As filed with the Securities and Exchange Commission on March 4, 2016

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07717

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices) (Zip Code)

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

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

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period:January 1, 2015 – December 31, 2015

Item 1: Report(s) to Shareholders.

The Annual Report is attached.

TRANSAMERICA PARTNERS VARIABLE FUNDS

TRANSAMERICA ASSET

ALLOCATION VARIABLE FUNDS

Annual Report

December 31, 2015

Table of Contents

Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	1
Transamerica Financial Life Insurance Company Letter	2
Contract Holder Letter	3
Understanding Your Subaccounts’ Expenses	4
Schedules of Investments Composition	5
Schedules of Investments
Transamerica Asset Allocation Variable – Short Horizon Subaccount	6
Transamerica Asset Allocation Variable – Intermediate Horizon Subaccount	7
Transamerica Asset Allocation Variable – Intermediate/Long Horizon Subaccount	8
Statements of Assets and Liabilities	9
Statements of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	16
Management of the Trust	17
Transamerica Partners Portfolios Annual Report	Appendix A
Calvert Variable Series, Inc. Annual Report	Appendix B

Transamerica Asset Allocation Variable Funds Annual Report 2015

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, 2015, is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolios

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, 2015

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 subaccounts of Transamerica Partners Variable Funds. Each subaccount available within the Transamerica Partners Variable Funds, other than the Calvert Subaccount, invests its assets in a corresponding mutual fund that is a series of Transamerica Partners Portfolios. The Calvert Subaccount invests in the Calvert VP SRI Balanced Portfolio, a series of Calvert Variable Series, Inc.

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

Dear Contract Holder,

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

This annual report is provided to you to show the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all Contract Holders, and we believe it to be an important part of the investment process. This report also provides a discussion of accounting policies as well as matters presented to Contract Holders that may have required their vote.

We believe it is important to understand market conditions over the last year in order to provide a context for reading this report. The U.S. economy continued to grow in 2015 with an overall pace close to 2% as inflation remained historically low. Labor markets continued to improve as the economy added more than 2 million jobs, and the unemployment rate settled in at approximately 5%. The U.S. consumer also maintained momentum evidenced by acceleration in consumer spending and the housing markets.

U.S. Federal Reserve (“Fed”) policy was a focus of markets for much of 2015, as investors tried to gauge when the near-zero interest rate policy that had been in effect for much of the last decade would come to an end. In December, we finally saw the first rate increase in more than nine years as the Fed officially ended more than seven years of ZIRP – zero interest rate policy.

While many investors focused on the Fed, energy and metals markets continued to weaken as the price of oil declined materially, and this spilled over into other areas of the commodity markets. As a result, corporate default rates rose slightly in 2015, putting pressure on high yield bonds. The majority of the damage, however, was contained to the above mentioned commodity sectors.

Many overseas markets struggled as economic weakness in China—the world’s most populous country and second largest economy—pressured many commodity exporters like Brazil, Australia and Russia. European markets seemed relatively stable compared to the last few years, as the effects of quantitative easing and increased economic stability seemed to relieve past debt stresses caused by Greece, Portugal and other peripheral countries.

For the 12-month period ending December 31, 2015, the S&P 500^® produced a total return of 1.38% while the MSCI EAFE Index, representing international developed market equities, lost 0.39% on a total return basis. During the same period, the total return for the Barclays U.S. Aggregate Bond Index was 0.55%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

Marijn Smit

President & Chief Executive Officer

Transamerica Partners Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Partners Funds

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

Understanding Your Subaccounts’ Expenses

(unaudited)

UNIT HOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at July 1, 2015, and held for the entire period until December 31, 2015.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

			Actual Expenses				Hypothetical Expenses (A)
Subaccount	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation Variable - Short Horizon Subaccount	$	1,000.00	$	980.80	$	1.00	$	1,024.20	$	1.02		0.20	%
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount		1,000.00		968.50		0.99		1,024.20		1.02		0.20
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount		1,000.00		963.00		0.99		1,024.20		1.02		0.20

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

^(B)  Expenses are calculated using the Subaccounts’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(C)  Expense ratios are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    4

Schedules of Investments Composition

At December 31, 2015

(unaudited)

Transamerica Asset Allocation Variable - Short Horizon Subaccount
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		89.4	%
U.S. Equity Funds		8.5
International Equity Fund		1.9
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		47.6	%
U.S. Equity Funds		41.5
International Equity Fund		10.6
Money Market Fund		0.3
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		55.4	%
U.S. Fixed Income Funds		28.7
International Equity Fund		15.6
Money Market Fund		0.3
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    5

Transamerica Asset Allocation Variable - Short Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 1.9%
Transamerica Partners Variable International Equity (A) (B)		5,957		$  121,775
Money Market Fund - 0.2%
Transamerica Partners Variable Money Market (A) (B)		513		10,818
U.S. Equity Funds - 8.5%
Transamerica Partners Variable Large Growth (A) (B)		2,347		213,490
Transamerica Partners Variable Large Value (A) (B)		2,576		201,352
Transamerica Partners Variable Small Core (A) (B)		2,512		128,022
				542,864

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 89.4%
Transamerica Partners Variable Core Bond (A) (B)		68,508		$  3,061,059
Transamerica Partners Variable High Quality Bond (A) (B)		58,186		1,024,305
Transamerica Partners Variable High Yield Bond (A) (B)		22,474		647,314
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		37,414		978,244
				5,710,922
Total Investment Companies (Cost $5,929,105)				6,386,379
Total Investments (Cost $5,929,105) (C)				6,386,379
Net Other Assets (Liabilities) - (0.0)% (D)				(1,089	)
Net Assets - 100.0%				$  6,385,290

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Investment Companies	$	6,386,379	$	—	$	—	$	6,386,379
Total Investments	$	6,386,379	$	—	$	—	$	6,386,379

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

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

^(C) Aggregate cost for federal income tax purposes is $5,929,105. Aggregate gross unrealized appreciation and depreciation for all securities is $482,300 and $25,026, respectively. Net unrealized appreciation for tax purposes is $457,274.

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

^(E)  The Subaccount recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    6

Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 10.6%
Transamerica Partners Variable International Equity (A) (B)		94,223		$  1,926,071
Money Market Fund - 0.3%
Transamerica Partners Variable Money Market (A) (B)		2,597		54,776
U.S. Equity Funds - 41.5%
Transamerica Partners Variable Large Growth (A) (B)		32,230		2,932,116
Transamerica Partners Variable Large Value (A) (B)		37,185		2,906,230
Transamerica Partners Variable Small Core (A) (B)		33,770		1,721,214
				7,559,560

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 47.6%
Transamerica Partners Variable Core Bond (A) (B)		93,708		$   4,187,013
Transamerica Partners Variable High Quality Bond (A) (B)		81,859		1,441,038
Transamerica Partners Variable High Yield Bond (A) (B)		35,239		1,015,004
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		77,075		2,015,243
				8,658,298
Total Investment Companies (Cost $14,041,761)				18,198,705
Total Investments (Cost $14,041,761) (C)				18,198,705
Net Other Assets (Liabilities) - (0.0)% (D)				(3,111	)
Net Assets - 100.0%				$  18,195,594

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Investment Companies	$	18,198,705	$	—	$	—	$	18,198,705
Total Investments	$	18,198,705	$	—	$	—	$	18,198,705

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

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

^(C)  Aggregate cost for federal income tax purposes is $14,041,761. Aggregate gross unrealized appreciation and depreciation for all securities is $4,185,502 and $28,558, respectively. Net unrealized appreciation for tax purposes is $4,156,944.

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

^(E)  The Subaccount recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    7

Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 15.6%
Transamerica Partners Variable International Equity (A) (B)		221,621		$  4,530,283
Money Market Fund - 0.3%
Transamerica Partners Variable Money Market (A) (B)		3,614		76,222
U.S. Equity Funds - 55.4%
Transamerica Partners Variable Large Growth (A) (B)		68,580		6,239,088
Transamerica Partners Variable Large Value (A) (B)		79,189		6,189,059
Transamerica Partners Variable Small Core (A) (B)		71,631		3,650,905
				16,079,052

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 28.7%
Transamerica Partners Variable Core Bond (A) (B)		94,709		$  4,231,743
Transamerica Partners Variable High Quality Bond (A) (B)		33,051		581,824
Transamerica Partners Variable High Yield Bond (A) (B)		37,044		1,067,000
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		93,006		2,431,802
				8,312,369
Total Investment Companies (Cost $21,093,540)				28,997,926
Total Investments (Cost $21,093,540) (C)				28,997,926
Net Other Assets (Liabilities) - (0.0)% (D)				(4,965	)
Net Assets - 100.0%				$  28,992,961

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Investment Companies	$	28,997,926	$	—	$	—	$	28,997,926
Total Investments	$	28,997,926	$	—	$	—	$	28,997,926

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

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

^(C)  Aggregate cost for federal income tax purposes is $21,093,540. Aggregate gross unrealized appreciation and depreciation for all securities is $7,913,897 and $9,511, respectively. Net unrealized appreciation for tax purposes is $7,904,386.

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

^(E)  The Subaccount recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    8

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2015

	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Assets:
Affiliated investments, at value (A)	$	6,386,379		$	18,198,705		$	28,997,926
Receivables:
Units sold		523			5,546			4,415
Investments sold		1,951			514			2,514
Total assets		6,388,853			18,204,765			29,004,855
Liabilities:
Payables and other liabilities:
Units redeemed		2,474			6,060			6,929
Investment advisory fees		1,089			3,111			4,965
Total liabilities		3,563			9,171			11,894
Net assets	$	6,385,290		$	18,195,594		$	28,992,961
Net assets consist of:
Costs of accumulation units	$	1,456,139		$	4,868,609		$	12,963,503
Undistributed (distributions in excess of) net investment income (loss)		(282,226	)		(788,252	)		(1,107,667	)
Accumulated net realized gain (loss)		4,754,103			9,958,293			9,232,739
Net unrealized appreciation (depreciation) on: Affiliated investments		457,274			4,156,944			7,904,386
Net assets	$	6,385,290		$	18,195,594		$	28,992,961
Accumulation units		306,796			786,987			1,201,523
Unit value	$	20.81		$	23.12		$	24.13
(A) Affiliated investments, at cost	$	5,929,105		$	14,041,761		$	21,093,540

STATEMENTS OF OPERATIONS

For the year ended December 31, 2015

	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Expenses:
Investment advisory fees	$	13,835		$	38,556		$	60,601
Net investment income (loss)		(13,835	)		(38,556	)		(60,601	)
Net realized gain (loss) on:
Affiliated investments		431,392			632,543			712,896
Net realized gain (loss)		431,392			632,543			712,896
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(521,782	)		(857,813	)		(1,050,874	)
Net change in unrealized appreciation (depreciation)		(521,782	)		(857,813	)		(1,050,874	)
Net realized and change in unrealized gain (loss)		(90,390	)		(225,270	)		(337,978	)
Net increase (decrease) in net assets resulting from operations	$	(104,225	)	$	(263,826	)	$	(398,579	)

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    9

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Short Horizon						Intermediate Horizon						Intermediate/Long Horizon
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
From operations:
Net investment income (loss)	$	(13,835	)	$	(14,028	)	$	(38,556	)	$	(40,067	)	$	(60,601	)	$	(61,226	)
Net realized gain (loss)		431,392			226,353			632,543			748,746			712,896			652,900
Net change in unrealized appreciation (depreciation)		(521,782	)		(1,393	)		(857,813	)		(69,527	)		(1,050,874	)		391,373
Net increase (decrease) in net assets resulting from operations		(104,225	)		210,932			(263,826	)		639,152			(398,579	)		983,047
Unit transactions:
Units sold		1,263,812			1,511,417			1,676,110			2,508,533			2,174,999			4,450,226
Units redeemed		(1,842,736	)		(1,485,860	)		(2,651,505	)		(4,487,328	)		(3,410,087	)		(5,408,405	)
Net increase (decrease) in net assets resulting from unit transactions		(578,924	)		25,557			(975,395	)		(1,978,795	)		(1,235,088	)		(958,179	)
Net increase (decrease) in net assets		(683,149	)		236,489			(1,239,221	)		(1,339,643	)		(1,633,667	)		24,868
Net assets:
Beginning of year		7,068,439			6,831,950			19,434,815			20,774,458			30,626,628			30,601,760
End of year	$	6,385,290		$	7,068,439		$	18,195,594		$	19,434,815		$	28,992,961		$	30,626,628
Undistributed (distributions in excess of) net investment income (loss)	$	(282,226	)	$	(268,391	)	$	(788,252	)	$	(749,696	)	$	(1,107,667	)	$	(1,047,066	)
Unit transactions - shares:
Units sold		59,609			71,872			70,464			108,689			87,644			186,268
Units redeemed		(86,796	)		(70,809	)		(111,600	)		(194,442	)		(137,523	)		(226,240	)
Net increase (decrease)		(27,187	)		1,063			(41,136	)		(85,753	)		(49,879	)		(39,972	)

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    10

FINANCIAL HIGHLIGHTS

For a unit outstanding during the years indicated:

	Short Horizon
	December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Unit value, beginning of year	$	21.16		$	20.52		$	20.37		$	18.99		$	18.24
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		(0.31	)		0.68			0.19			1.42			0.79
Total investment operations		(0.35	)		0.64			0.15			1.38			0.75
Unit value, end of year	$	20.81		$	21.16		$	20.52		$	20.37		$	18.99
Total return (B)		(1.66	)%		3.13	%		0.73	%		7.30	%		4.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,385		$	7,068		$	6,832		$	8,227		$	8,884
Expenses to average net assets (C)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate (D)		51	%		36	%		63	%		51	%		46	%

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

^(B)  Total return reflects Subaccount expenses.

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

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

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

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

^(B)  Total return reflects Subaccount expenses.

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

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

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

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

^(B)  Total return reflects Subaccount expenses.

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

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

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    11

NOTES TO FINANCIAL STATEMENTS

At December 31, 2015

1. ORGANIZATION

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

Subaccount

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

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

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

Transamerica Asset Management, Inc. (“TAM”) is responsible for the day-to-day management of the Subaccounts. For each of the Portfolios, TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations to the Portfolios.

TAM provides continuous and regular investment management services to the Portfolios. When acting as a “manager of managers”, TAM provides management services that include, without limitation, the design and development of each Portfolio and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending and implementing fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Portfolios’ investments; regular review of sub-adviser performance and holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation of portfolio holdings; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Portfolios’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and filings; and oversight of other service providers to the Portfolios, such as the custodian, the transfer agent, the Portfolios’ independent registered public accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations for the Portfolios; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. Where TAM employs sub-advisers, the sub-advisers carry out and effectuate the investment strategy designed for the Portfolios by TAM and are responsible, subject to TAM’s and the Board’s oversight, among other things, for making decisions to buy, hold or sell a particular security. Payment of any fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of the Subaccounts.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The value of each Subaccount’s investment in a corresponding subaccount of the TPVF is valued at the unit value per share of each Subaccount at the close of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, each day the NYSE is open for business.

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    12

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

3. SECURITY VALUATION (continued)

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The hierarchy classification of inputs used to value the Subaccounts’ investments, at December 31, 2015, is disclosed in the Security Valuation section of each Subaccount’s Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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

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

Fair value measurements: Each Subaccount invests substantially all of its investable assets among certain TPVF subaccounts and the TPVF subaccounts invest all of their investable assets in the Portfolios. The summary of the inputs used for valuing each Portfolio’s assets carried at fair value is discussed in the Security Valuation section of the Portfolios’ Notes to Financial Statements, which are attached to this report. Descriptions of the valuation techniques applied to the Subaccounts’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    13

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

3. SECURITY VALUATION (continued)

reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. Investment companies and ETFs are categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

4. AFFILIATES AND AFFILIATED TRANSACTIONS

As of December 31, 2015, the affiliates and affiliated transactions of the Subaccounts are as follows:

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

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

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

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

Certain managing board members and officers of TFLIC are also trustees, officers, or employees of TAM or its affiliates. No interested managing board member, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Separate Account. Similarly, none of the Separate Account’s officers or interested trustees receive compensation from the Subaccounts. The independent board members of TFLIC are also trustees of the Portfolios for which they receive fees.

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

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

5. PURCHASES AND SALES OF SECURITIES

For the year ended December 31, 2015, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

Subaccount	Purchases of Securities		Sales of Securities
Short Horizon		$    3,498,261		$    4,091,228
Intermediate Horizon		4,492,190		5,506,522
Intermediate/Long Horizon		4,719,324		6,015,580

6. FEDERAL INCOME TAXES

The operations of the Separate Account form a part of, and are taxed with, the operations of TFLIC, a wholly-owned subsidiary of Aegon USA. TFLIC does not expect, based upon current tax law, to incur any income tax upon the earnings or realized capital gains attributable to the Separate Account. Based upon this expectation, no charges are currently being deducted from the Separate Account for federal income tax purposes. The Subaccounts recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Subaccounts’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    14

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

6. FEDERAL INCOME TAXES (continued)

Subaccounts’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Subaccounts’ financial statements. If applicable, the Subaccounts recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Subaccounts identify their major tax jurisdictions as U.S. Federal, the state of Colorado and foreign jurisdictions where the Subaccounts make significant investments; however, the Subaccounts are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

7. NEW ACCOUNTING PRONOUNCEMENT

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

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    15

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of Transamerica Financial Life Insurance Company and the Contract holders 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, 2015, 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 five 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.

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, 2015, 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 Subaccounts constituting Transamerica Asset Allocation Variable Funds at December 31, 2015, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

February 25, 2016

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    16

Management of the Trust

Board Members and Officers

(unaudited)

The Board Members and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of each 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 each Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Subaccount 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 Subaccount and the operation of each Subaccount by its officers. The Board also reviews the management of each Subaccount’s assets by the investment adviser and its respective sub-adviser.

The Subaccounts are among the portfolios advised and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds, Transamerica Series Trust (“TST”), 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 176 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members of each Trust and each Portfolio Trust, their year of birth, their positions with the Trusts, 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 the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of either of the Trusts or Transamerica Partners Portfolios.

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
Marijn P. Smit (1973)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II, TAAVF and TIS (2014 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – present); Vice President, Transamerica Premier Life Insurance Company (2010 – present); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – present);	176	Director, Massachusetts Fidelity Trust Company (since 2014)

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    17

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 — continued
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – present); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – present)
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); Board Member, TIS (2012 – 2015); 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).	176	First Allied Holdings Inc. (2013 – 2014)
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	176	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 (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010);	176	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    18

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)			Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); 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, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	176	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 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	176	N/A
Eugene M. Mannella (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present); Self-employed consultant (2006 – present);	176	N/A

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    19

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 (continued)			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 and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).
Patricia L. Sawyer (1950)	Board Member	Since 1993	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	176	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (1952)	Board Member	Since 2007	Attorney, Englander Fischer (2008 – present); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); 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);	176	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – 2013); Remember Honor Support, Inc. (non-profit organization) (2013-present) Board Member, WRH Income

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    20

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 (continued)			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).		Properties, Inc. (real estate) (2014 – present)

* 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 2015

Page    21

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. 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
Marijn P. Smit (1973)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Table Above.
Tané T. Tyler (1965)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005 – 2013).
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 and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015); Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), 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), and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Thomas R. Wald (1960)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present);

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    22

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (continued)			Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (1970)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, OppenheimerFunds (2007 – 2010)
Matthew H. Huckman, Sr. (1968)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TIS (2014 – 2015); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007 – 2012).
Scott M. Lenhart (1961)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Compliance Officer and Anti-Money Laundering Officer, TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008 – 2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999 – 2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989 – 1998).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Asset Allocation Variable Funds Annual Report 2015

Page    23

Appendix A

Transamerica Partners Portfolios

Transamerica Partners High Quality Bond Portfolio

(unaudited)

MARKET ENVIRONMENT

2015 will be remembered as a challenging year for the capital markets and fixed income in particular. Against the backdrop of a change in the direction of U.S. monetary policy, a sharp deceleration of economic growth in China, a collapse in oil and commodity prices, record corporate issuance and wider credit spreads, the U.S. bond market managed to modestly outperform Treasuries. Early in 2015, it seemed as if after years of delay, the U.S. Federal Reserve (“Fed”) was poised to tighten the monetary policy. Meanwhile, weakness in the eurozone was causing the European Central Bank to initiate a massive quantitative easing program to jumpstart its economy. Interest rates ended the first quarter modestly lower. Most investment grade spread sectors outperformed Treasuries during the first quarter, with lower quality securities providing the largest excess returns. Domestically, the second quarter was characterized by weak economic releases during April and May, with some encouraging data in June. Central banks in developed markets (particularly Europe and Australia) as well as Russia and China continued to ease monetary policy to stimulate economic growth. Treasury yields rose across the curve driven by expectations of a rate increase. Credit spreads increased by 5-10 basis points during the quarter, causing most high grade sectors of the bond market to underperform Treasuries. The one exception was the asset backed sector, which modestly outperformed Treasuries.

