM under the AUIM Sub-Advisory Agreement is reasonable in light of the services to be provided.

With respect to AUIM’s costs and profitability in providing services to the Portfolio, the Board noted that TAM and AUIM are affiliates, and that information about AUIM’s revenues and expenses was incorporated into an analysis of the anticipated impact of the sub-adviser change on TAM’s profitability. As a result, the Board principally considered profitability information for TAM and AUIM in the aggregate.

Economies of Scale

The Board considered that the sub-advisory fee schedule for the Portfolio would remain unchanged and that TAM believes that the appointment of AUIM as sub-adviser has the potential to attract additional assets because of AUIM’s asset management capabilities across the fixed income spectrum. The Board Members concluded that they would have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees payable by TAM to AUIM, in the future.

Fall-Out Benefits

The Board considered any other benefits to be derived by AUIM from its relationship with the Portfolio. The Board noted that TAM would not realize soft dollar benefits from its relationship with AUIM, and that AUIM may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Conclusion

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the AUIM Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders and voted to approve the AUIM Sub-Advisory Agreement.

Transamerica Partners Portfolios Annual Report 2012

Page    116

Board Members and Officers

(unaudited)

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser.

The funds are among the funds advised and sponsored by TAM (collectively, “Transamerica Mutual Funds”). Transamerica Mutual Funds consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 162 funds as of the mailing of this annual report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716.

The Board Members, their year of birth, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in Transamerica Mutual Funds that the Board oversees, and other board memberships they hold are set forth in the table below.

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBERS
Thomas A. Swank (1960)	Board Member, President and Chief Executive Officer	Since 2012	President and Chief Executive Officer, Transamerica Individual Savings & Retirement (2010 – present); President and Chief Executive Officer, Transamerica Capital Management (2009 – present); Board Member (November 2012 – present), President and Chief Executive Officer, Transamerica Funds, TST, TIS, (May 2012 – present); Board Member (March 2013 - present), President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (May 2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Asset Management, Inc. (“TAM”) (May 2012 – present);	162	N/A

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER — continued
Thomas A. Swank (continued)			Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Fund Services, Inc. (“TFS”) (May 2012 – present); Director and Trust Officer, Massachusetts Fidelity Trust Company (May 2012 – present); Director, AEGON Sony Life Insurance Co., LTD. (2011 – present); Division President, Monumental Life Insurance Company (2011 – present); Division President, Western Reserve Life Assurance Co. of Ohio (2011 – present); Vice President, Money Services, Inc. (2011 – present); Director, AEGON Financial Services Group, Inc. (2010 – present); Director, AFSG Securities Corporation (2010 – present); Director and President, Transamerica Advisors Life Insurance Company (2010 – present); Director, Chairman of the Board and President, Transamerica Advisors Life Insurance Company of New York (2010 – present); Director and President, Transamerica Resources, Inc. (2010 – present);

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER — continued
Thomas A. Swank (continued)			Executive Vice President, Transamerica Life Insurance Company (2010 – present); Executive Vice President, Transamerica Financial Life Insurance Company (2009 – present); Director, Transamerica Capital, Inc. (2009 – present); and President and Chief Operating Officer (2007 – 2009), Senior Vice President, Chief Marketing Officer (2006 – 2007), Senior Vice President, Chief Financial Officer (2003 – 2006), Senior Vice President, Chief Risk Officer (2000 – 2003), Senior Vice President, Chief Investment Officer (1997 – 2000) and High Yield Portfolio Manager (1992 – 1997), Security Benefit Corporation.
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present); Consultant, AEGON USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, AEGON USA (1994 – 2010).	162	First Allied Holdings Inc. (January 2013 – present)

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TII (2003 – 2010); and Partner, KPMG (1975 – 1999).	162	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (1956)	Lead Independent Board Member	Since 2007	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, Transamerica Funds and TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); President, L. J. Hill & Company (a holding company for privately-held assets) (1999 – present); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);	162	Ameris Bancorp (January 2013 – present); Ameris Bank (January 2013 – present)

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	162	N/A
Russell A. Kimball, Jr. (1944)	Board Member	Since 2007	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, Transamerica Funds, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	162	N/A