Volatility increased markedly in the third quarter due to disappointing jobs data and global macro-economic concerns emanating from China, which took unprecedented steps to prop up its equity markets and promote growth, including a surprise devaluation of the yuan. Credit spreads that began widening in May showed no signs of letup through the third quarter. Additionally, the Fed elected to leave monetary policy unchanged during the quarter, which fueled a rally in Treasury prices. All credit sectors underperformed Treasuries, with the exception of the asset backed sector. Energy and basic materials continued to lag within the corporate sector. Despite worsening conditions in the industrial and manufacturing segments of the economy, the Fed increased the federal funds target rate by 0.25% during the fourth quarter amid signs of continued improvement in the employment picture. Treasury yields rose during much of the quarter in anticipation of the rate move by the Fed. Credit spreads held firm in October and November before widening in December due to concerns from the spillover effects of falling oil and commodity prices and continued weakness from China. Despite the spread widening in December almost all spread sectors outperformed Treasuries for the full quarter. Not surprisingly, energy and basic materials continued to underperform during the fourth quarter and for the full year 2015.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners High Quality Bond Portfolio returned 0.69%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index, returned 0.67%.

STRATEGY REVIEW

The Portfolio modestly outperformed its benchmark. Curve positioning in the 0-1 year and 4-5 year segments negatively impacted performance, while exposure in the 1-2 year and 3-4 year segments was positive. Overall, curve positioning modestly lagged the benchmark. At year-end, the yield to maturity was 1.80% versus 1.37% for the index, with a duration of 1.61 years versus 1.87 for the benchmark. Sector selection contributed the most to return, followed by security selection. The income/carry advantage from the spread sectors was a key driver of return. The corporate sector was the best performer during 2015 followed by asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”). Within corporates, industrials was the best-performing economic sector, led by CVS Health Corp. and Verizon Communications, Inc. Our overweight in financials was beneficial, led by PNC Funding Corp., Capital One Financial Corp., and Berkshire Hathaway Finance Corp. Our underweight in utilities also aided performance.

While maintaining a short duration bias, we opportunistically added in the 4-5 year area of the curve, with purchases in the ABS, corporate and Treasury sectors. From a curve exposure standpoint, approximately 34% of the Portfolio had a duration of less than one year, 56% had a duration of 1-3 years and 10% of the portfolio had a duration of greater than three years. Floating rate securities comprised approximately 8% of the Portfolio at year-end. We believe the Portfolio is well positioned, given the current rate environment and outlook.

Transamerica Partners Portfolios Annual Report 2015

Page    2

Transamerica Partners High Quality Bond Portfolio

(unaudited)

STRATEGY REVIEW (continued)

We also increased the asset-backed sector to 33% and corporate sector to 30%, while reducing the Treasury and mortgage backed sectors by similar amounts. Most of the reduction in the mortgage-backed sector came from sales in the reverse mortgage segment, which tightened during the year, and from maturities of private label CMBS. In ABS, we were very active in the lower part of the capital structure of auto, credit card and equipment segments. These securities are particularly attractive, given the strong underwriting and considerable credit support. We also added exposure in the timeshare segment. Among corporates, most of the increase was in financials and industrials.

Douglas A. Kelly, CFA

Peter S. Kaplan, CFA

Co-Portfolio Managers

Merganser Capital Management, LLC

Transamerica Partners Portfolios Annual Report 2015

Page    3

Transamerica Partners Inflation-Protected Securities Portfolio

(unaudited)

MARKET ENVIRONMENT

2015 continued to be marked by global central bank policy divergence, most notably between that of the U.S., which raised interest rates as expected, and Europe and Japan, which saw greater need to add to or maintain their record levels of easy monetary policy. The Barclays U.S. Treasury Inflation Protected Securities Index registered negative absolute performance in the last three quarters, as real yields drifted higher and break-even rates continued to be pressured by plummeting energy prices. Benchmark 10-year inflation expectations breached multi-year lows at the end of September before recovering somewhat to end the year at 1.56%.

In the eurozone, the European Central Bank (“ECB”) remained challenged by persistently low market-based inflation expectations. This dynamic caused the central bank to implement easier monetary policy. However, in the fourth quarter, the ECB’s delivery of additional easing measures underwhelmed market expectations.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Inflation-Protected Securities Portfolio returned (1.94)%. By comparison, its benchmark, the Barclays U.S. Treasury Inflation Protected Securities Index, returned (1.44)%.

STRATEGY REVIEW

The Portfolio underperformed due in part to our long U.S. break-even positioning and short positions in Japanese nominal interest rates. Primary contributors were led by our long U.S. dollar currency positioning, especially versus the euro, and allocation to Italian inflation-linked bonds. The Portfolio’s New Zealand real rate allocation also contributed.

Over the year, the Portfolio was generally long break-evens in the U.S., and as the year drew to a close, we added to long positioning in European break-evens. Our active currency positioning transitioned from predominantly long the dollar versus the euro and yen, to a structure that held tactical positions to hedge portfolio risks, especially around near-term headlines, risk events and the forward evolution of monetary policy.

We maintained a long position in both U.S. 10-year and 30-year break-evens. As the U.S. Federal Reserve’s (“Fed”) 2% target on core personal consumption expenditure is historically equivalent to at least 2.40% on the consumer price index (“CPI”), we believed the inflation market continued to underprice the inflation risk premium. This is especially true given the Fed’s commitment to monitor progress toward achieving its inflation mandate.

We expect break-evens to push wider in 2016; our inflation forecast calls for an uptick in core CPI to over 2% by mid-2016. We remain optimistic that diminishing slack in the labor market coupled with moderate stabilization in energy prices will cause longer dated inflation expectations to rebound. We believe that risks overseas will not necessarily derail U.S. growth, employment or cause extensive downward pressure on inflation. Rather, the level of global economic spare capacity should be the most important driver of forward inflation.

In Europe, we believe in the ability of the ECB to support recovery in the eurozone, and find peripheral real rates and break-evens as attractive on a risk-reward basis as that in the U.S. From a valuation standpoint, both core and peripheral European break-evens remain benign relative to a stable run-rate of European services inflation. In Asia Pacific, we remain biased to be short Japan nominal rates and long Japanese break-evens. Besides the effects of easy monetary policy by the central bank, wage pressure, due to government mandated raises, should lead to higher inflation and bond yields. We continue to find New Zealand real rates to be attractive given the lack of high quality, higher yielding assets globally, and especially so relative to U.K. and U.S. real yields.

The Portfolio used derivatives, such as futures, options, swaps and forwards, for duration and yield curve management and to implement views on swap rates, spreads, and currencies. Derivatives contributed positively to performance in 2015.

Gargi Chaudhuri

Martin Hegarty

Co-Portfolio Managers

BlackRock Financial Management, Inc.

Transamerica Partners Portfolios Annual Report 2015

Page    4

Transamerica Partners Core Bond Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period began with optimistic forecasts of acceleration in economic growth. It was widely held that lower oil prices would foster greater consumption, giving a boost to gross domestic product (“GDP”) growth rates. Defying that expectation, consumers opted to save the oil dividend rather than spend it, perhaps out of concern that the dramatic drop in oil prices was too good to last. As oil prices tested lows last seen almost a decade ago, energy companies cut back exploration activities and capital investments in equipment, creating additional headwinds for economic growth. Adding to the drag on growth was a strong rally for the U.S. dollar during the latter half of the period. A rising dollar made products manufactured onshore more expensive compared to goods manufactured in countries with weaker currencies and generally led to less demand for U.S. exports.

Despite these headwinds, U.S. economic growth came in near 2.0% for 2015 as the unemployment rate dipped to roughly 5% and consumer spending remained steady. Responding to these signs of underlying strength, the U.S. Federal Open Market Committee (“FOMC”) moved the target for the federal funds rate higher by 0.25% in mid-December — the first rate hike since June 2006.

Investors had anticipated the FOMC’s decision at various points during the year. This, combined with the weakness in oil prices and the high-profile closure of several fixed income mutual funds, made for a highly volatile year in the U.S. bond market. For example, the yield on the bellwether 10-year U.S. Treasury note started the year at 2.12%, fell to 1.68%, rose to 2.50% and ended the year only slightly higher at 2.27%. By year-end, the yield curve had moved higher and flattened as short-term rates moved up more than long-term rates. The Barclays U.S. Aggregate Bond Index returned 0.55%, led by asset-backed securities (“ABS”), debt of foreign governments (sovereigns), and agency residential mortgage-backed securities (“agency RMBS”). Declines in emerging market debt and investment grade corporate debt detracted from index performance.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Core Bond Portfolio returned 0.46%. By comparison, its benchmark, the Barclays U.S. Aggregate Bond Index, returned 0.55%.

STRATEGY REVIEW

Throughout the year, we believed that rising interest rates posed the largest risk to fixed income investors. To mitigate that risk, we underweighted the rate-sensitive Treasury and agency mortgage-backed securities (“agency MBS”) asset classes. However, agency RMBS was among the best-performing sectors for the year, and the underexposure detracted from performance relative to the benchmark. Another detractor from performance relative to the benchmark was our high-yield exposure. With defaults at low levels and yields attractive in our view, we believed that high yield, excluding most energy companies, offered attractive opportunities. We continue to believe that but pared back the Portfolio’s exposure modestly in response to market volatility.

Because of our concerns about interest rate risk — and to capture additional yield — we overweighted both investment grade and high-yield corporate bonds, ABS and commercial mortgage-backed securities (“CMBS”), with mixed results. As anticipated, these investments generated current income in excess of the benchmark. Our CMBS and investment grade corporate holdings also chalked up positive total returns that added to performance relative to the benchmark index.

In the ABS market, decreasing supply helped to support prices. So, too, did the performance of the underlying collateral (i.e., loans) as consumers continued to pay their debts. CMBS benefited from the strength of U.S. real estate markets. Our investment grade holdings were focused on intermediate-term debt from financial institutions, which generally fared better than industrial and utility bonds for two reasons: financial institutions have strengthened their balance sheets since the financial crisis, and they are less vulnerable to changing oil prices.

Brian W. Westhoff, CFA

Tyler A. Knight

Bradley D. Doyle

Doug Weih, CFA

Matthew Q. Buchanan, CFA

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Partners Portfolios Annual Report 2015

Page    5

Transamerica Partners High Yield Bond Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period began with optimistic forecasts of acceleration in economic growth. It was widely held that lower oil prices would foster greater consumption, giving a boost to gross domestic product (“GDP”) growth rates. Defying that expectation, consumers opted to save the oil dividend rather than spend it, perhaps out of concern that the dramatic drop in oil prices was too good to last. As oil prices tested lows last seen almost a decade ago, energy companies cut back exploration activities and capital investments in equipment, creating additional headwinds for economic growth. Adding to the drag on growth was a strong rally for the U.S. dollar during the latter half of the period. A rising dollar made products manufactured onshore more expensive compared to goods manufactured in countries with weaker currencies and generally led to less demand for U.S. exports.

Despite these headwinds, U.S. economic growth came in near 2.0% for 2015 as the unemployment rate dipped to roughly 5% and consumer spending remained steady. Responding to these signs of underlying strength, the U.S. Federal Open Market Committee (“FOMC”) moved the target for the federal funds rate higher by 0.25% in mid-December — the first rate hike since June 2006.

Investors had anticipated the FOMC’s decision at various points during the year. This, combined with the weakness in oil prices and the high-profile closure of several fixed income mutual funds, made for a highly volatile year in the U.S. bond market. For example, the yield on the bellwether 10-year U.S. Treasury note started the year at 2.12%, fell to 1.68%, rose to 2.50% and ended the year only slightly higher at 2.27%. By year-end, the yield curve had moved higher and flattened as short-term rates moved up more than long-term rates. The Barclays U.S. Aggregate Bond Index returned 0.55%, led by asset-backed securities, debt of foreign governments (sovereigns), and agency residential mortgage-backed securities. Declines in emerging market debt and investment grade corporate debt detracted from index performance.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners High Yield Bond Portfolio returned (4.13)%. By comparison, its benchmark, the BofA Merrill Lynch High Yield Master II Index, returned (4.64)%.

STRATEGY REVIEW

Sectors that detracted from performance primarily due to security selection included telecommunications, retail and health care. The five largest security detractors included Linn Energy LLC, K Hovnanian Enterprises, Breitburn Energy Partners, LP, Claire’s Stores, Inc. and Bombardier, Inc. While the underweight position to BB-rated credits detracted from performance, the underweight to CCCs contributed positively, as lower-quality credit continued to underperform higher-quality bonds.

Contributors included security selection and an overall underweight in the energy sector, which significantly underperformed the broader high-yield market. Security selection was especially advantageous within the lower-quality space, specifically B and CCC credits, as the Portfolio’s holdings held up better than the benchmark’s constituents. In addition, our overweight to investment grade securities aided performance. Other contributing sectors included basic industry and U.S. banking. Top contributing securities included SandRidge Energy (no longer held at year end), American Airlines Group, Inc., Intelsat Jackson Holdings SA, iHeartCommunications, Inc., and Dell, Inc. (no longer held at year end).

Kevin Bakker, CFA

Benjamin D. Miller, CFA

James K. Schaeffer, Jr.

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Partners Portfolios Annual Report 2015

Page    6

Transamerica Partners Balanced Portfolio

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

The 12-month period began with optimistic forecasts of acceleration in economic growth. It was widely held that lower oil prices would foster greater consumption, giving a boost to gross domestic product (“GDP”) growth rates. Defying that expectation, consumers opted to save the oil dividend rather than spend it, perhaps out of concern that the dramatic drop in oil prices was too good to last. As oil prices tested lows last seen almost a decade ago, energy companies cut back exploration activities and capital investments in equipment, creating additional headwinds for economic growth. Adding to the drag on growth was a strong rally for the U.S. dollar during the latter half of the period. A rising dollar made products manufactured onshore more expensive compared to goods manufactured in countries with weaker currencies and generally led to less demand for U.S. exports.

Despite these headwinds, U.S. economic growth came in near 2.0% for 2015 as the unemployment rate dipped to roughly 5% and consumer spending remained steady. Responding to these signs of underlying strength, the U.S. Federal Open Market Committee (“FOMC”) moved the target for the federal funds rate higher by 0.25% in mid-December — the first rate hike since June 2006.

Investors had anticipated the FOMC’s decision at various points during the year. This, combined with the weakness in oil prices and the high-profile closure of several fixed income mutual funds, made for a highly volatile year in the U.S. bond market. For example, the yield on the bellwether 10-year U.S. Treasury note started the year at 2.12%, fell to 1.68%, rose to 2.50% and ended the year only slightly higher at 2.27%. By year-end, the yield curve had moved higher and flattened as short-term rates moved up more than long-term rates. The Barclays U.S. Aggregate Bond Index returned 0.55%, led by asset-backed securities (“ABS”), debt of foreign governments (sovereigns), and agency residential mortgage-backed securities. Declines in emerging market debt (“EMD”) and investment grade corporate debt detracted from index performance.

J.P. Morgan Investment Management Inc.

The year 2015 was certainly eventful as Greece, weakness in crude oil prices, a strong U.S. dollar, China, emerging markets, and the endless banter on when the U.S. Federal Reserve (“Fed”) would finally raise interest rates dominated headlines. While the year was difficult, there were areas of the market that performed quite well, particularly the consumer discretionary and health care sectors. Investors who made contrarian calls on the energy and materials sectors have yet to be rewarded. There was a defensive tone in the markets as large-cap stocks, represented by the S&P 500^®, finished 2015 with a slight gain of 1.4% due to dividends, and outperformed the Russell 2000^® Index, which lost (4.4)%.

U.S. equity markets were a virtual seesaw in the first half of the year. While the S&P 500^® reached an all-time high closing value of 2130.82 on May 21, the index experienced several mini-dips of over 3% during the year. Investor concerns throughout early 2015 were largely focused on reduced earnings estimates, resulting from the massive decline in oil prices and strength in the U.S. dollar, which rose 9.3% versus a basket of global currencies. The dollar was particularly strong against the euro, given that monetary policy in the U.S. and eurozone diverged, with the European Central Bank (“ECB”) expanding its monetary stimulus while the Fed prepared markets for the eventual interest rate hike, which occurred in December. Market rallies in 2015 were mostly driven by periodic but unfulfilled hopes of stabilization in China, improving sentiment in Europe, actions taken or comments made by the ECB and the Fed, as well as brisk U.S. merger-and-acquisition activity.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Balanced Portfolio returned 0.57%. By comparison, its primary and secondary benchmarks, the Barclays U.S. Aggregate Bond Index and the S&P 500^®, returned 0.55% and 1.38%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC

Throughout the year, we believed that rising interest rates posed the largest risk to fixed income investors. To mitigate that risk, and to capture additional yield, we overweighted both investment grade and high yield corporate bonds, ABS and commercial mortgage-backed securities (“CMBS”), with mixed results. As anticipated, these investments generated current income in excess of the benchmark. Our CMBS and investment grade corporate holdings chalked up positive total returns that added to performance relative to the benchmark. A modest overweighting as well as security selection in EMD were also helpful; our EMD holdings ended the year virtually unchanged, while the emerging market component was the weakest portion of the index.

Transamerica Partners Portfolios Annual Report 2015

Page    7

Transamerica Partners Balanced Portfolio

(unaudited)

STRATEGY REVIEW (continued)

In the ABS market, decreasing supply helped to support prices. So, too, did the performance of the underlying collateral (i.e., loans) as consumers continued to pay their debts. CMBS benefited from the strength of U.S. real estate markets. Our investment grade holdings were focused on intermediate-term debt from financial institutions, which generally fared better than industrial and utility bonds for two reasons: financial institutions have strengthened their balance sheets since the financial crisis, and they are less vulnerable to changing oil prices.

Because of our concerns about interest rate risk, we underweighted the rate-sensitive Treasury asset class. However, because of our positioning within the asset class, Treasuries were a key detractor from results relative to the index. The largest detractor from relative performance was our high yield exposure. With defaults at low levels and yields attractive in our view, we believed that the high yield sector, excluding most energy companies, offered attractive opportunities. We continue to believe that but pared back the Portfolio’s exposure modestly in response to market volatility.

J.P. Morgan Investment Management Inc.

Stock selection in the industrial cyclical, basic materials and media sectors weighed on returns, while stock selection in technology, retail and utilities helped results.

In media, Time Warner declined, especially starting in the summer amid industry-wide concerns over cord-cutting, and again in November after the company did not raise 2016 earnings guidance. However, we believed that the investments that Time Warner is making in programming and over-the-top viewing products would be good for the company and the overall health of the industry in the long term; we continued to like the company. Time Warner remained one of our top picks among traditional media companies, given its lower exposure to advertising revenue, contractual revenue streams and attractive valuation.

Owning Twenty-First Century Fox, Inc. also weighed on returns as a number of media companies sold off in the second half of 2015 amid concerns that pay TV subscriber losses could be worse than feared. In particular, shares sold off after Time Warner decided not to increase its 2016 earnings guidance, which investors interpreted as a negative for the industry. However, we did not believe that industry fundamentals changed significantly and continued to like Twenty-First Century Fox, Inc. for what we saw as its desirable cable networks, strong growth, undervalued minority investments and attractive valuation.