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Eugene M. Mannella (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present); Self-employed consultant (2006 – present); Managing Member and Chief Compliance Officer, HedgeServ Investment Services, LLC (limited purpose broker-dealer) (2011 – present); President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 – 2008); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).	162	N/A

Transamerica Partners Portfolios Annual Report 2012

Page    122

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2007	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Director, Aspire Inc. (formerly, Iowa Student Loan Service Corporation) (2006 – present); Director, League for Innovation in the Community Colleges (1985 – 2005); Director, Iowa Health Systems (1994 – 2003); Director, U.S. Bank (1985 – 2006); and President, Kirkwood Community College (1985 – 2005).	162	Buena Vista University Board of Trustees (2004 – present)
Joyce G. Norden (1939)	Board Member	Since 2002	Retired (2004 – present); Board Member, TPFG, TPFG II and TAAVF (1993 – present); Board Member, TPP (2002 – present); Board Member, Transamerica Funds, TST and TIS	162	Board of Governors, Reconstructionist Rabbinical College (2007 – 2012)

Transamerica Partners Portfolios Annual Report 2012

Page    123

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Joyce G. Norden (continued)			(2007 – present); Board Member, TII (2008 – 2010); and Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).
Patricia L. Sawyer (1950)	Board Member	Since 1993	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University; Vice President, American Express (1987 – 1989); Vice President, The Equitable (1986 – 1987); and Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).	162	Honorary Trustee, Bryant University (1996 – present)

Transamerica Partners Portfolios Annual Report 2012

Page    124

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (1952)	Board Member	Since 2007	Attorney, Englander Fischer (2008 – present); Retired (2004 – 2008); Board Member, TST and TIS (2004 – present); Board Member, Transamerica Funds (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	162	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 –2013)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Partners Portfolios Annual Report 2012

Page    125

Officers

The mailing address of each officer is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas A. Swank (1960)	Board Member, President and Chief Executive Officer	Since 2012	See table above.
Timothy S. Galbraith (1964)	Vice President and Chief Investment Officer, Alternative Investments	Since 2012	Vice President and Chief Investment Officer, Alternative Investments, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Alternative Investments (March 2012 – present), TAM; Head of Alternative Investment Strategies, Morningstar Associates, LLC (2009 – March 2012); and Managing Director, Bear Stearns Asset Management (2001 – 2009).
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2007	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President, General Counsel and Secretary, TII, (2006 – 2010); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – present); Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – present); Assistant Vice President, TCI (2007 – present); Director, Deutsche Asset Management (1998 – 2006); and Corporate Associate, Ropes & Gray LLP (1995 – 1998).

Transamerica Partners Portfolios Annual Report 2012

Page    126

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Todd R. Porter (1961)	Vice President and Chief Investment Officer, Asset Allocation	Since 2012	Vice President and Chief Investment Officer, Asset Allocation, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Asset Allocation (April 2012 – present), TAM; Chief Investment Officer, Fund Architects, LLC (2007 – 2012); and Chief Investment Strategist, Morningstar Associates, LLC (1999 – 2006).
Christopher A. Staples (1970)	Vice President and Chief Investment Officer, Advisory Services	Since 2007	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds, TST and TIS; Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Elizabeth Strouse (1974)	Vice President, Treasurer and Principal Financial Officer	Since 2010	Vice President, Treasurer and Principal Financial Officer (2011 – present), Assistant Treasurer (2010 – 2011), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF; Vice President, TAM and TFS (2009 – present); Director, Fund Administration, TIAA-CREF (2007 – 2009); and Manager (2006 – 2007) and Senior (2003 – 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.

Transamerica Partners Portfolios Annual Report 2012

Page    127

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present); Vice President and Senior Counsel, TAM and TFS (2007 – present); Senior Counsel, United States Securities and Exchange Commission (2004 – 2007); and Associate, Dechert, LLP (1999 – 2004).
Bradley O. Ackerman (1966)	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Since 2009	Deputy Chief Compliance Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present); Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 – present); Anti-Money Laundering Officer, Transamerica Funds, TST and TIS (2007 – present); Senior Compliance Officer, TAM (2007 – present); and Director, Institutional Services, Rydex Investments (2002 – 2007).
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 – present); Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund (2000 – 2007); and Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management, Inc. (1994 – 2007).
Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); and Assistant Secretary, TII (2009 – 2010); Vice President and Senior Counsel, TAM (2008 – present).