On the positive side, in technology, Avago Technologies, Ltd. outperformed from strong execution in its premium filter business and the announced merger with Broadcom. The company’s premium filter business continued to grow above expectations and drove operating profits for the company. Avago Technologies, Ltd.‘s other segments also showed solid growth. The merger with Broadcom was a strong positive in our view, and Avago Technologies, Ltd. has shown a history of successfully integrated acquisitions. Additionally, Adobe Systems, Inc. outperformed on continued execution in its transition to the cloud. The company consistently outperformed expectations on creative cloud subscribers and annualized recurring revenue, both positive indicators for future revenue and earnings per share, according to our analysis. We continued to like the company based on its long-term framework, which we believed would be achieved and perhaps exceeded.

During the year, the Portfolio used derivatives. Derivatives added to performance.

Brian W. Westhoff, CFA

Tyler A. Knight

Bradley D. Doyle

Doug Weih, CFA

Matthew Q. Buchanan, CFA

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Aryeh Glatter

Steven G. Lee

Tim Snyder, CFA

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Transamerica Partners Portfolios Annual Report 2015

Page    8

Transamerica Partners Large Value Portfolio

(unaudited)

MARKET ENVIRONMENT

Generally speaking, it was a bizarre year filled with unimpressive returns yet powerful themes: growth beat value, large cap beat small cap, and volatility spiked. International developed market equities lagged U.S. equities and returns for emerging markets equities were downright dreadful (the MSCI Emerging Markets Latin America Index was down (31)%). Performance of master limited partnerships (“MLPs”) was the worst; MLPs were down (33)%. The bond market was equally unimpressive, posting mixed results: long-term bonds (credit and government) lost value and municipal bonds gained.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Large Value Portfolio returned (0.36)%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Value Index and the S&P 500^®, returned (3.83)% and 1.38%, respectively.

STRATEGY REVIEW

AJO, LP 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 four broad categories of measures: value, management, momentum and sentiment. 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; momentum indicates when stocks might begin to rise toward full valuation; and sentiment captures the buying and selling behavior of key investor segments in various markets. As we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us maximize profits in our stock-selection effort.

Our outperformance of the primary benchmark was driven by momentum factors; price, earnings and stability were key. Earnings quality also drove positive management results.

Sentiment was a minor contributor, while value factors weighed on performance.

Our capitalization bias away from top-performing mega-cap stocks was another detractor.

Over the long haul, we’re convinced that a market-beating strategy entails owning stocks with price-driven value characteristics, proven management, and recognition in the marketplace via earnings and price momentum.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Gregory J. Rogers

Christopher J. W. Whitehead

Co-Portfolio Managers

AJO, LP

Transamerica Partners Portfolios Annual Report 2015

Page    9

Transamerica Partners Large Core Portfolio

(unaudited)

MARKET ENVIRONMENT

Generally speaking, it was a bizarre year filled with unimpressive returns yet powerful themes: growth beat value, large cap beat small cap, and volatility spiked. International developed market equities lagged U.S. equities and returns for emerging markets equities were downright dreadful (the MSCI Emerging Markets Latin America Index was down 31%). Performance of master limited partnerships (“MLPs”) was the worst; MLPs were down 33%. The bond market was equally unimpressive, posting mixed results: long-term bonds (credit and government) lost value and municipal bonds gained.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Large Core Portfolio returned (0.78)%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Index and the S&P 500^®, returned 0.92% and 1.38%, respectively.

STRATEGY REVIEW

AJO, LP 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 four broad categories of measures: value, management, momentum, and sentiment. 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; momentum indicates when stocks might begin to rise toward full valuation; and sentiment captures the buying and selling behavior of key investor segments in various markets. As we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us maximize profits in our stock-selection effort.

Several factors influenced our underperformance this year. Value disappointed in the consumer discretionary and information technology sectors. We avoided a handful of top-performing benchmark stocks, which our models deemed too rich for our value orientation. Instead, we were punished for holding specialty retailers with favorable value.

Our bias away from investing in the top-performing mega-cap stocks also weighed on the Portfolio’s performance.

Among our other factors, momentum contributed; price, earnings, and stability were key. Meanwhile, our earnings quality factor drove positive management results.

Over the long haul, we’re convinced that a market-beating strategy entails owning stocks with price-driven value characteristics, proven management and recognition in the marketplace via earnings and price momentum.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Gregory J. Rogers

Christopher J. W. Whitehead

Co-Portfolio Managers

AJO, LP

Transamerica Partners Portfolios Annual Report 2015

Page    10

Transamerica Partners Large Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Jennison Associates LLC

Weak energy prices, a strong U.S. dollar, and slowing economic growth in China were key influences on the global economic landscape in 2015. The U.S. remained the strongest major global economy. The U.S. Federal Reserve made the long-awaited move to raise interest rates in mid-December, and indicated that further rate increases would likely be gradual and contingent on continued economic growth. A Chinese market correction in late summer and the ensuing devaluation of the yuan heightened skepticism about the reported economic strength of the world’s second-largest economy and raised concerns that other struggling economies might set off a cycle of devaluations to remain competitive in global export markets. Eurozone leaders eventually reached an agreement to start negotiations on a third bailout for Greece. Economic activity in Europe remained anemic but showed signs of improving. These factors, combined with uncertainty through much of the year about the timing and pace of monetary tightening in the U.S., contributed to continued volatility in global financial markets.

Wellington Management Company LLP

U.S. equities, as measured by the S&P 500^®, rose modestly during the 12-month period. U.S. stocks retreated briefly early in 2015, but then reached new all-time highs in the spring. The market pulled back in early March as soft manufacturing data, potential currency- and oil-related earnings headwinds, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the hesitation of the U.S. Federal Reserve (“Fed”) to raise rates as domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy NASDAQ Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for deals involving U.S. companies with $234 billion in announcements. Stocks ended June on a sour note after negotiations between Greece and its creditors broke down.

In the second half of the period, the U.S. economy remained on solid footing, with a sharp rebound in gross domestic product, a seven-year low in unemployment and a healthy housing market. While the growth slowdown in China and its implications for global commerce fueled investor anxiety, uncertainty about the Fed’s rate hike timeline also weighed on sentiment. During August and September, the market remained volatile and experienced its first correction since October 2011. Oil prices and the energy sector as a whole remained extremely volatile, with prices surging earlier in the period and falling sharply towards the end of the year. As many market participants expected, the Fed left rates unchanged at its highly anticipated September meeting. After much anticipation, the Fed delivered its first rate hike since 2006 in December, approving a small increase in the federal funds rate. The market initially reacted positively to the news, but remained volatile through the end of year as investors digested the impact of the rate increase and global economic developments.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Large Growth Portfolio returned 9.17%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Growth Index and the S&P 500^®, returned 5.67% and 1.38%, respectively.

STRATEGY REVIEW

Jennison Associates LLC

One of the Portfolio’s investment objectives is long-term growth of capital. The Portfolio is built from the bottom up, with stocks selected one at a time, based on fundamental analysis of individual companies.

Consumer discretionary stocks across a range of industries contributed significantly to performance. In Internet retail, Amazon.com, Inc. benefited as investors increasingly appreciated its strong execution, long-term revenue growth, margin-expansion potential, and cloud infrastructure opportunities. The company has been increasing its business investment to drive unit growth in its core retail business and through the proliferation of digital commerce via the mobile market. On-demand streaming media network Netflix, Inc.’s strong subscriber growth reflected the appeal of the company’s original programming. We believe a shift toward exclusive deals and original content, increasing pricing power, international expansion, and scale advantage have strengthened the company’s long-term competitive positioning.

Transamerica Partners Portfolios Annual Report 2015

Page    11

Transamerica Partners Large Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

In restaurants, Starbucks Corp’s strong brand and innovation in mobile and loyalty programs have driven customer engagement and robust sales. We believe the company has demonstrated its ability to devise innovative new platforms, which should help to keep its new product pipeline strong. In apparel, NIKE, Inc. generated impressive earnings, revenue and gross margins on the strength of its execution and the NIKE, Inc. brand around the world and across product categories.

In information technology, Google (now known as Alphabet, Inc.) and Facebook, Inc. made strong gains. Google’s technological lead and dominant position in Internet search is a unique strength that has enabled the company to monetize search traffic at a meaningfully higher rate than its competitors. We like its solid competitive position, strong advertising revenue and YouTube monetization opportunities. Internet-based social platform Facebook, Inc. has successfully implemented its mobile interface, and revenue generation from both mobile and desktop applications has improved. We believe that as the company solidifies its dominant position, it continues to increase its appeal to both users and advertisers. Long-term, largely untapped, growth drivers include Instagram, WhatsApp, Messenger, and Oculus.

Another technology stock, Alibaba Group Holding, Ltd., detracted from portfolio performance. One of the world’s largest e-commerce companies with dominant positions in several Chinese markets, it was hurt by transitional challenges posed by changes in keyword search and the migration to mobile-device-based transactions. We believe that the company’s initiatives related to these issues will be beneficial and that Alibaba Group Holding, Ltd. offers an attractive opportunity to invest in the long-term growth of the Chinese e-commerce market.

Health care companies have been strong positive contributors for several years. We trimmed or eliminated select positions as our investment theses were realized but continue to own a number of pharmaceutical and biopharmaceutical companies that are developing novel therapies for cancer, macular degeneration, and other serious conditions. With the current focus on drug pricing likely to persist, it will become increasingly important for companies to have truly innovative products in their development pipelines. Holdings with promising development programs that performed well include Bristol-Myers Squibb Co. and Regeneron Pharmaceuticals, Inc.

Slowing global growth affected the industrials and commodities sectors broadly. In industrials, Canadian Pacific Railway, Ltd. was hurt by lower volumes of a variety of commodities being shipped on its rail line; we eliminated the position. We also closed the position in exploration and production company EOG Resources, Inc., which was pressured by falling energy prices.

Wellington Management Company LLP

The Portfolio’s portfolio management team adheres to a disciplined portfolio construction process that allows team members to assess risk, weight individual positions accordingly, and in the process, build a portfolio that focuses largely on stock selection for seeking to generate benchmark-relative outperformance.

During the year, security selection within the information technology, consumer staples, industrials and materials sectors contributed most to positive relative returns. The Portfolio’s overweight allocation in consumer staples and underweight in industrials also aided relative results. Weaker security selection in consumer discretionary and financials sectors partially offset positive results. Our allocation to the energy sector and a frictional cash position in an upward trending market also weighed on relative results.

The Portfolio’s largest contributors to relative performance during the year included Amazon.com, Inc., a U.S.-based global e-commerce retailer; Activision Blizzard, Inc., a U.S.-based electronic entertainment company; and Starbucks Corp., a U.S.-based coffee roaster and retailer of specialty coffee drinks. The Portfolio’s avoidance of benchmark constituent Union Pacific Corp., a U.S. rail transportation company, also contributed to relative results.

The Portfolio’s largest relative detractors during the year included Hertz Global Holdings, Inc., a U.S.-based global car and equipment rental company; SunEdison, Inc., a solar installation company (no longer held at year end); and Twenty-First Century Fox, Inc., a U.S.-based media and entertainment company focused on television broadcasting and film production.

Michael A. Del Balso

Blair A. Boyer

Spiros “Sig” Segalas

Co-Portfolio Managers

Jennison Associates LLC

Mammen Chally, CFA

Portfolio Manager

Wellington Management Company LLP

Transamerica Partners Portfolios Annual Report 2015

Page    12

Transamerica Partners Mid Value Portfolio

(unaudited)

MARKET ENVIRONMENT

J.P. Morgan Investment Management Inc.

2015 proved to be a volatile year, with a 14% swing between the S&P 500^®’s intra-year highs and lows. However, as we take into account just a few of this year’s events — oil at prices we haven’t seen in a decade, uncertain U.S. Federal Reserve policy, concerns about slower growth in China and emerging markets, and growing fears in credit markets — we are not surprised by the market’s volatility. The drivers will be different, but we expect volatility also to characterize 2016.

Thompson, Siegel & Walmsley LLC

During the 12 months, equity markets in the U.S. were driven by uncertainty over a fragile economic recovery coupled with investor concerns about the U.S. Federal Reserve’s (“Fed”) tapering of its stimulus program. Global issues further exacerbated the situation, including turmoil in the Middle East, declining commodity prices, China growth concerns and persistent disinflation, to name a few. For the second consecutive year, large cap stocks outperformed their smaller counterparts, while mid-caps assumed their middleman position. Within mid-caps, energy was the key detractor, shedding more than a third of its value, while defensive sectors such as consumer staples and health care fared best.

Valuations have risen significantly over the last three years, making the market more vulnerable to negative news like falling commodity prices, a more hawkish Fed, and difficulties in emerging markets. The increasing volatility underscores the need for disciplined stock picking. We believe Thompson, Siegel & Walmsley LLC’s valuation discipline and focus on fundamentals will be rewarded in this market environment.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Mid Value Portfolio returned (0.46)%. By comparison, its benchmark, the Russell Midcap^® Value Index, returned (4.78)%.

STRATEGY REVIEW

J.P. Morgan Investment Management Inc.

Over the year, some of the biggest detractors from performance were energy holdings, but the combination of strong stock selection and a sector underweight continued to be a top contributor to overall performance. Unfortunately, the combination of stock selection and a sector overweight within the consumer discretionary sector detracted from performance this year as many of the retail names had weaker than expected revenues.

Strong fundamentals, coupled with the backdrop of robust merger-and-acquisition activity in the managed care industry, were positive for Cigna Corp.’s stock price performance throughout the year. Cigna Corp.’s shareholders approved a deal with Anthem, Inc. to be acquired in a cash and stock deal. The two companies bring different strengths to the table, so this merger is anticipated to broaden the portfolio of health service capabilities.

The global expansion of mobile connectivity has driven rapid growth in online travel expenditures, allowing online travel agencies (“OTA”) such as Expedia, Inc. to take market share from traditional travel agencies. The OTA market continued to consolidate in 2015 largely due to Expedia, Inc.’s activity in the merger-and-acquisition space. Expedia, Inc. has strengthened its position as the online market leader through the acquisitions of Travelocity, Orbitz, and HomeAway. Organic growth was strong in 2015 in both the hotel and airline segments, and management remained focused on returning cash to shareholders with a $10 million increase to the stock repurchase plan.

Energen Corp., an oil and natural gas exploration and production company, had a difficult year as commodity prices continued to fall. Despite the weak macro environment, the company is seeing growth in its Midland Basin assets where Energen Corp. may continue to benefit from drilling efficiencies and higher-margin volume growth in 2016. We are impressed by management’s commitment to a strong balance sheet. At these low commodity price levels, Energen Corp. still has enough liquidity to fund operations through 2017. We feel confident management will be able to fully utilize its available resources to weather these tough times.

Transamerica Partners Portfolios Annual Report 2015

Page    13

Transamerica Partners Mid Value Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Southwestern Energy Co., a major natural gas exploration and production company, had a challenging year navigating the weak natural gas price environment, which has been negatively impacted by resilient production levels from shale gas producers. Additionally, the warmer than usual fall and winter has created an oversupplied gas market, further exacerbating price weakness. Despite these headwinds, we believe Southwestern Energy Co. is trading at a sharp discount to net asset value as its assets in the Marcellus, Appalachia, and Fayetteville regions are among the highest quality. At these price levels, we believe the risk/reward of Southwestern Energy Co.’s stock falls in our favor.

Thompson, Siegel & Walmsley LLC

The Portfolio’s outperformance was driven by equally positive effect from allocation and stock selection.

Energy and materials were the most notable contributors to relative performance. Within energy, the Portfolio’s underweight helped stave off declines. Additionally, our exposure to refining companies was a positive factor. Refiners benefited from widening spreads between raw crude and refined products and were less susceptible than exploration and production companies to a sharp drop in oil prices. In materials, even though lack of exposure to commodity-sensitive industry groups such as copper, steel, and aluminum contributed to relative results, owning Rexam PLC had the biggest positive influence. The aluminum can maker was the target of an attractive takeout offer from a competing packaging company.

Consumer discretionary and technology were the lone sectors where portfolio stock selection did not keep pace with the benchmark. In consumer discretionary, the primary detractor was the fourth-quarter performance of two stocks. Fossil Group, Inc., a watchmaker, was the most notable detractor. While the company’s recent acquisition of a wearables-technology company diversified its product mix away from the slowing traditional watch market, a combination of foreign exchange headwinds and weakness in its Michael Kors Holdings, Ltd. line weighed on short-term results. Shaw Communications, Inc. was another detractor, as the market negatively reacted to the company’s acquisition of a Canadian wireless carrier. In technology, semiconductor solutions company Micron Technology, Inc. guided to a tough outlook during the first half of the year and traded in sympathy with the perceived pricing challenges in the computer memory market.

Consumer discretionary was the Portfolio’s largest overweight sector relative to its index as of year end. This is a broadly diverse group where we continue to identify companies with opportunities to exploit certain consumer trends or which have compelling business initiatives. The Portfolio remains underweight financial services, reflecting our perspective on muted loan growth and low loss reserves at most banks and unattractive valuations for real estate investment trusts.

Jonathan K. L. Simon

Gloria Fu, CFA

Lawrence Playford, CFA

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Brett P. Hawkins, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Transamerica Partners Portfolios Annual Report 2015

Page    14

Transamerica Partners Mid Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The U.S. equity markets began to experience some long-absent volatility in 2015. Equities slid in the third quarter, sending both the S&P 500^® and NASDAQ down from their highs in September before regaining much of the losses in a fourth quarter rally. For the year, the S&P 500^®’s price returns were negative for the first time since 2008, down (0.73)%. The tech-heavy NASDAQ was able to continue gains, with a price return of 5.73%, while small caps in the Russell 2000^® Index were lower by (5.71)% on a price return basis. Several risk factors which had been steadily brewing finally caught the markets’ attention, and investors reduced risk exposure.

Energy and commodity prices continued to be weak, further raising concerns about global growth and hurting the earnings power for energy companies. In the fourth quarter, crude oil sank to the low $30s per barrel, levels not seen in over a decade. However, as we ended the year we looked for improving trends in consumer spending due to savings on energy costs. U.S. economic data also softened throughout last year. Weakness in the labor market was evident at times, as U.S. non-farm payrolls slowed from fourth quarter 2014 readings before bouncing back in the fourth quarter of 2015.

Given the lengthy bull market run that equities enjoyed, the bounce back in the fourth quarter was a hopeful sign against a growing number of uncertainties. We believe that U.S. markets may remain volatile as the easy monetary policy from the U.S. Federal Reserve (“Fed”) is slowly removed.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Mid Growth Portfolio returned (1.37)%. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned (0.20)%.

STRATEGY REVIEW

For the year, stock selection in the consumer discretionary, industrials, health care and financials sectors positively impacted relative performance, while stock selection in the information technology, materials, energy, and consumer staples sectors detracted.

Top individual contributors included Equifax, Inc., First Republic Bank and Ulta Salon Cosmetics & Fragrance, Inc. (no longer held at year end). In the industrials sector, Equifax, Inc. continued to fire on all cylinders, beating earnings estimates and raising its full-year guidance. Results were particularly strong in the company’s workforce solutions segment and in areas with exposure to the U.S. consumer market, including autos and credit card issuance.

In financials, there was no real change to the First Republic Bank thesis. The bank reported roughly in-line results and continued to make progress toward complying with the Fed’s Comprehensive Capital Analysis and Review framework. In consumer discretionary, Ulta Salon Cosmetics & Fragrance, Inc.’s stock continued to post new highs as the company delivered on its industry-leading, same-store sales growth. The company also continued its strong pace of new store openings. Combined, these factors enabled the company to sustain 20% revenue growth.

Top detractors included Genesee & Wyoming, Inc., Brookdale Senior Living, Inc. (no longer held at year end), and Trimble Navigation, Ltd. (no longer held at year end). In the industrial sector, Genesee & Wyoming, Inc. and the entire U.S. rail sector was under pressure for the last 9 months of the period, driven largely by a weak energy market. Coal volumes were down due to low-priced natural gas, and oil drilling took a dramatic step down on low oil prices. In health care, Brookdale Senior Living, Inc. traded in sympathy with real estate investment trusts (“REITs”). With the market anticipating an interest rate increase, the potential benefit of a REIT conversion appeared to promise less upside. In information technology, Trimble Navigation, Ltd. was eliminated; an anticipated stabilization and recovery in its core end markets failed to materialize.

Looking forward, Quantum Capital Management’s research team is continually evaluating companies with an emphasis on defining a path toward value creation, productive uses of capital, niche leaders and favorable industry macro factors. The security selection process includes internally generated valuations with stock-specific catalysts.

Timothy Chatard, CFA

Howard Aschwald, CFA

Co-Portfolio Managers

Quantum Capital Management

Transamerica Partners Portfolios Annual Report 2015

Page    15

Transamerica Partners Small Value Portfolio

(unaudited)

MARKET ENVIRONMENT

In August 2015, our regime model signaled a switch from a bull market to a bear/chaotic market. This regime combines two environments, chaotic and bear. They both have high volatility, but a chaotic market is more sideways to down and a bear has larger, negative returns. The entire fourth quarter displayed classic characteristics of a chaotic market, which sees the flipping back and forth of sector leadership, stock leadership and which risk factors are contributing to performance. Trends of any kind were lacking.

One key element of the fourth quarter was the difference in performance between large and small stocks. Another atypical aspect of the quarter was the degree to which stocks were punished if companies missed earnings expectations. This tends to happen when valuations are above average and expectations are high, leaving little room for error. Small caps, in particlar, were negatively impacted by this effect.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Small Value Portfolio returned (6.12)%. By comparison, its benchmark, the Russell 2000^® Value Index, returned (7.47)%.

STRATEGY REVIEW

We seek to provide a competitive total investment return through the combination of quantitative and qualitative/fundamental disciplines.

Since we assumed the management responsibility on September 28, 2015, the Portfolio underperformed its benchmark. The Portfolio outperformed its benchmark for the year, however. Unfavorable stock selection within consumer discretionary, health care and information technology sectors weighed the most on performance since the management change. In addition, the Portfolio’s performance was impacted by sub-adviser transition expenses.

Our weakest sector was consumer discretionary, which subtracted approximately 1% from relative performance. Three retailing companies missed earnings and fell; they were Kirkland’s, Inc., Asbury Automotive Group, Inc. (no longer held at year end), and 1-800-Flowers.com, Inc. Health care was also weak due in part to AMAG Pharmaceuticals (no longer held at year end), which underperformed after missing earnings.

Financials were the largest contributors. Stock selection was strong in banks, lead by Banc of California, Inc. and Ameris Bancorp.

David Hanna

James W. Gaul, CFA

Michael J. Vogelzang, CFA

Douglas A. Riley, CFA

Co-Portfolio Managers

Boston Advisors, LLC

Transamerica Partners Portfolios Annual Report 2015

Page    16

Transamerica Partners Small Core Portfolio

(unaudited)

MARKET ENVIRONMENT

It was not a banner 12 months for the U.S economy, given another cold winter that was particularly hard on industry in the Northeast and mid-South. U.S. gross domestic product bounced back from an anemic first quarter reading to grow in the second quarter of 2015, but the strength was short-lived. Global supply chains tightened considerably in the face of the emerging market headwinds and the domestic economic expansion remained muted in the second half of 2015.

Small cap stocks, as measured by the Russell 2000^® Index, ended the year down over (4)% amid significant volatility, driven by negative sentiment among investors concerned about the Greek debt crisis, slowing emerging markets and the devaluation of the Chinese currency. In addition, the U.S. Federal Reserve raised the federal funds rate by 25 basis points, reflecting somewhat improving economic conditions in the U.S. For much of the year, investors in small-cap markets displayed a strong preference for growth stocks at the expense of their value counterparts, leading the Russell 2000^® Growth Index to outperform the Russell 2000^® Value Index by approximately 6%.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Small Core Portfolio returned (9.47)%. By comparison, its primary and secondary benchmarks, the Russell 2000^® Index and the S&P 500^®, returned (4.41)% and 1.38%, respectively.

STRATEGY REVIEW

The Portfolio trailed its benchmarks for the year as the result of both unfavorable sector allocations and stock selection.

From a sector allocation standpoint, an overweight to the energy sector was the largest detractor, as a steep drop in oil prices took their toll. In addition to the overweight, stock selection in energy also proved detrimental. The primary cause of the shortfall in energy was a focus on valuation in the stock selection process. While we generally believe that issues trading at lower valuations are expected to outperform over time, this was not the case during this time frame.

Holdings in the consumer discretionary and information technology sectors also lagged. In consumer discretionary, an exposure to for-profit education stocks hurt as did holdings in specialty retail. In information technology, an underweight to the software industry (based primarily on its elevated valuations relative to other industries such as hardware and equipment) drove the shortfall.

The Portfolio’s greater exposure to smaller capitalization securities also weighed on performance, as the largest quintile by market capitalization in the benchmark outperformed the smallest quintile. The Portfolio is more equally-weighted than the capitalization-weighted benchmark, which places the largest weights on the largest companies.

Eoin E. Middaugh, CFA

D. Kevin McCreesh, CFA

Co-Portfolio Managers

Systematic Financial Management, L.P.

Transamerica Partners Portfolios Annual Report 2015

Page    17

Transamerica Partners Small Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

It was quite a financial market rollercoaster in 2015. “Uncertainty” described it best. At its December meeting, the U.S. Federal Reserve finally decided to raise rates by 25 basis points after a lengthy period of speculation as to when it would occur. The gradual economic recovery from the financial crisis continued apace in 2015: gross domestic product growth was modest; employment improved and the labor markets tightened; and Institute for Supply Management data demonstrated that the U.S. economy was on solid footing, specifically the consumer. However, it was international growth fears, primarily from China and commodity-driven economies, which soured the global economic outlook. The tug of war between these competing factors manifested itself in a historically uncertain market environment that ended up going nowhere.

Similar to 2014, the small capitalization market in 2015 was characterized as a more volatile and fractured environment, as companies with opposite characteristics vied for leadership throughout the year. In the first and third quarters, companies with higher quality characteristics outperformed, while the second and fourth quarters showed leadership by lower quality, non-earning companies. Unlike the prior several years, higher quality won out for the year, which supported the Porfolio’s performance.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners Small Growth Portfolio returned 3.55%. By comparison, its benchmark, the Russell 2000^® Growth Index, returned (1.38)%.

STRATEGY REVIEW

The Portfolio outperformed its benchmark, led by excess returns in the first and third quarters. Leadership by higher quality and lower valuation factors aided our performanced in these two quarters. The Portfolio lagged in the second and fourth quarters, as lower quality factors demonstrated strength. Despite the fourth quarter rebound by lower quality factors, we believed that the market had firmly shifted to a mature market cycle that may favor quality characteristics.

The health care and financial services sectors contributed to performance. In health care, ICON PLC and Cambrex Corp. were top individual contributors. The materials and processing and energy sectors also aided performance. The technology sector was led by mortgage services provider Ellie Mae, Inc.

Producer durables was the most significant detractor due largely to two trucking stocks, Saia, Inc. and Celadon Group, Inc. (no longer held at year-end). Weakness in the industrial economy and resulting inventory excesses cut pricing and demand for the trucking industry. Consumer discretionary was the second largest detractor, impacted most by retailer Tuesday Morning Corp. (no longer held at year-end). Additionally, WageWorks, Inc. was pressured by competitive fears and valuation compression.

W. Conrad Doenges

Portfolio Manager

Ranger Investment Management, L.P.

Transamerica Partners Portfolios Annual Report 2015

Page    18

Transamerica Partners International Equity Portfolio

(unaudited)

MARKET ENVIRONMENT

The MSCI All Country World Index ex-U.S. declined (5.7)% in 2015 with a strong first and last quarter bookending a weak middle of the year. Individual country constituents logged highly variable results. For example, in developed markets Canada declined more than (24)%, while Denmark gained over 23%. Sector level returns were also volatile as commodity sensitive areas like energy, down (22.11)%, and materials, down (19.89)%, were a significant drag on performance as sharply lower prices for oil and other commodities pressured stock prices. Conversely, health care was the top contributor, up 5.82%, as shares of several companies rose sharply on earnings, favorable drug developments and continued merger and acquisition activity. Consumer staples were also a top contributor, as companies benefited from lower commodity input prices and improving spending trends.

Divergence in global monetary policies, economic conditions and industry fundamentals account for most of the return disparities in 2015 and suggest the year ahead will offer good opportunities for disciplined stock picking. In aggregate, stock prices remain reasonable, but we see pockets of both over- and under-valuation. We don’t base our investment decisions on big-picture forecasts, but many people do, and we expect uncertainty over economic growth rates, the level of inflation and interest rates and geopolitical matters to continue to produce short-term price volatility in 2016. We believe our longer investment time horizon, cash flow-based valuation discipline and focus on improving fundamentals are well suited to this environment.

PERFORMANCE

For the year ended December 31, 2015, Transamerica Partners International Equity Portfolio returned (2.47)%. By comparison, its benchmark, the MSCI All Country World Index ex-U.S., returned (5.25)%.

STRATEGY REVIEW

Stock selection in the United Kingdom accounted for the majority of the Portfolio’s relative performance over the last 12 months. Imperial Tobacco Group PLC was the winner in the group. The non-cyclical nature of the company’s products and accretive acquisitions amid industry consolidation drove solid earnings results and the company is now the subject of take-over speculation. Sky PLC, a broadband and satellite TV provider, was also a winner on solid earnings growth. Results were driven by customer growth, lower subscriber losses and synergies from recent acquisitions.

Holdings in Asia Ex-Japan were the only regional detractor from relative return. Exposure to commodity (Noble Group, Ltd. in Singapore) and casino (Macau based MGM China Holdings, Ltd. and SJM Holdings, Ltd. (no longer held at year end)) industries had the greatest impact. Noble Group, Ltd. was pressured by significantly lower commodity prices, while the Chinese government’s clamp down on corruption and limiting travel of Chinese vacationers to Macau penalized casino operators.

On a sector basis, materials was the top contributor to relative return thanks to favorable stock selection. Traditional mining stocks, one of the largest components of the sector, were particularly hard hit, as global commodity prices declined sharply over. The Portfolio’s broad selection across the sector helped to mitigate this risk. Irish paper-packaging company Smurfit Kappa Group PLC, and Japanese specialty chemical manufacturers Denka Co., Ltd. (formerly Denki Kagaku) and Kuraray Co., Ltd. were the top performers thanks to solid earnings results driven, in large part, by lower input costs.

Health care and consumer discretionary were the only detractors to relative return. Health care was primarily due to the Portfolio’s underweight position, which reflects the fact that this has been a strong sector for the benchmark and we have had limited opportunities due to our valuation discipline. A position in Porsche Automobil Holding SE was a significant detractor in consumer discretionary, along with exposure to Macau casino operators. Shares of Porsche Automobil Holding SE, which has a controlling stake in Volkswagen, sold off as investors worried over the potential impact of charges that Volkswagen violated emissions standards for its diesel vehicles in the U.S.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Transamerica Partners Portfolios Annual Report 2015

Page    19

Schedules of Investments Composition

At December 31, 2015

(unaudited)

Transamerica Partners Money Market Portfolio
Asset Allocation	Percentage of Net Assets
Commercial Paper		67.4	%
Certificates of Deposit		14.3
Repurchase Agreements		14.1
Corporate Debt Securities		4.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Partners High Quality Bond Portfolio
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		23.3	%
AAA		32.6
AA		13.8
A		14.8
BBB		15.2
NR (Not Rated)		0.6
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%
Transamerica Partners Inflation-Protected Securities Portfolio
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		94.4	%
AAA		1.4
AA		0.9
BBB		2.4
CCC and Below		0.0	*
NR (Not Rated)		0.8
Net Other Assets (Liabilities) ^		0.1
Total		100.0	%
Transamerica Partners Core Bond Portfolio
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		51.3	%
AAA		8.8
AA		5.2
A		17.5
BBB		22.3
BB		3.5
B		0.7
CCC and Below		1.5
NR (Not Rated)		5.4
Net Other Assets (Liabilities)		(16.2	)
Total		100.0	%
Transamerica Partners High Yield Bond Portfolio
Credit Quality ‡	Percentage of Net Assets
AAA		2.9	%
BBB		6.5
BB		39.0
B		39.8
CCC and Below		9.1
NR (Not Rated)		0.9
Net Other Assets (Liabilities)		1.8
Total		100.0	%

Transamerica Partners Balanced Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		59.8	%
Corporate Debt Securities		15.5
U.S. Government Obligations		8.2
U.S. Government Agency Obligations		6.7
Mortgage-Backed Securities		5.3
Securities Lending Collateral		5.1
Short-Term U.S. Government Agency Obligations		4.8
Asset-Backed Securities		2.8
Short-Term U.S. Government Obligations		0.8
Repurchase Agreement		0.5
Foreign Government Obligations		0.5
Municipal Government Obligations		0.2
Preferred Stocks		0.2
Net Other Assets (Liabilities) ^		(10.4	)
Total		100.0	%
Transamerica Partners Large Value Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		98.4	%
Securities Lending Collateral		10.7
Repurchase Agreement		1.6
Net Other Assets (Liabilities)		(10.7	)
Total		100.0	%
Transamerica Partners Large Core Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		98.6	%
Securities Lending Collateral		10.2
Repurchase Agreement		1.3
Net Other Assets (Liabilities)		(10.1	)
Total		100.0	%

Transamerica Partners Large Growth Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		99.0	%
Securities Lending Collateral		10.1
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(10.1	)
Total		100.0	%
Transamerica Partners Mid Value Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		96.9	%
Securities Lending Collateral		17.9
Repurchase Agreement		3.0
Net Other Assets (Liabilities)		(17.8	)
Total		100.0	%

Transamerica Partners Portfolios Annual Report 2015

Page    20

Schedules of Investments Composition (continued)

At December 31, 2015

(unaudited)

Transamerica Partners Mid Growth Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		99.4	%
Securities Lending Collateral		11.9
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(11.9	)
Total		100.0	%
Transamerica Partners Small Value Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		98.1	%
Securities Lending Collateral		21.8
Repurchase Agreement		0.8
Net Other Assets (Liabilities)		(20.7	)
Total		100.0	%
Transamerica Partners Small Core Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		98.6	%
Securities Lending Collateral		28.7
Repurchase Agreement		1.1
Master Limited Partnership		0.3
Net Other Assets (Liabilities)		(28.7	)
Total		100.0	%
Transamerica Partners Small Growth Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		97.1	%
Securities Lending Collateral		28.6
Repurchase Agreement		3.1
Net Other Assets (Liabilities)		(28.8	)
Total		100.0	%

Transamerica Partners International Equity Portfolio
Asset Allocation	Percentage of Net Assets
Common Stocks		95.0	%
Securities Lending Collateral		6.1
Preferred Stocks		2.9
Repurchase Agreement		1.5
Net Other Assets (Liabilities)		(5.5	)
Total		100.0	%

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

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    21

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Principal		Value
CERTIFICATES OF DEPOSIT - 14.3%
Banks - 14.3%
Bank of Nova Scotia
0.55%, 06/10/2016 (A)		$  27,000,000		$  27,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.93%, 06/22/2016 (A)		22,000,000		22,000,000
Mizuho Bank, Ltd.
0.45%, 02/04/2016 (A)		20,000,000		20,000,000
Sumitomo Mitsui Banking Corp.
0.61%, 03/02/2016 (A)		17,500,000		17,500,000
Svenska Handelsbanken AB
0.62%, 05/24/2016 (A)		20,000,000		20,000,399
Wells Fargo Bank NA
0.57%, 01/29/2016 (A)		18,000,000		18,000,000
Total Certificates of Deposit (Cost $124,500,399)				124,500,399
CORPORATE DEBT SECURITIES - 4.2%
Banks - 2.0%
Bank of America NA
0.45%, 04/01/2016		18,000,000		18,000,000
Capital Markets - 2.2%
Goldman Sachs & Co.
0.66%, 05/13/2016 (B)		19,000,000		19,000,000
Total Corporate Debt Securities (Cost $37,000,000)				37,000,000
COMMERCIAL PAPER - 67.4%
Banks - 31.5%
Australia & New Zealand Banking Group, Ltd.
0.63%, 05/23/2016 (A) (C)		17,000,000		17,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.38%, 01/04/2016 (A)		15,000,000		14,999,525
Barclays Bank PLC
0.47%, 01/29/2016 (A)		33,750,000		33,750,000
Bedford Row Funding Corp.
0.51%, 03/18/2016 (A) (C)		20,000,000		20,000,000
Commonwealth Bank of Australia
0.83%, 06/23/2016 (A) (C)		17,500,000		17,429,796
DNB Bank ASA
0.70%, 05/18/2016 (A) (C)		4,390,000		4,378,220
HSBC USA, Inc.
0.45%, 04/19/2016 (A) (C)		15,000,000		14,979,563
JPMorgan Securities LLC
0.62%, 07/22/2016 (A)		20,000,000		19,930,078
Korea Development Bank
0.72%, 05/23/2016 (A)		13,000,000		12,962,820
Natixis
0.35%, 01/04/2016 (A)		36,000,000		35,998,950
Standard Chartered Bank
0.49%, 02/22/2016 (A) (C)		15,000,000		14,989,383
0.65%, 04/04/2016 (A) (C)		13,000,000		12,977,936
Sumitomo Mitsui Banking Corp.
0.30%, 01/04/2016 (A) (C)		20,000,000		19,999,500
US Bank NA
0.20%, 01/04/2016 (A)		35,500,000		35,500,000
				274,895,771

	Principal		Value
COMMERCIAL PAPER (continued)
Capital Markets - 5.4%
Cedar Springs Capital Co. LLC
0.31%, 01/19/2016 (A) (C)		$  10,017,000		$  10,015,447
0.52%, 01/05/2016 (A) (C)		16,500,000		16,499,047
0.55%, 02/02/2016 (A) (C)		6,000,000		5,997,067
Credit Suisse
0.54%, 03/16/2016 (A)		15,000,000		14,983,125
				47,494,686
Consumer Finance - 2.4%
Harley-Davidson Financial Services, Inc.
0.52%, 01/11/2016 (A) (C)		4,100,000		4,099,408
Toyota Motor Credit Corp.
0.43%, 05/09/2016 (A)		17,000,000		17,000,000
				21,099,408
Diversified Financial Services - 21.6%
Cancara Asset Securitisation LLC
0.47%, 02/05/2016 (A)		20,000,000		19,990,861
0.63%, 04/01/2016 (A)		12,500,000		12,480,094
Collateralized Commercial Paper II Co. LLC
0.47%, 04/22/2016 (A) (C)		13,000,000		12,980,991
0.52%, 03/07/2016 (A) (C)		20,000,000		19,980,933
Fairway Finance Co. LLC
0.41%, 01/07/2016 (A) (C)		17,000,000		17,000,000
Jupiter Securitization Co. LLC
0.50%, 02/11/2016 - 05/03/2016 (A) (C)		18,500,000		18,479,785
Liberty Street Funding LLC
0.48%, 04/12/2016 (A) (C)		7,000,000		6,990,480
Mont Blanc Capital Corp.
0.32%, 01/20/2016 (A) (C)		12,457,000		12,454,896
Nieuw Amsterdam Receivables Corp.
0.69%, 04/01/2016 (A) (C)		15,000,000		14,973,837
Regency Markets No. 1 LLC
0.42%, 01/15/2016 (A) (C)		10,000,000		9,998,367
Sheffield Receivables Co. LLC
0.38%, 01/06/2016 (A) (C)		16,500,000		16,499,129
South Carolina Fuel Co., Inc.
0.70%, 01/06/2016 (A) (C)		4,000,000		3,999,611
Victory Receivables Corp.
0.28%, 01/06/2016 (A) (C)		23,000,000		22,999,106
				188,828,090
Multi-Utilities - 1.4%
Dominion Resources, Inc.
0.62%, 01/15/2016 (A) (C)		4,000,000		3,999,035
Duke Energy Corp.
0.87%, 01/22/2016 (A) (C)		4,000,000		3,997,970
Southern Co.
0.60%, 01/07/2016 (A) (C)		4,000,000		3,999,600
				11,996,605
Oil, Gas & Consumable Fuels - 0.5%
Spectra Energy Capital LLC
0.65%, 01/05/2016 (A) (C)		4,000,000		3,999,711
Real Estate Investment Trusts - 1.2%
Simon Property Group LP
0.32%, 01/11/2016 (A) (C)		10,000,000		9,998,833