Transamerica Partners Portfolios Annual Report 2012

Page    128

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present); Assistant Vice President, TCI (2009 – present); Vice President and Assistant General Counsel, TAM and TFS (2006 – present); Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 – 2007); and Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).

* Elected and serves at the pleasure of the Board.

If an officer has held offices for different funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

Transamerica Partners Portfolios Annual Report 2012

Page    129

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TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

440 Mamaroneck Avenue

Harrison, NY 10528

2873 (12/12)

Item 2: Code of Ethics.

(a) Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report, Exhibit A of the code of ethics was revised to reflect the appointment of a new Chief Executive Officer.

(d) During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable

(f) Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a) (1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

Registrant’s Board of Trustees has determined that Sandra N. Bane, John W. Waechter and Eugene M. Mannella are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Ms. Bane, Mr. Waechter and Mr. Mannella are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, Mr. Waechter and Mr. Mannella as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

	(in thousands)	Fiscal Year Ended 12/31
		2012	2011
(a)	Audit Fees	$  13	$13
(b)	Audit-related Fees (1)	-	-
(c)	Tax Fees (2)	-	-
(d)	All Other Fees	-	-
(e) (1)	Pre-approval policy (3)
(e) (2)	% of above that were pre-approved	0%	0%
(f)	If greater than 50%, disclose hours	N/A	N/A
(g)	Non-audit fees rendered to Adviser (or affiliate that provided services to Registrant)	N/A	N/A
(h)	Disclose whether the Audit Committee has considered whether the provisions of non-audit services rendered to the Adviser that were NOT pre-approved is compatible with maintaining the auditor’s independence.	Yes	Yes

⁽¹⁾  Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

⁽²⁾  Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

⁽³⁾  The Audit Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to one or more members or a subcommittee. Any decision of the subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next regularly scheduled meeting.

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Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, David W. Jennings, Russell A. Kimball, Jr., Eugene M. Mannella, Norman R. Nielsen, Joyce G. Norden, Patricia L. Sawyer, and John W. Waechter.

Item 6: Schedule of Investments.

The schedules of investments are included in the annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

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

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

Item 11: Controls and Procedures.

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

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

Item 12: Exhibits.

(a)  (1)  Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

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

(3)   Not applicable.

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

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SIGNATURES

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

Transamerica Asset Allocation Variable Funds
(Registrant)
By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
Date:   March 1, 2013

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

By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
Date:	March 1, 2013
By:	/s/ Elizabeth Strouse
	Elizabeth Strouse
	Principal Financial Officer
Date:	March 1, 2013

EXHIBIT INDEX

	Exhibit No.		Description of Exhibit
12(a)(1)		Code of Ethics for Principal Executive and Senior Financial Officers
12(a)(2)(i)		Section 302 N-CSR Certification of Principal Executive Officer
12(a)(2)(ii)		Section 302 N-CSR Certification of Principal Financial Officer
12(b)		Section 906 N-CSR Certification of Principal Executive Officer and
		Principal Financial Officer

EX-99.COD ETH

Exhibit 12(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers

TRANSAMERICA SERIES TRUST

TRANSAMERICA PARTNERS PORTFOLIOS

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

THE TRANSAMERICA PARTNERS FUNDS GROUP

THE TRANSAMERICA PARTNERS FUNDS GROUP II

TRANSAMERICA FUNDS

TRANSAMERICA INCOME SHARES

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Approved by the Board of Trustees/Directors

Last Revised November 13, 2009

In accordance with the Sarbanes-Oxley Act of 2002 (“Act”) and the rules promulgated thereunder by the U.S. Securities and Exchange Commission (“SEC”), Transamerica Funds, Transamerica Series Trust, Transamerica Partners Portfolios, The Transamerica Partners Funds Group, The Transamerica Partners Funds Group II, Transamerica Asset Allocation Variable Funds, Transamerica Income Shares, Inc., (each a “Fund” and collectively the “Funds”) are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and must disclose whether it has adopted a code of ethics that is applicable to certain specified senior officers and that addresses certain matters specified in the Act and related SEC Rules (a “Sarbanes-Oxley Code”). The Funds’ Board of Trustees/Directors (“Board”), including a majority of the Trustees/Directors that are not interested persons of the Funds, as defined in Section 2(a)(19) of the Investment Company Act of 1940 (“Investment Company Act”), has approved the Funds’ Sarbanes-Oxley Code.

I. Covered Officers/Purpose of the Code

This Code of Ethics (“Code”) of the Funds applies to the Funds’ Principal Executive Officer, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions (“Covered Officers,” each of whom is set forth in Exhibit A), for the purpose of promoting:

— honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

— full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

— compliance with applicable laws and governmental rules and regulations;

— the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

— accountability for adherence to the Code.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

General policy:    Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Officer

has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the Funds and its shareholders first, and to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each Covered Officer must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds and certain of its service providers’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and its investment adviser, Transamerica Asset Management, Inc. (“TAM”), of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Funds or TAM), be involved in establishing policies and implementing decisions that will have different effects on TAM and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and TAM and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

— not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

— not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds;

— not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

— report at least annually the information elicited in the Funds’ Trustee/Director and Officer Questionnaire relating to potential conflicts of interest.

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There are some conflict of interest situations that must be discussed with the Funds Audit Committee if material. Some examples of such situations include:

— service as a director on the board of any Trust (public or private), other than a management investment company;

— the receipt of any non-nominal gifts from someone or a company that has current or prospective business dealings with the Funds;

— the receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

— any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than TAM or any affiliated person thereof; and

— a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer:

— should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

— should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Trustees/Directors and auditors, governmental regulators or self-regulatory organizations;

— should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds, TAM, and other service providers, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submits to, the SEC and in other public communications made by the Funds; and

— has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability by Covered Officers

Each Covered Officer must:

— upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing (in the form attached hereto as Exhibit B) to the Board that he or she has received, read, and understands the Code;

— annually thereafter affirm (in the form attached hereto as Exhibit B) to the Board that he or she has complied with the requirements of the Code;

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— not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Trust for reports of potential violations that are made in good faith; and

— notify the Funds’ Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

V. Enforcement

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Audit Committee is authorized to consult, as appropriate, with counsel to the Funds. Any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Funds will follow these procedures in investigating and enforcing this Code:

— The Audit Committee will take all appropriate action to investigate any potential violations reported to the Audit Committee;

— if, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action;

— any matter that the Audit Committee believes is a material violation will be promptly reported to the Board. The Directors shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate;

— no person shall participate in a determination of whether he or she has committed a violation of this Code or in the imposition of any sanction against himself or herself.

— the Audit Committee will be responsible for granting waivers, as appropriate; and

— any amendments to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TAM or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and TAM’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. Amendment; Interpretation of Provisions

The Directors may from time to time amend this Code of Ethics or adopt such interpretations of this Code of Ethics as they deem appropriate. In connection with any amendment to the Code, a brief description of the amendment will be prepared so that the necessary disclosure may be made with the next Form N-CSR to be filed, or otherwise disclosed in accordance with applicable law.

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VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be treated as confidential and shall not be disclosed to any one other than the Board, the Covered Officers’ and Funds’ counsel, except as otherwise requested by applicable law.

IX. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

X. Sanctions

Compliance by Covered Officers with the provisions of the Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension or termination.

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EXHIBIT A

PERSONS COVERED BY THE

TRANSAMERICA SERIES TRUST

TRANSAMERICA PARTNERS PORTFOLIOS

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

THE TRANSAMERICA PARTNERS FUNDS GROUP

THE TRANSAMERICA PARTNERS FUNDS GROUP II

TRANSAMERICA FUNDS

TRANSAMERICA INCOME SHARES

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Name	Title
Thomas A. Swank	President, Chief Executive Officer, Principal Executive Officer
Elizabeth Strouse	Vice President, Treasurer, Principal Financial Officer