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

Transamerica Partners Portfolios Annual Report 2015

Page    22

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
COMMERCIAL PAPER (continued)
Software - 3.4%
Manhattan Asset Funding Co. LLC
0.35%, 01/06/2016 (A) (C)		$  10,000,000		$  9,999,514
0.48%, 02/10/2016 (A) (C)		12,000,000		11,993,600
0.70%, 04/04/2016 (A) (C)		8,000,000		7,985,378
				29,978,492
Total Commercial Paper (Cost $588,291,596)				588,291,596
REPURCHASE AGREEMENTS - 14.1%
Bank of America NA 0.01% (A), dated 11/23/2015, to be repurchased at $18,500,468 on 02/22/2016. Collateralized by an Asset-Backed Security, Zero Coupon, due 08/03/2020, and with a value of $19,795,001. (B)		18,500,000		18,500,000
Barclays Capital, Inc. 0.30% (A), dated 12/31/2015, to be repurchased at $15,800,527 on 01/04/2016. Collateralized by U.S. Government Agency Obligations, 3.23% - 6.19%, due 08/25/2023 - 07/16/2055, and with a total value of $16,116,000.		15,800,000		15,800,000
Goldman Sachs & Co. 0.32% (A), dated 12/31/2015, to be repurchased at $23,000,818 on 01/04/2016. Collateralized by U.S. Government Agency Obligations, 2.55% - 9.00%, due 07/01/2018 - 11/01/2045, and with a total value of $23,460,000.		23,000,000		23,000,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
ING Financial Markets LLC 0.27% (A), dated 12/31/2015, to be repurchased at $18,700,561 on 01/04/2016. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 01/01/2027, and with a value of $19,076,527.		$  18,700,000		$  18,700,000
Jefferies LLC 0.50% (A), dated
12/31/2015, to be repurchased at $47,002,611 on 01/04/2016. Collateralized by U.S. Government Agency Obligations, 0.61% - 3.50%, due 11/01/2025 - 09/01/2045, and with a total value of $47,940,000.		47,000,000		47,000,000
State Street Bank & Trust Co. 0.03% (A),
dated 12/31/2015, to be repurchased at $406,028 on 01/04/2016. Collateralized by a U.S. Government Agency Obligation, 2.06%, due 05/27/2021, and with a value of $418,950.		406,027		406,027
Total Repurchase Agreements (Cost $123,406,027)				123,406,027
Total Investments (Cost $873,198,022) (D)				873,198,022
Net Other Assets (Liabilities) - (0.0)% (E)				(141,286	)
Net Assets - 100.0%				$  873,056,736

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Certificates of Deposit	$	—	$	124,500,399	$	—	$	124,500,399
Corporate Debt Securities		—		37,000,000		—		37,000,000
Commercial Paper		—		588,291,596		—		588,291,596
Repurchase Agreements		—		123,406,027		—		123,406,027
Total Investments	$	—	$	873,198,022	$	—	$	873,198,022

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate disclosed reflects the yield at December 31, 2015.

^(B)  Illiquid security. Total aggregate value of illiquid securities is $37,500,000, representing 4.3% of the Portfolio’s net assets.

^(C)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, the total aggregate value of 144A securities is $370,696,143, representing 42.5% of the Portfolio’s net assets.

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

Transamerica Partners Portfolios Annual Report 2015

Page    23

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(D)  Aggregate cost for federal income tax purposes is $873,198,022.

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

^(F)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Annual Report 2015

Page    24

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Principal		Value
ASSET-BACKED SECURITIES - 33.1%
Ally Master Owner Trust
Series 2014-1, Class A2
1.29%, 01/15/2019		$  1,500,000		$  1,498,231
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 01/15/2020		2,000,000		1,995,943
Series 2014-3, Class A
1.49%, 04/15/2020		1,000,000		1,000,354
Series 2014-4, Class A
1.43%, 06/15/2020		1,500,000		1,497,387
AmeriCredit Automobile Receivables Trust
Series 2012-4, Class D
2.68%, 10/09/2018		1,500,000		1,511,375
Series 2013-2, Class C
1.79%, 03/08/2019		2,000,000		2,001,745
Series 2013-3, Class C
2.38%, 06/10/2019		1,000,000		1,005,534
Series 2015-4, Class C
2.88%, 07/08/2021		750,000		745,386
ARI Fleet Lease Trust
Series 2012-B, Class A
0.63%, 01/15/2021 (A) (B)		112,170		112,070
Avis Budget Rental Car Funding AESOP LLC
Series 2010-5A, Class A
3.15%, 03/20/2017 (B)		1,000,000		1,002,518
Series 2012-3A, Class B
3.04%, 03/20/2019 (B)		850,000		845,684
Series 2014-1A, Class A
2.46%, 07/20/2020 (B)		1,250,000		1,253,957
Capital Auto Receivables Asset Trust
Series 2013-1, Class C
1.74%, 10/22/2018		3,620,000		3,616,638
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.75%, 07/15/2020		1,000,000		1,068,764
Series 2014-A5, Class A5
1.48%, 07/15/2020		3,150,000		3,150,586
Series 2015-A1, Class A1
1.39%, 01/15/2021		3,800,000		3,778,499
Series 2015-A8, Class A8
2.05%, 08/15/2023		3,300,000		3,241,171
CarMax Auto Owner Trust
Series 2013-2, Class C
1.61%, 03/15/2019		2,150,000		2,138,903
Series 2015-2, Class C
2.39%, 03/15/2021		900,000		891,467
Chase Issuance Trust
Series 2014-A7, Class A7
1.38%, 11/15/2019		2,000,000		1,994,283
CIT Equipment Collateral
Series 2014-VT1, Class C
2.65%, 10/20/2022 (B)		2,000,000		2,008,686
Citibank Credit Card Issuance Trust
Series 2006-A3, Class A3
5.30%, 03/15/2018		1,905,000		1,922,042

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Citibank Credit Card Issuance Trust (continued)
Series 2013-A6, Class A6
1.32%, 09/07/2018		$  2,000,000		$  2,003,901
Series 2014-A2, Class A2
1.02%, 02/22/2019		3,900,000		3,890,657
Series 2014-A4, Class A4
1.23%, 04/24/2019		3,900,000		3,898,555
CLI Funding V LLC
Series 2013-1A
2.83%, 03/18/2028 (B)		797,500		768,785
CNH Equipment Trust
Series 2012-C, Class B
1.30%, 03/16/2020		640,000		638,089
Series 2013-D, Class B
1.75%, 04/15/2021		1,100,000		1,102,059
Series 2014-A, Class A3
0.84%, 05/15/2019		979,275		975,936
Series 2014-B, Class B
1.93%, 11/15/2021		1,050,000		1,041,709
Series 2014-C, Class A3
1.05%, 11/15/2019		2,025,000		2,012,209
Series 2015-A, Class B
2.14%, 08/15/2022		2,000,000		1,975,635
Series 2015-B, Class A3
1.37%, 07/15/2020		1,000,000		987,652
Series 2015-B, Class B
2.23%, 10/17/2022		1,825,000		1,815,039
CNH Wholesale Master Note Trust
Series 2013-2A, Class A
0.93%, 08/15/2019 (A) (B)		750,000		749,061
Diamond Resorts Owner Trust
Series 2013-2, Class A
2.27%, 05/20/2026 (B)		1,397,808		1,396,505
Series 2014-1, Class A
2.54%, 05/20/2027 (B)		1,726,765		1,712,744
Series 2015-2, Class A
2.99%, 05/22/2028 (B)		1,438,193		1,437,779
Discover Card Execution Note Trust
Series 2014-A5, Class A
1.39%, 04/15/2020		2,000,000		1,994,849
Series 2015-A4, Class A1
2.19%, 04/17/2023		3,000,000		2,972,691
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A2
3.65%, 08/01/2019		1,719,750		1,764,353
Fifth Third Auto Trust
Series 2013-1, Class A
3 0.88%, 10/16/2017		959,084		958,876
Ford Credit Auto Lease Trust
Series 2014-A, Class B
1.16%, 08/15/2017		2,800,000		2,794,356
Ford Credit Auto Owner Trust
Series 2012-A, Class D
2.94%, 07/15/2018		1,305,000		1,313,193
Series 2013-A, Class A4
0.78%, 05/15/2018		2,600,000		2,591,965
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class D
3.50%, 01/15/2019		2,300,000		2,338,433

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

Transamerica Partners Portfolios Annual Report 2015

Page    25

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust (continued)
Series 2013-5, Class B
1.88%, 09/15/2018		$  1,665,000		$  1,667,728
Series 2014-4, Class A1
1.40%, 08/15/2019		1,145,000		1,139,836
Series 2015-1, Class B
1.62%, 01/15/2020		1,050,000		1,045,376
Hyundai Auto Receivables Trust
Series 2012-C, Class C
1.42%, 02/15/2019		1,010,000		1,009,506
Invitation Homes Trust
Series 2013-SFR1, Class B
1.77%, 12/17/2030 (A) (B)		1,080,000		1,049,198
John Deere Owner Trust
Series 2013-B, Class A3
0.87%, 08/15/2017		637,649		636,938
MMAF Equipment Finance LLC Series 2009-AA, Class A4
3.51%, 01/15/2030 (B)		77,773		77,778
MVW Owner Trust Series 2015-1A, Class A
2.52%, 12/20/2032 (B)		2,456,091		2,421,659
Nissan Master Owner Trust Receivables Series 2015-A, Class A2
1.44%, 01/15/2020		2,090,000		2,074,450
Sierra Timeshare Receivables Funding LLC
Series 2012-1A, Class B
3.58%, 11/20/2028 (B)		949,990		957,571
Series 2015-1A, Class A
2.40%, 03/22/2032 (B)		1,033,020		1,020,617
SMART ABS Trust
Series 2012-4US, Class A4A
1.25%, 08/14/2018		1,100,000		1,094,951
Series 2013-2US, Class A3B
0.75%, 01/14/2017 (A)		168,591		168,577
Synchrony Credit Card Master Note Trust Series 2012-2, Class A
2.22%, 01/15/2022		2,062,000		2,067,525
Tricon American Homes Trust Series 2015-SFR1, Class B
1.97%, 05/17/2032 (A) (B)		730,000		719,377
Volkswagen Auto Loan Enhanced Trust Series 2013-1, Class A4
0.78%, 07/22/2019		3,850,000		3,833,715
World Financial Network Credit Card Master Trust
Series 2012-C, Class M
3.32%, 08/15/2022		500,000		515,747
Series 2013-A, Class A
1.61%, 12/15/2021		5,000,000		4,969,670
Series 2013-B, Class A
0.91%, 03/16/2020		3,535,000		3,532,161
World Omni Auto Receivables Trust Series 2015-A, Class A4
1.75%, 04/15/2021		2,450,000		2,433,461
World Omni Automobile Lease Securitization Trust Series 2015-A, Class B
1.94%, 12/15/2020		2,030,000		2,015,041
Total Asset-Backed Securities (Cost $116,901,533)				115,867,136

	Principal		Value
CORPORATE DEBT SECURITIES - 29.3%
Aerospace & Defense - 0.4%
Lockheed Martin Corp.
2.13%, 09/15/2016		$  1,320,000		$  1,329,010
Automobiles - 1.8%
American Honda Finance Corp.
0.82%, 10/07/2016 (A)		1,235,000		1,237,264
1.20%, 07/14/2017, MTN		1,250,000		1,244,484
Ford Motor Credit Co. LLC
3.98%, 06/15/2016		1,750,000		1,769,427
4.21%, 04/15/2016		2,060,000		2,076,494
				6,327,669
Banks - 6.5%
Bank of America Corp.
6.88%, 04/25/2018, MTN		2,000,000		2,206,514
Citigroup, Inc.
1.70%, 04/27/2018		3,425,000		3,391,048
KeyBank NA
1.70%, 06/01/2018		1,330,000		1,320,689
Lloyds Bank PLC
2.00%, 08/17/2018		2,000,000		2,001,520
PNC Funding Corp.
2.70%, 09/19/2016		4,175,000		4,216,007
Toronto-Dominion Bank
1.75%, 07/23/2018, MTN		3,820,000		3,814,365
Wells Fargo & Co.
1.50%, 01/16/2018		3,425,000		3,410,409
Westpac Banking Corp.
1.20%, 05/19/2017 (C)		2,260,000		2,254,694
				22,615,246
Beverages - 0.7%
Anheuser-Busch InBev Worldwide, Inc.
7.75%, 01/15/2019		2,000,000		2,311,870
Capital Markets - 2.6%
Deutsche Bank AG
1.35%, 05/30/2017		2,240,000		2,225,563
Goldman Sachs Group, Inc.
1.46%, 11/15/2018, MTN (A)		3,005,000		3,017,203
Morgan Stanley
2.65%, 01/27/2020		4,000,000		3,989,124
				9,231,890
Chemicals - 0.7%
Airgas, Inc.
1.65%, 02/15/2018		2,575,000		2,563,822
Consumer Finance - 1.9%
Capital One Financial Corp.
3.15%, 07/15/2016		2,700,000		2,724,956
PACCAR Financial Corp.
1.75%, 08/14/2018, MTN		760,000		757,415
Visa, Inc.
2.20%, 12/14/2020		3,075,000		3,069,277
				6,551,648
Diversified Financial Services - 0.8%
Bear Stearns Cos. LLC
7.25%, 02/01/2018		2,500,000		2,757,720
Diversified Telecommunication Services - 0.9%
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/2017		1,300,000		1,295,077

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

Transamerica Partners Portfolios Annual Report 2015

Page    26

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.
2.25%, 09/14/2018 (A)		$  1,670,000		$  1,709,973
				3,005,050
Electric Utilities - 0.6%
Hydro-Quebec
1.38%, 06/19/2017		2,160,000		2,164,406
Food & Staples Retailing - 1.0%
CVS Health Corp.
2.25%, 08/12/2019		3,500,000		3,495,394
Insurance - 2.2%
Berkshire Hathaway Finance Corp.
0.62%, 01/12/2018 (A)		1,820,000		1,815,845
Metropolitan Life Global Funding I
1.50%, 01/10/2018 (B)		2,200,000		2,188,446
New York Life Global Funding
1.30%, 10/30/2017 (B)		3,745,000		3,729,836
				7,734,127
Machinery - 0.6%
Caterpillar Financial Services Corp.
1.00%, 03/03/2017, MTN		2,020,000		2,014,958
Media - 0.9%
Comcast Cable Communications LLC
8.88%, 05/01/2017		2,880,000		3,157,779
Metals & Mining - 0.5%
Vale Overseas, Ltd.
6.25%, 01/23/2017		1,750,000		1,746,675
Oil, Gas & Consumable Fuels - 3.4%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		3,000,000		3,082,671
Chevron Corp.
1.72%, 06/24/2018		1,500,000		1,492,338
Husky Energy, Inc.
6.20%, 09/15/2017		2,420,000		2,523,167
Petroleos Mexicanos
5.75%, 03/01/2018		3,250,000		3,383,250
Total Capital International SA
1.55%, 06/28/2017		1,500,000		1,503,834
				11,985,260
Pharmaceuticals - 0.4%
Bayer US Finance LLC
1.50%, 10/06/2017 (B)		1,430,000		1,429,411
Real Estate Investment Trusts - 2.2%
Simon Property Group, LP
1.50%, 02/01/2018 (B)		2,350,000		2,330,749
Ventas Realty, LP
1.55%, 09/26/2016		1,760,000		1,761,214
Welltower, Inc.
2.25%, 03/15/2018		1,950,000		1,948,251
6.20%, 06/01/2016		1,750,000		1,783,966
				7,824,180
Semiconductors & Semiconductor Equipment - 0.4%
Altera Corp.
2.50%, 11/15/2018		1,460,000		1,471,921

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 0.8%
Hewlett Packard Enterprise Co.
2.45%, 10/05/2017 (B)		$  2,925,000		$  2,922,520
Total Corporate Debt Securities (Cost $103,000,531)				102,640,556
FOREIGN GOVERNMENT OBLIGATION - 0.6%
Province of Ontario, Canada
2.30%, 05/10/2016		1,985,000		1,994,627
Total Foreign Government Obligation (Cost $1,989,878)				1,994,627
MORTGAGE-BACKED SECURITIES - 10.3%
Banc of America Commercial Mortgage Trust
Series 2008-1, Class A4
6.22%, 02/10/2051 (A)		4,289,980		4,543,360
CD Commercial Mortgage Trust Series 2007-CD4, Class A4
5.32%, 12/11/2049		5,000,282		5,084,454
CFCRE Commercial Mortgage Trust Series 2011-C1, Class A2
3.76%, 04/15/2044 (B)		897,902		899,703
COMM Mortgage Trust
Series 2012-9W57, Class A
2.36%, 02/10/2029 (B)		4,050,000		4,076,426
Series 2013-CR12, Class A1
1.30%, 10/10/2046		4,131,628		4,110,918
DBUBS Mortgage Trust
Series 2011-LC1A, Class A1
3.74%, 11/10/2046 (B)		1,017,766		1,019,595
Series 2011-LC3A, Class A2
3.64%, 08/10/2044		1,091,878		1,096,058
Del Coronado Trust Series 2013-HDC, Class A
1.13%, 03/15/2026 (A) (B)		2,050,000		2,041,062
JPMBB Commercial Mortgage Securities Trust Series 2013-C17, Class A1
1.25%, 01/15/2047		2,555,808		2,532,837
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2002-C2, Class E
5.76%, 12/12/2034 (A)		186,508		189,270
Series 2012-C8, Class A2
1.80%, 10/15/2045		3,836,534		3,830,184
Morgan Stanley Capital I Trust Series 2006-IQ11, Class A4
5.78%, 10/15/2042 (A)		333,652		333,204
NLY Commercial Mortgage Trust Series 2014-FL1, Class A
1.53%, 11/15/2030 (A) (B)		1,566,251		1,562,321
Sequoia Mortgage Trust Series 2012-2, Class A2
3.50%, 04/25/2042 (A)		140,380		141,397
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.25%, 12/15/2043		841,697		842,229