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EXHIBIT B

INITIAL AND ANNUAL CERTIFICATION OF

COMPLIANCE WITH THE

TRANSAMERICA SERIES TRUST

TRANSAMERICA PARTNERS PORTFOLIOS

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

THE TRANSAMERICA PARTNERS FUNDS GROUP

THE TRANSAMERICA PARTNERS FUNDS GROUP II

TRANSAMERICA FUNDS

TRANSAMERICA INCOME SHARES

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

To:        The Board of Directors

Initial           x              I hereby certify that I have received the Transamerica Funds, Transamerica Series Trust, Transamerica Partners Portfolios, The Transamerica Partners Funds Group, The Transamerica Partners Funds Group II, Transamerica Asset Allocation Variable Funds, Transamerica Income Shares, Inc., Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with each of the Code’s provisions to which I am subject.

Annual         ¨             I hereby certify that I have received the Transamerica Funds, Transamerica Series Trust, Transamerica Partners Portfolios, The Transamerica Partners Funds Group, The Transamerica Partners Funds Group II, Transamerica Asset Allocation Variable Funds, Transamerica Income Shares, Inc., Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

/s/ Thomas A. Swank
(Signature)
Name:	Thomas A. Swank
Title:	President and Chief Executive Officer,
	and Principal Executive Officer
Date:	February 27, 2013

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EXHIBIT B

INITIAL AND ANNUAL CERTIFICATION OF

COMPLIANCE WITH THE

TRANSAMERICA SERIES TRUST

TRANSAMERICA PARTNERS PORTFOLIOS

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

THE TRANSAMERICA PARTNERS FUNDS GROUP

THE TRANSAMERICA PARTNERS FUNDS GROUP II

TRANSAMERICA FUNDS

TRANSAMERICA INCOME SHARES

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

To:        The Board of Directors

Initial           ¨              I hereby certify that I have received the Transamerica Funds, Transamerica Series Trust, Transamerica Partners Portfolios, The Transamerica Partners Funds Group, The Transamerica Partners Funds Group II, Transamerica Asset Allocation Variable Funds, Transamerica Income Shares, Inc., Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with each of the Code’s provisions to which I am subject.

Annual         x             I hereby certify that I have received the Transamerica Funds, Transamerica Series Trust, Transamerica Partners Portfolios, The Transamerica Partners Funds Group, The Transamerica Partners Funds Group II, Transamerica Asset Allocation Variable Funds, Transamerica Income Shares, Inc., Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

/s/ Elizabeth Strouse
(Signature)
Name:	Elizabeth Strouse
Title:	Vice President, Treasurer and Principal
	Financial Officer
Date:	March 8, 2013

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EX-99.CERT

Exhibit 12(a)(2)(i) Section 302 N-CSR Certification of Principal Executive Officer

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS (THE “FUND”)

FOR THE PERIOD ENDED DECEMBER 31, 2012

FORM N-CSR CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Thomas A. Swank, certify that:

1. I have reviewed this report on Form N-CSR of Transamerica Asset Allocation Variable Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Trustees (or persons performing equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:  March 1, 2013	By:	/s/ Thomas A. Swank
		Thomas A. Swank
	Title:	Chief Executive Officer

Exhibit 12(a)(2)(ii) Section 302 N-CSR Certification of Principal Financial Officer

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS (THE “FUND”)

FOR THE PERIOD ENDED DECEMBER 31, 2012

FORM N-CSR CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Elizabeth Strouse, certify that:

1. I have reviewed this report on Form N-CSR of Transamerica Asset Allocation Variable Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Trustees (or persons performing equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:  March 1, 2013	By:	/s/ Elizabeth Strouse
		Elizabeth Strouse
	Title:	Principal Financial Officer

EX-99.906CERT

EXHIBIT 12 (b)

Section 906 N-CSR Certification of Principal Executive Officer & Principal Financial Officer

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

FOR THE PERIOD ENDED DECEMBER 31, 2012

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION

906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Asset Allocation Variable Funds (the “Fund”) on Form N-CSR for the period ended December 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies that, to his or her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

/s/ Thomas A. Swank	Date:     March 1, 2013
Thomas A. Swank
Chief Executive Officer
/s/ Elizabeth Strouse	Date:     March 1, 2013
Elizabeth Strouse
Principal Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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