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

Transamerica Partners Portfolios Annual Report 2015

Page    27

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust (continued)
Series 2007-C30, Class APB
5.29%, 12/15/2043		$  943,318		$  945,969
Wells Fargo Commercial Mortgage Trust Series 2015-LC22, Class A1
1.64%, 09/15/2058		1,443,776		1,429,540
WFRBS Commercial Mortgage Trust Series 2013-C18, Class A1
1.19%, 12/15/2046		1,370,940		1,361,201
Total Mortgage-Backed Securities (Cost $36,448,514)				36,039,728
U.S. GOVERNMENT AGENCY OBLIGATIONS - 18.6%
Federal Home Loan Mortgage Corp.
2.28%, 06/01/2033 (A)		1,190,596		1,255,438
4.50%, 09/01/2026		2,176,990		2,302,822
Federal National Mortgage Association
5.51%, 04/01/2017		2,808,086		2,940,885
FREMF Mortgage Trust Series 2013-K502, Class B
2.71%, 03/25/2045 (A) (B)		1,820,000		1,815,747
Government National Mortgage Association
1.78%, 09/16/2041		3,522,211		3,439,383
4.52%, 12/20/2061		2,390,874		2,517,047
4.67%, 11/20/2061 - 09/20/2063		4,199,581		4,401,383
4.75%, 02/20/2061		409,408		425,768
4.80%, 02/20/2063		3,296,724		3,467,288
4.82%, 02/20/2061		392,639		409,797
4.86%, 05/20/2061		736,034		770,542
4.89%, 06/20/2063		2,708,294		2,846,251
4.95%, 05/20/2062		3,055,301		3,202,061
5.19%, 04/20/2062		2,456,047		2,556,680
5.27%, 11/20/2060		2,244,505		2,378,549
5.32%, 04/20/2061		1,520,462		1,602,697
5.47%, 01/20/2060		5,657,070		5,967,879
5.50%, 03/20/2060		745,527		791,124
5.59%, 11/20/2059		3,149,127		3,256,229
5.65%, 06/20/2059		2,155,821		2,226,283
5.75%, 12/15/2022		375,218		421,543
Small Business Administration
3.33%, 02/25/2022 (A)		2,108,102		2,220,257
4.07%, 10/25/2027 (A)		2,066,710		2,307,676
4.15%, 08/25/2026 (A)		2,008,621		2,238,805
4.18%, 07/25/2026 (A)		2,394,494		2,660,913
4.24%, 02/25/2024 (A)		2,601,620		2,816,977

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Small Business Administration (continued)
4.63%, 11/25/2026 (A)		$  2,821,530		$  3,167,746
4.69%, 05/25/2026 (A)		735,342		816,297
Total U.S. Government Agency Obligations (Cost $67,943,174)				65,224,067
U.S. GOVERNMENT OBLIGATIONS - 4.7%
U.S. Treasury Note
0.63%, 09/30/2017		1,600,000		1,588,937
1.25%, 12/15/2018		7,000,000		6,985,237
1.50%, 05/31/2020		8,000,000		7,930,936
Total U.S. Government Obligations (Cost $16,526,412)				16,505,110
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.6%
State Street Navigator Securities Lending Trust - Prime Portfolio,
0.31% (D)		2,281,740		2,281,740
Total Securities Lending Collateral (Cost $2,281,740)				2,281,740
	Principal		Value
REPURCHASE AGREEMENT - 3.1%
State Street Bank and Trust Co. 0.03% (D), dated 12/31/2015, to be repurchased at $10,845,166 on 01/04/2016. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 0.88% - 1.00%, due 08/15/2017 - 09/15/2017, and with a total value of $11,062,550.		$  10,845,130		10,845,130
Total Repurchase Agreement (Cost $10,845,130)				10,845,130
Total Investments (Cost $355,936,912) (E)				351,398,094
Net Other Assets (Liabilities) - (0.3)%				(888,424	)
Net Assets - 100.0%				$  350,509,670

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Asset-Backed Securities	$	—	$	115,867,136	$	—	$	115,867,136
Corporate Debt Securities		—		102,640,556		—		102,640,556
Foreign Government Obligation		—		1,994,627		—		1,994,627
Mortgage-Backed Securities		—		36,039,728		—		36,039,728

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

Transamerica Partners Portfolios Annual Report 2015

Page    28

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS (continued)
Investments (continued)
U.S. Government Agency Obligations		—		65,224,067		—		65,224,067
U.S. Government Obligations		—		16,505,110		—		16,505,110
Securities Lending Collateral		2,281,740		—		—		2,281,740
Repurchase Agreement		—		10,845,130		—		10,845,130
Total Investments	$	2,281,740	$	349,116,354	$	—	$	351,398,094

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate security. The rate disclosed is as of December 31, 2015.

^(B)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, the total aggregate value of 144A securities is $41,549,805, representing 11.9% of the Portfolio’s net assets.

^(C)  All or a portion of the security is on loan. The total value of all securities on loan is $2,234,812. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(D)  Rate disclosed reflects the yield at December 31, 2015.

^(E)  Aggregate cost for federal income tax purposes is $355,936,912. Aggregate gross unrealized appreciation and depreciation for all securities is $161,311 and $4,700,129, respectively. Net unrealized depreciation for tax purposes is $4,538,818.

^(F)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Partners Portfolios Annual Report 2015

Page    29

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 4.7%
Deutsche Bundesrepublik Inflation-Linked Bond
0.10%, 04/15/2023 (A)		EUR  3,234,598		$  3,680,093
1.50%, 04/15/2016 (A)		5,818		6,260
Hellenic Republic Government Bond Zero Coupon, 10/15/2042 (B)		366,000		1,496
Italy Buoni Poliennali del Tesoro
1.25%, 09/15/2032 (A)		1,211,194		1,360,649
2.10%, 09/15/2016		10,719		11,796
2.35%, 09/15/2024 (A)		3,466,393		4,343,763
2.55%, 09/15/2041 (A)		418,818		570,542
2.60%, 09/15/2023 (A)		251,482		321,180
New Zealand Government Bond
3.00%, 09/20/2030 (A)		NZD  3,098,000		2,326,087
Total Foreign Government Obligations (Cost $13,446,337)				12,621,866
U.S. GOVERNMENT OBLIGATIONS - 94.4%
U.S. Treasury Inflation Indexed Bond
0.63%, 02/15/2043		$  3,398,300		2,875,811
0.75%, 02/15/2042 - 02/15/2045		11,099,282		9,740,283
1.38%, 02/15/2044		4,939,317		5,026,782
1.75%, 01/15/2028		8,872,370		9,694,448
2.00%, 01/15/2026		6,321,191		7,022,944
2.13%, 02/15/2040 - 02/15/2041		9,940,157		11,735,551
2.38%, 01/15/2025 - 01/15/2027		21,169,801		24,190,602
2.50%, 01/15/2029		7,178,479		8,504,064
3.38%, 04/15/2032		953,240		1,289,742
3.63%, 04/15/2028		6,484,993		8,477,443
3.88%, 04/15/2029 (C)		7,877,717		10,701,902
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2017 - 07/15/2024		89,342,260		87,518,365
0.25%, 01/15/2025		6,918,731		6,603,874
0.38%, 07/15/2023 - 07/15/2025		18,633,192		18,135,452
0.63%, 07/15/2021 - 01/15/2024		12,815,902		12,674,077
1.13%, 01/15/2021		9,872,321		10,177,879
1.25%, 07/15/2020		5,823,751		6,056,171
1.38%, 07/15/2018 - 01/15/2020		9,600,039		9,969,546
2.50%, 07/15/2016 (D)		2,630,555		2,672,926
Total U.S. Government Obligations (Cost $259,460,118)				253,067,862
	Number of Contracts		Value
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.2% (E)
Call - CAD vs. JPY
Exercise Price CAD 86.00
Expiration Date 01/15/2016, DUB		7,225,000		27,141
Call - EUR vs. GBP
Exercise Price EUR 0.74
Expiration Date 02/16/2016, BCLY		2,455,000		29,684
Call - EUR vs. GBP
Exercise Price EUR 0.77
Expiration Date 01/14/2016, BCLY		2,475,000		237

	Number of Contracts	Value
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED (continued)
Call - NZD vs. USD
Exercise Price NZD 0.70
Expiration Date 01/27/2016, HSBC	4,105,000	$  17,618
Call - USD vs. CAD
Exercise Price $1.38
Expiration Date 01/08/2016, BNP	7,310,000	87,464
Call - USD vs. CAD
Exercise Price $1.39
Expiration Date 01/08/2016, HSBC	7,310,000	34,547
Call - USD vs. CAD
Exercise Price $1.42
Expiration Date 01/08/2016, BCLY	14,620,000	7,164
Call - USD vs. JPY
Exercise Price $121.75
Expiration Date 03/17/2016, BNP	2,680,000	22,381
Call - USD vs. JPY
Exercise Price $127.00
Expiration Date 01/15/2016, BNP	6,790,000	7
Put - CAD vs. JPY
Exercise Price CAD 85.50
Expiration Date 01/15/2016, DUB	7,225,000	19,210
Put - CAD vs. JPY
Exercise Price CAD 88.00
Expiration Date 01/15/2016, BCLY	7,225,000	97,700
Put - CHF vs. NOK
Exercise Price CHF 7.72
Expiration Date 08/02/2016, DUB	5,595,000	16,065
Put - CHF vs. SEK
Exercise Price CHF 8.26
Expiration Date 03/18/2016, JPM	2,950,000	22,234
Put - EUR vs. GBP
Exercise Price EUR 0.72
Expiration Date 01/14/2016, HSBC	2,475,000	597
Put - EUR vs. USD
Exercise Price EUR 0.72
Expiration Date 02/16/2016, BCLY	2,455,000	8,852
Put - GBP vs. JPY
Exercise Price GBP 175.00
Expiration Date 05/12/2016, DUB	1,820,000	57,122
Put - GBP vs. USD
Exercise Price GBP 1.48
Expiration Date 02/05/2016, HSBC	3,560,000	64,027
Put - USD vs. CAD
Exercise Price $1.35
Expiration Date 01/08/2016, BNP	7,310,000	241
Put - USD vs. JPY
Exercise Price $119.25
Expiration Date 03/17/2016, BNP	2,680,000	30,327
Put - USD vs. JPY
Exercise Price $120.50
Expiration Date 01/15/2016, DUB	13,580,000	90,538
Put - USD vs. MXN
Exercise Price $16.15
Expiration Date 02/26/2016, MSC	2,710,000	2,276
Total Over-the-Counter Foreign Exchange Options Purchased (Cost $693,121)		635,432

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

Transamerica Partners Portfolios Annual Report 2015

Page    30

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Notional Amount		Value
OVER-THE-COUNTER INFLATION-CAPPED OPTIONS PURCHASED - 0.0% (E) (F)
Call - US CPI Urban Consumers NAS
Exercise Rate 2.00%
Expiration Date 11/06/2016, DUB		$  8,440,000		$  3,985
Call - US CPI Urban Consumers NAS
Exercise Rate 2.00%
Expiration Date 11/10/2016, DUB		3,370,000		1,776
Total Over-the-Counter Inflation-Capped Options Purchased (Cost $11,303)				5,761
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED - 0.1% (E)
Put - Receives Floating Rate Index 3-Month
USD-LIBOR
Exercise Rate 2.75%
Expiration Date 01/15/2016, DUB		7,000,000		4
Put - Receives Floating Rate Index 3-Month
USD-LIBOR
Exercise Rate 2.95%
Expiration Date 06/02/2016, DUB		1,605,000		37,328
Put - Receives Floating Rate Index 3-Month
USD-LIBOR
Exercise Rate 3.25%
Expiration Date 03/16/2016, DUB		4,775,000		11,879
Put - Receives Floating Rate Index 3-Month
USD-LIBOR
Exercise Rate 3.35%
Expiration Date 01/15/2016, DUB		5,000,000		0	(G)

		Notional Amount		Value
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED (continued)
Put - Receives Floating Rate Index 3-Month USD-LIBOR
Exercise Rate 3.75%
Expiration Date 01/15/2016, DUB		8,800,000		$  —
Put - Receives Floating Rate Index 6-Month EUR-EURIBOR
Exercise Rate 2.50%
Expiration Date 06/08/2022, DUB		EUR  3,200,000		310,056
Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $659,045)				359,267
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (H)		1,233,750		1,233,750
Total Securities Lending Collateral (Cost $1,233,750)				1,233,750
Total Investments (Cost $275,503,674) (I)				267,923,938
Net Other Assets (Liabilities) - 0.1%				181,476
Net Assets - 100.0%				$  268,105,414

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN: (E)
Description	Counterparty	Exercise Price			Expiration Date		Notional Amount			Premiums (Received)			Value
Call - CHF vs. SEK	JPM		CHF	9.10		03/18/2016		CHF	2,950,000	$	(30,937	)	$	(7,022	)
Call - EUR vs. GBP	HSBC		EUR	0.77		01/14/2016		EUR	2,475,000		(21,544	)		(237	)
Call - GBP vs. JPY	DUB		GBP	188.50		05/12/2016		GBP	1,820,000		(13,144	)		(12,221	)
Call - NZD vs. USD	CITI		NZD	0.70		01/27/2016		NZD	4,105,000		(26,975	)		(17,618	)
Call - USD vs. CAD	HSBC		USD	1.38		01/08/2016		USD	7,310,000		(69,993	)		(87,449	)
Call - USD vs. CAD	BCLY		USD	1.39		01/08/2016		USD	7,310,000		(57,922	)		(34,547	)
Call - USD vs. JPY	DUB		USD	127.00		01/15/2016		USD	6,790,000		(29,604	)		(7	)
Call - USD vs. MXN	MSC		USD	18.00		02/26/2016		USD	2,710,000		(20,325	)		(17,414	)
Put - CAD vs. JPY	DUB		CAD	84.50		01/15/2016		CAD	7,225,000		(11,142	)		(9,712	)
Put - CAD vs. JPY	BCLY		CAD	85.50		01/15/2016		CAD	7,225,000		(10,820	)		(19,210	)
Put - CAD vs. JPY	DUB		CAD	88.00		01/15/2016		CAD	7,225,000		(63,691	)		(97,700	)
Put - EUR vs. GBP	BCLY		EUR	0.72		01/14/2016		EUR	2,475,000		(36,998	)		(597	)
Put - USD vs. JPY	DUB		USD	120.50		01/15/2016		USD	6,790,000		(39,382	)		(45,269	)
Total										$	(432,477	)	$	(349,003	)

OVER-THE-COUNTER INFLATION-CAPPED OPTIONS WRITTEN: (E)

Description

Counterparty

Initial Index

Floating Rate

Expiration Date

Notional Amount

Premiums (Received)

Value

Call - Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA

DUB

2.50

%

HICP Index

04/26/2022

EUR

1,070,000

$

(74,168

)

$

(1,224

)

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

Transamerica Partners Portfolios Annual Report 2015

Page    31

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN: (E)
Description	Counterparty		Floating Rate Index		Floating Rate	Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)			Value
Call - 10-Year		DUB		3-Month USD-LIBOR	Receive		1.90	%		02/13/2017		USD	5,900,000	$	(116,905	)	$	(57,306	)
Call - 10-Year		DUB		3-Month USD-LIBOR	Receive		2.10			01/19/2016		USD	7,895,000		(46,975	)		(17,027	)
Call - 10-Year		DUB		3-Month USD-LIBOR	Receive		2.10			03/06/2017		USD	3,700,000		(83,792	)		(60,582	)
Call - 10-Year		DUB		3-Month USD-LIBOR	Receive		2.10			03/06/2017		USD	1,830,000		(34,911	)		(29,963	)
Call - 10-Year		DUB		3-Month USD-LIBOR	Receive		2.10			03/16/2017		USD	1,800,000		(43,679	)		(29,707	)
Call - 10-Year		DUB		3-Month USD-LIBOR	Receive		2.15			01/19/2016		USD	7,895,000		(54,081	)		(28,870	)
Put - 10-Year		DUB		3-Month USD-LIBOR	Pay		2.90			02/13/2017		USD	5,900,000		(168,483	)		(94,061	)
Put - 10-Year		DUB		3-Month USD-LIBOR	Pay		3.10			03/06/2017		USD	3,700,000		(101,306	)		(47,697	)
Put - 10-Year		DUB		3-Month USD-LIBOR	Pay		3.10			03/06/2017		USD	1,830,000		(53,774	)		(23,835	)
Put - 10-Year		DUB		3-Month USD-LIBOR	Pay		3.10			03/16/2017		USD	1,800,000		(45,493	)		(24,266	)
Put - 20-Year		DUB		6-Month EUR-EURIBOR	Pay		4.50			06/08/2022		EUR	3,200,000		(150,269	)		(138,393	)
Total														$	(899,668	)	$	(551,707	)

CENTRALLY CLEARED SWAP AGREEMENTS: ^(J)

Interest Rate Swap Agreements - Fixed Rate Payable
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		2.56	%		05/15/2041		USD	1,500,000	$	27,679		$	—		$	27,679
3-Month USD-LIBOR		2.60			05/15/2041		USD	1,455,000		16,187			—			16,187
3-Month USD-LIBOR		2.80			02/25/2025		USD	6,600,000		(422,932	)		(73,667	)		(349,265	)
Total									$	(379,066	)	$	(73,667	)	$	(305,399	)

Interest Rate Swap Agreements - Fixed Rate Receivable
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		2.16	%		09/25/2025		USD	7,700,000	$	16,495		$	—	$	16,495
3-Month USD-LIBOR		2.55			12/04/2045		USD	1,020,000		(23,229	)		—		(23,229	)
3-Month USD-LIBOR		2.66			05/15/2041		USD	700,000		(12	)		—		(12	)
Total									$	(6,746	)	$	—	$	(6,746	)

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Long		225			03/14/2016	$	—	$	(108,241	)
90-Day Eurodollar		Short		(114	)		12/19/2016		65,395		—
90-Day Eurodollar		Short		(225	)		03/13/2017		144,788		—
2-Year U.S. Treasury Note		Short		(6	)		03/31/2016		1,773		—
5-Year U.S. Treasury Note		Long		65			03/31/2016		—		(20,261	)
10-Year Japanese Government Bond		Short		(13	)		03/14/2016		—		(37,891	)
10-Year U.S. Treasury Note		Long		18			03/21/2016		—		(13,382	)
Euro-BTP Italian Government Bond		Short		(60	)		03/08/2016		—		(18,001	)
German Euro BOBL		Short		(1	)		03/08/2016		173		—
German Euro Bund		Short		(18	)		03/08/2016		7,778		—
U.K. Gilt		Short		(1	)		03/29/2016		854		—
U.S. Treasury Bond		Short		(12	)		03/21/2016		29,984		—
U.S. Treasury Bond		Short		(22	)		03/21/2016		—		(30,863	)
Total								$	250,745	$	(228,639	)

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

Transamerica Partners Portfolios Annual Report 2015

Page    32

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

FORWARD FOREIGN CURRENCY CONTRACTS: (E)
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY	01/19/2016		GBP	454,725		EUR	630,000	$	—	$	(14,592	)
BCLY	01/19/2016		JPY	183,873,138		CAD	2,070,000		34,398		—
BCLY	02/16/2016		GBP	431,456		EUR	582,552		2,280		—
BNP	01/29/2016		NZD	1,025,000		USD	670,737		28,877		—
BOA	01/07/2016		JPY	21,144,000		USD	172,058		3,889		—
CIBC	01/11/2016		CAD	5,056,303		USD	3,635,000		19,253		—
CITI	01/11/2016		USD	1,225,000		CAD	1,692,115		2,087		—
CITI	01/19/2016		GBP	443,898		EUR	610,000		—		(8,809	)
CITI	02/16/2016		EUR	1,230,000		GBP	900,270		10,969		—
DUB	01/19/2016		JPY	73,257,654		CAD	835,000		6,273		—
DUB	01/19/2016		JPY	300,650,400		USD	2,493,799		8,622		—
DUB	01/19/2016		USD	5,827,500		JPY	705,996,314		—		(48,762	)
DUB	02/16/2016		GBP	454,930		EUR	615,000		1,584		—
DUB	03/22/2016		SEK	17,644,686		CHF	2,065,276		25,947		—
GSC	01/06/2016		EUR	1,160,000		USD	1,258,846		1,983		—
GSC	01/06/2016		USD	676,478		EUR	622,000		413		—
GSC	01/06/2016		USD	697,927		NZD	1,015,000		3,979		—
GSC	01/11/2016		CAD	1,242,172		USD	893,443		4,290		—
GSC	01/15/2016		JPY	694,148,042		USD	5,700,625		76,559		—
GSC	01/19/2016		CAD	2,930,000		JPY	263,634,109		—		(76,732	)
GSC	05/16/2016		GBP	450,000		JPY	81,112,725		—		(13,922	)
HSBC	01/15/2016		JPY	122,189,211		USD	1,004,375		12,569		—
HSBC	01/19/2016		EUR	1,227,500		GBP	901,675		5,310		—
HSBC	01/19/2016		USD	2,135,000		JPY	257,311,267		—		(6,694	)
HSBC	02/09/2016		GBP	465,000		USD	689,157		—		(3,591	)
JPM	03/22/2016		CHF	2,065,276		SEK	17,646,338		—		(26,143	)
MSC	01/06/2016		USD	36,042		EUR	33,000		174		—
MSC	01/07/2016		JPY	21,144,000		USD	171,974		3,973		—
MSC	01/11/2016		CAD	460,834		USD	331,557		1,494		—
MSC	01/11/2016		USD	1,340,000		CAD	1,860,160		—		(4,361	)
MSC	01/19/2016		USD	860,000		JPY	103,359,280		—		(297	)
MSC	02/09/2016		GBP	425,000		USD	629,959		—		(3,366	)
MSC	02/16/2016		GBP	933,706		EUR	1,262,448		3,022		—
RBS	01/19/2016		USD	2,140,000		JPY	257,859,300		—		(6,256	)
SCB	01/06/2016		USD	2,178,849		NZD	3,330,000		—		(97,848	)
SG	01/06/2016		MXN	23,424,000		USD	1,410,077		—		(51,547	)
SSB	01/06/2016		USD	1,586,609		EUR	1,456,000		4,051		—
SSB	01/06/2016		USD	151,240		GBP	100,000		3,817		—
SSB	01/07/2016		USD	407,151		JPY	50,000,000		—		(8,917	)
UBS	01/06/2016		USD	9,224,634		EUR	8,709,000		—		(241,363	)
UBS	01/19/2016		JPY	113,343,505		USD	935,000		8,399		—
UBS	01/19/2016		USD	2,515,000		JPY	303,114,087		—		(7,928	)
Total								$	274,212	$	(621,128	)

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

Transamerica Partners Portfolios Annual Report 2015

Page    33

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Foreign Government Obligations	$	—		$	12,621,866		$	—	$	12,621,866
U.S. Government Obligations		—			253,067,862			—		253,067,862
Over-the-Counter Foreign Exchange Options Purchased		—			635,432			—		635,432
Over-the-Counter Inflation-Capped Options Purchased		—			5,761			—		5,761
Over-the-Counter Interest Rate Swaptions Purchased		—			359,267			—		359,267
Securities Lending Collateral		1,233,750			—			—		1,233,750
Total Investments	$	1,233,750		$	266,690,188		$	—	$	267,923,938
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	60,361		$	—	$	60,361
Futures Contracts (L)		250,745			—			—		250,745
Forward Foreign Currency Contracts (L)		—			274,212			—		274,212
Total Other Financial Instruments	$	250,745		$	334,573		$	—	$	585,318
LIABILITIES
Other Financial Instruments
Over-the-Counter Foreign Exchange Options Written	$	—		$	(349,003	)	$	—	$	(349,003	)
Over-the-Counter Inflation-Capped Options Written		—			(1,224	)		—		(1,224	)
Over-the-Counter Interest Rate Swaptions Written		—			(551,707	)		—		(551,707	)
Centrally Cleared Interest Rate Swap Agreements		—			(446,173	)		—		(446,173	)
Futures Contracts (L)		(228,639	)		—			—		(228,639	)
Forward Foreign Currency Contracts (L)		—			(621,128	)		—		(621,128	)
Total Other Financial Instruments	$	(228,639	)	$	(1,969,235	)	$	—	$	(2,197,874	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2015, the total aggregate value of Regulation S securities is $12,608,574, representing 4.7% of the Portfolio’s net assets.

^(B)  Floating or variable rate security. The rate disclosed is as of December 31, 2015.

^(C)  All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of all securities segregated as collateral to cover margin requirements for open futures contracts is $733,115.

^(D)  All or a portion of the security is on loan. The total value of all securities on loan is $1,208,791. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(E)  Cash in the amount of $540,000 has been segregated by the custodian as collateral for open options, swaptions and/or forward foreign currency contracts.

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

^(G)  Rounds to less than $1.

^(H)  Rate disclosed reflects the yield at December 31, 2015.

^(I)  Aggregate cost for federal income tax purposes is $278,538,984. Aggregate gross unrealized appreciation and depreciation for all securities is $1,991,080 and $12,606,126, respectively. Net unrealized depreciation for tax purposes is $10,615,046.

^(J)  Cash in the amount of $45,220 has been segregated by the custodian as collateral for centrally cleared swap agreements.

^(K)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    34

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

CURRENCY ABBREVIATIONS:

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

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CIBC	Canadian Imperial Bank of Commerce
CITI	Citigroup, Inc.
DUB	Deutsche Bank AG
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank
MSC	Morgan Stanley
RBS	Royal Bank of Scotland Group PLC
SCB	Standard Chartered Bank
SG	Societe Generale
SSB	State Street Bank & Trust Co.
UBS	UBS AG

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    35

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Principal		Value
ASSET-BACKED SECURITIES - 6.8%
321 Henderson Receivables VI LLC Series 2010-1A, Class A
5.56%, 07/15/2059 (A)		$  3,765,794		$  4,109,128
BlueMountain CLO, Ltd. Series 2015-2A, Class A1
1.71%, 07/18/2027 (A) (B)		4,560,000		4,497,688
BXG Receivables Note Trust Series 2015-A, Class A
2.88%, 05/02/2030 (A)		2,920,782		2,894,724
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class C
2.24%, 09/16/2019 (A)		520,000		515,019
Series 2014-AA, Class C
2.28%, 11/15/2019 (A)		745,000		740,447
Conseco Finance Securitizations Corp. Series 2002-2, Class A2
6.03%, 03/01/2033 (B)		221,305		223,121
Credit Acceptance Auto Loan Trust Series 2013-1A, Class A
1.21%, 10/15/2020 (A)		155,398		155,331
Ford Credit Auto Owner Trust Series 2013-B, Class D
1.82%, 11/15/2019		1,210,000		1,213,819
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class C
2.86%, 01/15/2019		455,000		458,666
Series 2012-2, Class D
3.50%, 01/15/2019		815,000		828,618
HSBC Home Equity Loan Trust Series 2006-3, Class M1
0.66%, 03/20/2036 (B)		5,750,000		5,637,703
ICG US CLO, Ltd. Series 2014-1A, Class A1
1.47%, 04/20/2026 (A) (B)		4,610,000		4,503,311
MVW Owner Trust Series 2014-1A, Class A
2.25%, 09/22/2031 (A)		2,578,012		2,550,889
NRZ Advance Receivables Trust Advance Receivables Backed Series 2015-T4, Class AT4
3.20%, 11/15/2047 (A)		5,920,000		5,901,434
OCP CLO, Ltd. Series 2015-8A, Class A1
1.85%, 04/17/2027 (A) (B)		4,650,000		4,589,355
Ocwen Master Advance Receivables Trust Series 2015-T3, Class AT3
3.21%, 11/15/2047 (A)		6,115,000		6,096,574
Palmer Square CLO, Ltd. Series 2015-2A, Class A1A
1.79%, 07/20/2027 (A) (B)		4,575,000		4,518,261
RAAC Trust Series 2007-RP4, Class A
0.57%, 11/25/2046 (A) (B)		932,488		801,817
Renaissance Home Equity Loan Trust Series 2007-2, Class AF6
5.88%, 06/25/2037 (B)		1,448,956		730,090

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust Series 2013-A, Class C
3.12%, 10/15/2019 (A)		$  910,000		$  919,881
SBA Tower Trust Series 2014-1A, Class C
2.90%, 10/15/2044 (A) (B)		9,030,000		8,824,195
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B
2.70%, 10/20/2030 (A)		1,110,591		1,108,706
Series 2014-1A, Class A
2.07%, 03/20/2030 (A)		2,170,243		2,152,297
Series 2014-2A, Class A
2.05%, 06/20/2031 (A)		1,968,689		1,969,586
Series 2014-3A, Class A
2.30%, 10/20/2031 (A)		2,287,645		2,281,990
Series 2015-1A, Class A
2.40%, 03/22/2032 (A)		1,517,842		1,499,618
Series 2015-1A, Class B
3.05%, 03/22/2032 (A)		1,574,880		1,557,389
Silverleaf Finance XVIII LLC Series 2014-A, Class A
2.81%, 01/15/2027 (A)		2,103,166		2,075,239
SLM Private Education Loan Trust
Series 2011-B, Class A3
2.58%, 06/16/2042 (A) (B)		690,000		713,117
Series 2011-C, Class A2A
3.58%, 10/17/2044 (A) (B)		1,190,000		1,240,999
SolarCity LMC Series III LLC Series 2014-2, Class A
4.02%, 07/20/2044 (A)		3,547,278		3,371,333
SpringCastle America Funding LLC Series 2014-AA, Class A
2.70%, 05/25/2023 (A)		1,766,637		1,762,734
Trafigura Securitisation Finance PLC Series 2014-1A, Class A
1.28%, 10/15/2021 (A) (B)		6,291,000		6,265,155
Total Asset-Backed Securities (Cost $88,515,864)				86,708,234
CORPORATE DEBT SECURITIES - 38.3%
Aerospace & Defense - 0.3%
Exelis, Inc.
5.55%, 10/01/2021		3,442,000		3,774,494
Air Freight & Logistics - 0.2%
FedEx Corp.
4.90%, 01/15/2034		1,075,000		1,104,363
5.10%, 01/15/2044		1,260,000		1,305,514
				2,409,877
Airlines - 0.9%
American Airlines Pass-Through Trust
3.70%, 04/01/2028		4,049,845		4,052,275
United Airlines Pass-Through Trust
3.75%, 03/03/2028		7,095,000		7,157,436
				11,209,711
Auto Components - 0.2%
BorgWarner, Inc.
3.38%, 03/15/2025 (C)		2,235,000		2,109,954

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

Transamerica Partners Portfolios Annual Report 2015

Page    36

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Automobiles - 0.2%
Ford Motor Credit Co. LLC
4.38%, 08/06/2023		$  706,000		$  725,474
General Motors Co.
4.88%, 10/02/2023		850,000		869,260
6.25%, 10/02/2043		500,000		528,268
				2,123,002
Banks - 7.2%
Bank of America Corp.
2.60%, 01/15/2019		1,596,000		1,601,201
4.10%, 07/24/2023		1,435,000		1,483,737
5.42%, 03/15/2017		1,600,000		1,665,429
5.75%, 12/01/2017		1,965,000		2,102,059
Barclays Bank PLC
10.18%, 06/12/2021 (A)		9,240,000		11,969,459
Branch Banking & Trust Co.
3.80%, 10/30/2026		1,980,000		2,010,179
Citigroup, Inc.
1.70%, 04/27/2018		5,142,000		5,091,027
3.38%, 03/01/2023		1,380,000		1,384,164
4.95%, 11/07/2043		490,000		514,878
6.68%, 09/13/2043		490,000		600,821
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.25%, 01/14/2019		1,215,000		1,218,915
11.00%, 06/30/2019 (A) (B) (D)		8,795,000		10,857,428
First Horizon National Corp.
3.50%, 12/15/2020		2,345,000		2,324,636
Glitnir HF
6.33%, 07/28/2011 (A) (E) (F)		290,000		89,900
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016, MTN (A)		5,850,000		5,864,625
HSBC Holdings PLC
4.25%, 03/14/2024		485,000		486,759
5.25%, 03/14/2044		1,228,000		1,274,202
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (A)		4,285,000		4,215,793
JPMorgan Chase & Co.
2.00%, 08/15/2017		5,975,000		5,995,255
3.25%, 09/23/2022		1,745,000		1,755,072
4.85%, 02/01/2044 (C)		490,000		522,428
6.75%, 02/01/2024 (B) (D)		412,000		449,080
JPMorgan Chase Bank NA
6.00%, 10/01/2017		2,566,000		2,743,465
Korea Development Bank
3.50%, 08/22/2017		1,610,000		1,650,910
Macquarie Bank, Ltd.
1.65%, 03/24/2017 (A)		2,245,000		2,241,621
Nordea Bank AB
4.25%, 09/21/2022 (A)		11,100,000		11,370,507
Royal Bank of Scotland Group PLC
1.88%, 03/31/2017		1,950,000		1,941,839
6.00%, 12/19/2023		1,685,000		1,814,770
Societe Generale SA
5.00%, 01/17/2024 (A)		2,315,000		2,359,689
Wells Fargo & Co.
2.15%, 01/15/2019		912,000		917,095
4.13%, 08/15/2023		855,000		887,978

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo & Co. (continued)
5.38%, 11/02/2043		$  1,740,000		$  1,862,233
5.90%, 06/15/2024 (B) (D)		1,080,000		1,089,450
				92,356,604
Beverages - 0.2%
Anheuser-Busch InBev Finance, Inc.
2.15%, 02/01/2019		1,235,000		1,227,863
3.70%, 02/01/2024 (C)		1,105,000		1,127,333
				2,355,196
Biotechnology - 1.2%
AbbVie, Inc.
4.40%, 11/06/2042		3,706,000		3,461,119
Amgen, Inc.
5.65%, 06/15/2042		750,000		811,563
Celgene Corp.
3.55%, 08/15/2022		3,820,000		3,857,134
3.88%, 08/15/2025		5,585,000		5,562,381
Gilead Sciences, Inc.
3.65%, 03/01/2026		2,310,000		2,329,586
				16,021,783
Capital Markets - 3.7%
Ameriprise Financial, Inc.
3.70%, 10/15/2024 (C)		3,495,000		3,563,474
Bank of New York Mellon Corp.
2.10%, 01/15/2019, MTN		1,275,000		1,280,926
Deutsche Bank AG
1.68%, 08/20/2020 (B)		1,430,000		1,432,032
Goldman Sachs Group, Inc.
3.63%, 02/07/2016		645,000		646,635
4.25%, 10/21/2025		4,225,000		4,192,708
6.25%, 02/01/2041		490,000		584,473
6.75%, 10/01/2037		500,000		584,468
7.50%, 02/15/2019, MTN		3,600,000		4,119,340
Macquarie Group, Ltd.
6.25%, 01/14/2021 (A) (C)		5,645,000		6,300,447
Morgan Stanley
5.00%, 11/24/2025		1,260,000		1,337,550
7.30%, 05/13/2019, MTN		8,865,000		10,183,305
Oaktree Capital Management, LP
6.75%, 12/02/2019 (A)		4,080,000		4,635,007
State Street Capital Trust IV
1.51%, 06/01/2077 (B)		285,000		232,988
UBS AG
7.63%, 08/17/2022		5,385,000		6,138,900
UBS Group Funding Jersey, Ltd.
4.13%, 09/24/2025 (A)		2,883,000		2,880,010
				48,112,263
Chemicals - 0.3%
LyondellBasell Industries NV
5.00%, 04/15/2019		1,217,000		1,294,643
Monsanto Co.
4.40%, 07/15/2044		2,705,000		2,239,559
				3,534,202
Commercial Services & Supplies - 0.4%
ERAC USA Finance LLC
3.85%, 11/15/2024 (A)		3,020,000		3,021,136
Hutchison Whampoa International 14, Ltd.
1.63%, 10/31/2017 (A)		2,325,000		2,304,477
				5,325,613

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

Transamerica Partners Portfolios Annual Report 2015

Page    37

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Communications Equipment - 0.1%
Cisco Systems, Inc.
2.13%, 03/01/2019		$  797,000		$  803,841
Construction Materials - 0.4%
Martin Marietta Materials, Inc.
4.25%, 07/02/2024		5,140,000		5,044,622
Consumer Finance - 0.1%
Discover Financial Services
3.85%, 11/21/2022		1,111,000		1,100,864
Containers & Packaging - 0.3%
International Paper Co.
4.75%, 02/15/2022		3,637,000		3,884,356
Diversified Financial Services - 0.2%
General Electric Capital Corp.
6.88%, 01/10/2039, MTN		500,000		681,536
Kaupthing Bank Hf
7.13%, 05/19/2016 (A) (E) (F)		200,000		2
MassMutual Global Funding II
2.35%, 04/09/2019 (A)		1,400,000		1,407,111
				2,088,649
Diversified Telecommunication Services - 1.6%
AT&T, Inc.
2.45%, 06/30/2020		5,470,000		5,386,987
3.40%, 05/15/2025		2,735,000		2,628,581
4.35%, 06/15/2045		1,445,000		1,236,156
Intelsat Jackson Holdings SA
7.25%, 04/01/2019		1,902,000		1,745,085
Sprint Capital Corp.
6.88%, 11/15/2028		822,000		573,345
Verizon Communications, Inc.
3.45%, 03/15/2021		1,125,000		1,150,976
4.50%, 09/15/2020		1,135,000		1,219,452
5.15%, 09/15/2023		2,975,000		3,270,495
6.55%, 09/15/2043		2,901,000		3,444,096
				20,655,173
Electric Utilities - 1.7%
Appalachian Power Co.
3.40%, 06/01/2025		2,700,000		2,634,776
CenterPoint Energy Houston Electric LLC
4.50%, 04/01/2044		1,160,000		1,196,704
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		458,000		478,592
8.88%, 11/15/2018		449,000		526,317
Commonwealth Edison Co.
4.70%, 01/15/2044		1,055,000		1,109,705
Duke Energy Carolinas LLC
4.25%, 12/15/2041		925,000		921,995
Duke Energy Corp.
3.75%, 04/15/2024		275,000		278,629
Entergy Arkansas, Inc.
3.70%, 06/01/2024		1,625,000		1,657,365
Georgia Power Co.
3.00%, 04/15/2016		3,295,000		3,313,287
Jersey Central Power & Light Co.
7.35%, 02/01/2019		1,000,000		1,125,474
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022 (C)		333,000		346,060
5.30%, 06/01/2042		525,000		546,402

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Pacific Gas & Electric Co.
4.75%, 02/15/2044		$  488,000		$  507,102
PacifiCorp
3.60%, 04/01/2024 (C)		3,380,000		3,492,838
5.75%, 04/01/2037		400,000		469,602
Progress Energy, Inc.
4.88%, 12/01/2019		168,000		180,125
Public Service Electric & Gas Co.
3.00%, 05/15/2025 (C)		2,760,000		2,725,166
				21,510,139
Energy Equipment & Services - 0.3%
Schlumberger Holdings Corp.
3.00%, 12/21/2020 (A)		2,040,000		2,013,645
Schlumberger Investment SA
3.65%, 12/01/2023 (C)		835,000		847,130
Weatherford International, Ltd.
5.95%, 04/15/2042 (C)		960,000		674,400
				3,535,175
Food & Staples Retailing - 1.0%
CVS Health Corp.
2.25%, 08/12/2019		3,890,000		3,884,881
5.30%, 12/05/2043		319,000		342,633
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		1,258,000		1,221,627
4.30%, 04/22/2044		945,000		963,394
Walgreens Boots Alliance, Inc.
3.30%, 11/18/2021		2,653,000		2,601,863
Whole Foods Market, Inc.
5.20%, 12/03/2025 (A)		3,610,000		3,604,657
				12,619,055
Food Products - 0.3%
Kraft Heinz Foods Co.
2.80%, 07/02/2020 (A)		2,305,000		2,299,040
Mondelez International, Inc.
2.25%, 02/01/2019		1,570,000		1,569,422
				3,868,462
Health Care Equipment & Supplies - 0.2%
Becton Dickinson and Co.
2.68%, 12/15/2019		1,880,000		1,890,235
Boston Scientific Corp.
2.65%, 10/01/2018		1,062,000		1,067,582
				2,957,817
Health Care Providers & Services - 0.9%
Aetna, Inc.
4.75%, 03/15/2044		345,000		349,733
Anthem, Inc.
1.88%, 01/15/2018		1,930,000		1,921,628
2.30%, 07/15/2018		1,930,000		1,926,360
3.30%, 01/15/2023		620,000		602,528
Coventry Health Care, Inc.
5.45%, 06/15/2021		1,632,000		1,802,590
Express Scripts Holding Co.
4.75%, 11/15/2021		2,870,000		3,077,386
Tenet Healthcare Corp.
6.25%, 11/01/2018		1,010,000		1,063,025

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

Transamerica Partners Portfolios Annual Report 2015

Page    38

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.
3.38%, 11/15/2021		$  650,000		$  671,846
				11,415,096
Household Products - 0.2%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		2,320,000		2,389,600
Industrial Conglomerates - 0.7%
General Electric Co.
4.00%, 06/15/2022 (B) (D)		9,493,305		9,493,305
Insurance - 4.4%
American International Group, Inc.
4.13%, 02/15/2024		629,000		645,927
8.18%, 05/15/2068 (B)		1,070,000		1,407,050
Fidelity National Financial, Inc.
5.50%, 09/01/2022		1,320,000		1,400,940
Genworth Holdings, Inc.
7.63%, 09/24/2021		1,125,000		934,256
Hanover Insurance Group, Inc.
6.38%, 06/15/2021		8,760,000		9,926,052
Lincoln National Corp.
8.75%, 07/01/2019		5,590,000		6,713,674
Metropolitan Life Global Funding I
1.30%, 04/10/2017 (A)		4,970,000		4,968,106
Pacific Life Insurance Co.
9.25%, 06/15/2039 (A)		4,240,000		6,159,274
Principal Financial Group, Inc.
8.88%, 05/15/2019		2,550,000		3,051,180
Prudential Financial, Inc.
5.38%, 06/21/2020, MTN		1,465,000		1,628,746
7.38%, 06/15/2019, MTN		1,595,000		1,851,025
Reinsurance Group of America, Inc.
3.18%, 12/15/2065 (B)		10,476,000		8,564,130
ZFS Finance USA Trust II
6.45%, 12/15/2065 (A) (B)		9,760,000		9,862,480
				57,112,840
IT Services - 0.3%
International Business Machines Corp.
3.63%, 02/12/2024 (C)		1,543,000		1,588,395
MasterCard, Inc.
2.00%, 04/01/2019 (C)		1,366,000		1,371,347
3.38%, 04/01/2024		878,000		897,264
				3,857,006
Life Sciences Tools & Services - 0.4%
Thermo Fisher Scientific, Inc.
1.30%, 02/01/2017		2,000,000		1,992,928
2.40%, 02/01/2019		3,515,000		3,513,457
5.30%, 02/01/2044		172,000		183,784
				5,690,169
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd.
2.13%, 04/27/2020 (A)		1,245,000		1,217,493
Media - 1.1%
21st Century Fox America, Inc.
7.63%, 11/30/2028		1,045,000		1,316,833

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
CBS Corp.
4.63%, 05/15/2018 (C)		$  655,000		$  692,909
5.75%, 04/15/2020		520,000		577,181
Comcast Corp.
5.88%, 02/15/2018		2,649,000		2,885,209
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.60%, 02/15/2021		1,685,000		1,784,703
5.00%, 03/01/2021		905,000		975,973
NBCUniversal Enterprise, Inc.
5.25%, 03/19/2021 (A) (D)		1,500,000		1,590,000
NBCUniversal Media LLC
4.38%, 04/01/2021		2,770,000		3,008,857
4.45%, 01/15/2043		1,359,000		1,331,488
				14,163,153
Metals & Mining - 0.3%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023 (C)		1,031,000		976,168
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		1,125,000		641,250
Novelis, Inc.
8.75%, 12/15/2020		2,735,000		2,509,362
Rio Tinto Finance USA PLC
2.88%, 08/21/2022 (C)		390,000		353,718
				4,480,498
Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024		539,000		547,156
4.88%, 03/01/2044		725,000		735,796
PG&E Corp.
2.40%, 03/01/2019		694,000		692,520
				1,975,472
Oil, Gas & Consumable Fuels - 2.2%
Apache Corp.
4.25%, 01/15/2044		360,000		281,826
4.75%, 04/15/2043		520,000		434,559
BP Capital Markets PLC
2.24%, 05/10/2019		2,570,000		2,573,410
Energy Transfer Partners, LP
5.95%, 10/01/2043		960,000		770,160
EOG Resources, Inc.
2.45%, 04/01/2020		1,627,000		1,609,406
Exxon Mobil Corp.
1.82%, 03/15/2019		2,930,000		2,932,121
Husky Energy, Inc.
4.00%, 04/15/2024		1,120,000		1,025,060
Kerr-McGee Corp.
6.95%, 07/01/2024		865,000		929,273
Kinder Morgan Energy Partners, LP
4.15%, 02/01/2024 (C)		2,480,000		2,139,739
Laredo Petroleum, Inc.
7.38%, 05/01/2022 (C)		1,370,000		1,260,400
MEG Energy Corp.
6.50%, 03/15/2021 (A)		1,090,000		763,000
Murphy Oil Corp.
2.50%, 12/01/2017 (C)		1,326,000		1,216,153

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

Transamerica Partners Portfolios Annual Report 2015

Page    39

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Nexen Energy ULC
5.88%, 03/10/2035		$  110,000		$  118,965
Noble Energy, Inc.
6.00%, 03/01/2041		430,000		370,739
8.25%, 03/01/2019		1,065,000		1,191,091
Peabody Energy Corp.
6.25%, 11/15/2021		1,715,000		235,812
Petrobras Global Finance BV
6.25%, 03/17/2024 (C)		1,370,000		982,975
Petroleos Mexicanos
3.50%, 01/30/2023		1,145,000		999,012
Range Resources Corp.
5.75%, 06/01/2021 (C)		450,000		355,500
Shell International Finance BV
2.00%, 11/15/2018		2,249,000		2,251,620
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023 (C)		1,010,000		993,965
4.63%, 03/01/2034		875,000		827,286
Western Gas Partners, LP
5.38%, 06/01/2021		1,956,000		1,979,828
Williams Cos., Inc.
3.70%, 01/15/2023		540,000		373,013
7.88%, 09/01/2021		796,000		716,406
Williams Partners, LP
5.40%, 03/04/2044		814,000		545,565
				27,876,884
Pharmaceuticals - 0.8%
Actavis Funding SCS
3.80%, 03/15/2025		2,870,000		2,855,343
Actavis, Inc.
3.25%, 10/01/2022		1,095,000		1,076,548
4.63%, 10/01/2042		1,550,000		1,473,472
Bristol-Myers Squibb Co.
4.50%, 03/01/2044 (C)		1,265,000		1,367,493
Perrigo Co. PLC
2.30%, 11/08/2018		3,365,000		3,317,234
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 (C)		383,000		388,408
				10,478,498
Real Estate Investment Trusts - 2.6%
EPR Properties
4.50%, 04/01/2025 (C)		4,740,000		4,505,939
Host Hotels & Resorts, LP
4.00%, 06/15/2025		1,625,000		1,557,733
Kilroy Realty, LP
4.25%, 08/15/2029		6,355,000		6,227,665
Realty Income Corp.
3.88%, 07/15/2024		4,095,000		4,017,125
Simon Property Group, LP
3.38%, 10/01/2024		6,665,000		6,728,058
Ventas Realty, LP / Ventas Capital Corp.
2.70%, 04/01/2020		535,000		527,544
Vereit Operating Partnership, LP
2.00%, 02/06/2017		3,705,000		3,667,950
3.00%, 02/06/2019		1,655,000		1,592,110

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Investment Trusts (continued)
WEA Finance LLC / Westfield UK & Europe Finance PLC
2.70%, 09/17/2019 (A)		$  4,260,000		$  4,224,906
				33,049,030
Road & Rail - 0.3%
Aviation Capital Group Corp.
7.13%, 10/15/2020 (A)		3,032,000		3,471,640
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		269,000		265,092
3.75%, 04/01/2024		294,000		301,167
				4,037,899
Semiconductors & Semiconductor Equipment - 0.3%
KLA-Tencor Corp.
4.13%, 11/01/2021		3,735,000		3,740,423
Software - 0.2%
Microsoft Corp.
2.70%, 02/12/2025 (C)		3,005,000		2,931,954
Technology Hardware, Storage & Peripherals - 0.3%
Hewlett Packard Enterprise Co.
3.60%, 10/15/2020 (A)		4,040,000		4,049,272
HP, Inc.
3.75%, 12/01/2020 (C)		270,000		267,904
				4,317,176
Tobacco - 0.1%
Altria Group, Inc.
4.00%, 01/31/2024		905,000		937,566
Philip Morris International, Inc.
4.88%, 11/15/2043		636,000		672,401
				1,609,967
Trading Companies & Distributors - 0.2%
International Lease Finance Corp.
6.75%, 09/01/2016 (A)		2,000,000		2,055,000
Wireless Telecommunication Services - 1.8%
America Movil SAB de CV
2.38%, 09/08/2016		3,420,000		3,432,541
Crown Castle Towers LLC
4.88%, 08/15/2040 (A)		3,445,000		3,682,779
6.11%, 01/15/2040 (A)		7,393,000		8,063,212
SBA Tower Trust
2.24%, 04/15/2043 (A)		1,420,000		1,391,865
Sprint Communications, Inc.
9.00%, 11/15/2018 (A)		3,570,000		3,757,425
Sprint Corp.
7.88%, 09/15/2023		1,290,000		968,790
T-Mobile USA, Inc.
6.46%, 04/28/2019		145,000		149,324
6.63%, 04/28/2021		475,000		492,812
6.73%, 04/28/2022		460,000		479,550
6.84%, 04/28/2023		145,000		150,075
				22,568,373
Total Corporate Debt Securities (Cost $501,445,450)				491,860,688

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

Transamerica Partners Portfolios Annual Report 2015

Page    40

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 1.5%
Brazilian Government International Bond
4.25%, 01/07/2025 (C)		$  1,440,000		$  1,159,200
Colombia Government International Bond
4.00%, 02/26/2024		1,810,000		1,724,025
Export-Import Bank of Korea
4.00%, 01/11/2017		3,750,000		3,830,730
Indonesia Government International Bond
5.38%, 10/17/2023 (A)		2,500,000		2,599,220
Mexico Government International Bond
4.00%, 10/02/2023		5,298,000		5,366,874
Peruvian Government International Bond
7.35%, 07/21/2025		1,010,000		1,266,287
South Africa Government International Bond
4.67%, 01/17/2024 (C)		1,060,000		1,008,325
Turkey Government International Bond
5.75%, 03/22/2024		2,180,000		2,303,214
Total Foreign Government Obligations (Cost $19,490,953)				19,257,875
MORTGAGE-BACKED SECURITIES - 13.6%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.26%, 02/25/2035 (B)		5,877		5,887
Alternative Loan Trust
Series 2005-36, Class 2A1A
0.73%, 08/25/2035 (B)		1,232,118		985,051
Series 2005-50CB, Class 1A1
5.50%, 11/25/2035		2,237,226		2,175,913
Series 2005-51, Class 3A3A
0.73%, 11/20/2035 (B)		1,209,049		959,983
Series 2007-22, Class 2A16
6.50%, 09/25/2037		7,860,991		6,130,002
Series 2007-5CB, Class 1A31
5.50%, 04/25/2037		1,775,813		1,488,822
Banc of America Commercial Mortgage Trust
Series 2007-3, Class A1A
5.56%, 06/10/2049 (B)		2,360,184		2,439,717
Banc of America Funding Trust
Series 2005-E, Class 4A1
2.84%, 03/20/2035 (B)		170,257		169,414
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 (A)		3,410,000		3,371,814
Series 2012-TFT, Class C
3.47%, 06/05/2030 (A) (B)		4,215,000		4,003,614
Bear Stearns Alt-A Trust
Series 2004-11, Class 2A2
2.85%, 11/25/2034 (B)		88,987		76,705
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		2,632,186		2,688,803
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		1,746,052		1,797,999
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (B)		1,684,702		1,769,433

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.63%, 12/25/2046 (B)		$  137,960		$  76,731
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1
2.66%, 02/25/2034 (B)		121,866		119,924
Series 2005-3, Class 1A2
0.71%, 04/25/2035 (B)		240,684		209,992
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3
3.75%, 03/10/2047		1,140,000		1,177,146
Series 2014-GC19, Class A4
4.02%, 03/10/2047		1,735,000		1,820,509
Citigroup Mortgage Loan Trust
Series 2015-A, Class A1
3.50%, 06/25/2058 (B)		5,990,133		5,989,868
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 (A) (B)		2,350,000		2,418,031
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (B)		565,000		611,075
Series 2013-GAM, Class A2
3.37%, 02/10/2028 (A)		1,380,000		1,390,481
Series 2014-UBS2, Class A5
3.96%, 03/10/2047		1,240,000		1,285,993
Commercial Mortgage Pass-Through Certificates
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 (A)		1,560,000		1,559,937
Series 2014-CR14, Class B
4.61%, 02/10/2047 (B)		1,180,000		1,264,934
Commercial Mortgage Trust
Series 2007-GG11, Class AM
5.87%, 12/10/2049 (B)		1,175,000		1,220,607
Core Industrial Trust
Series 2015-CALW, Class B
3.25%, 02/10/2034 (A)		4,655,000		4,626,378
Credit Suisse Commercial Mortgage Trust
Series 2007-C2, Class A2
5.45%, 01/15/2049 (B)		5,729		5,714
Credit Suisse Mortgage Capital Certificates
Series 2009-11R, Class 5A1
4.15%, 08/26/2036 (A) (B)		5,020,990		4,962,720
CSMC Trust
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 (A)		2,393,993		2,405,802
Series 2013-8R, Class 3A1
0.32%, 03/27/2036 (A) (B)		3,913,388		3,824,938
Series 2014-4R, Class 21A1
0.55%, 12/27/2035 (A) (B)		6,411,744		5,838,699
DBRR Trust
Series 2011-C32, Class A3A
5.71%, 06/17/2049 (A) (B)		1,320,000		1,363,243
Extended Stay America Trust
Series 2013-ESH5, Class C5
2.67%, 12/05/2031 (A)		1,210,000		1,203,173
Series 2013-ESH7, Class A27
2.96%, 12/05/2031 (A)		1,630,000		1,631,441

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

Transamerica Partners Portfolios Annual Report 2015

Page    41

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 1A1
3.35%, 12/19/2033 (B)		$  27,541		$  26,149
Series 2005-AR1, Class 3A
3.02%, 03/18/2035 (B)		64,087		62,706
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.44%, 12/10/2027 (A) (B)		3,320,000		3,171,114
GS Mortgage Securities Corp. Trust
Series 2012-SHOP, Class C
3.63%, 06/05/2031 (A)		410,000		416,529
Hilton USA Trust
Series 2013-HLT, Class DFX
4.41%, 11/05/2030		970,000		970,717
Hilton USA Trust, Interest Only STRIPS
Series 2013-HLT, Class X1FX
0.09%, 11/05/2030 (A) (B)		22,320,000		223
Impac CMB Trust
Series 2004-6, Class 1A1
1.22%, 10/25/2034 (B)		41,636		39,688
Independent National Mortgage Corp. Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.17%, 08/25/2037 (B)		721,697		556,600
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.49%, 12/12/2044 (B)		1,167,156		1,165,870
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (B)		4,085,889		4,177,109
Series 2007-LD11, Class ASB
5.77%, 06/15/2049 (B)		430,779		438,357
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (B)		3,394,205		3,554,134
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		3,084,886		3,180,028
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
2.10%, 02/25/2034 (B)		69,060		68,669
Series 2006-A2, Class 5A1
2.68%, 11/25/2033 (B)		87,283		88,116
Series 2006-S3, Class 1A12
6.50%, 08/25/2036		435,960		370,315
JPMorgan Re-REMIC Trust
Series 2014-2, Class 6A1
2.75%, 05/26/2037 (A) (B)		6,263,577		6,285,723
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class AM
6.16%, 09/15/2045 (B)		900,000		963,117
MASTR Adjustable Rate Mortgages Trust
Series 2007-R5, Class A1
2.63%, 11/25/2035 (A) (B)		638,850		489,545
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
1.06%, 10/25/2028 (B)		41,232		40,218
Series 2004-A1, Class 2A1
2.48%, 02/25/2034 (B)		227,129		228,666
Series 2005-A3, Class A1
0.69%, 04/25/2035 (B)		46,583		44,746

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust (continued)
Series 2005-A4, Class 2A2
2.58%, 07/25/2035 (B)		$  254,737		$  225,097
Merrill Lynch Mortgage Trust
Series 2007-C1, Class A1A
5.84%, 06/12/2050 (B)		1,040,200		1,071,275
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.72%, 04/12/2049 (B)		2,855,000		2,958,281
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		3,900,367		3,994,611
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		1,090,000		1,118,843
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (B)		1,042,709		1,081,579
Series 2007-IQ15, Class AM
5.92%, 06/11/2049 (B)		1,225,000		1,282,914
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4B
5.79%, 08/15/2045 (A) (B)		540,000		560,292
Series 2012-IO, Class AXB2
1.00%, 03/27/2051 (A) (G) (H)		211,153		210,097
Series 2012-XA, Class A
2.00%, 07/27/2049 (A)		782,344		778,042
Series 2014-R3, Class 2A
3.00%, 07/26/2048 (A) (B)		8,032,458		7,941,186
Motel 6 Trust
Series 2015-MTL6, Class C
3.64%, 02/05/2030 (A)		11,625,000		11,500,194
NACC Reperforming Loan REMIC Trust
Series 2004-R2, Class A1
6.50%, 10/25/2034 (A) (B)		97,124		96,497
Nationstar Mortgage Loan Trust
Series 2013-A, Class A
3.75%, 12/25/2052 (A) (B)		4,468,779		4,549,587
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 (A) (B)		1,933,331		1,970,514
Series 2014-3A, Class AFX3
3.75%, 11/25/2054 (A) (B)		3,493,931		3,550,018
Provident Funding Mortgage Loan Trust
Series 2005-1, Class 3A1
0.71%, 05/25/2035 (B)		3,698,595		3,566,431
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.47%, 01/11/2037 (A) (B)		4,200,000		3,939,353
RALI Trust
Series 2007-QO1, Class A1
0.57%, 02/25/2047 (B)		562,119		438,191
Series 2007-QO4, Class A1A
0.61%, 05/25/2047 (B)		1,059,905		824,707
RBSCF Trust
Series 2010-RR3, Class WBTA
5.95%, 02/16/2051 (A) (B)		6,811,172		6,915,596
SCG Trust
Series 2013-SRP1, Class AJ
2.28%, 11/15/2026 (A) (B)		1,140,000		1,133,116
STRIPS, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 (A)		727,906		714,076

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

Transamerica Partners Portfolios Annual Report 2015

Page    42

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1
2.55%, 07/25/2035 (B)		$  709,016		$  573,847
Series 2007-3, Class 3A1
2.70%, 04/25/2047 (B)		1,931,657		1,509,028
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1
1.10%, 01/19/2034 (B)		53,519		51,709
Towd Point Mortgage Trust
Series 2015-3, Class A1B
3.00%, 03/25/2054 (A) (B)		3,946,894		3,929,931
Series 2015-5, Class A1B
2.75%, 05/25/2055 (A) (B)		4,408,068		4,353,413
UBS-BAMLL Trust
Series 2012-WRM, Class A
3.66%, 06/10/2030 (A)		2,680,000		2,699,604
Voyager BRSTN Delaware Trust, Interest Only STRIPS
Series 2009-1, Class UAU7
0.67%, 12/26/2036 (A) (B)		219,378		211,918
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A
0.71%, 07/25/2045 (B)		66,687		62,662
Series 2007-OA6, Class 1A1B
1.07%, 07/25/2047 (B)		954,072		282,445
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A
1.75%, 08/20/2021 (A)		297,042		297,042
Total Mortgage-Backed Securities (Cost $178,116,722)				173,800,928
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.6%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited
6.60%, 08/01/2042		340,000		464,838
State of California, General Obligation Unlimited
7.60%, 11/01/2040		1,585,000		2,355,944
University of California, Revenue Bonds
Series AD
4.86%, 05/15/2112		315,000		301,326
				3,122,108
Georgia - 0.0% (I)
Municipal Electric Authority of Georgia, Revenue Bonds Series A
6.64%, 04/01/2057		295,000		351,342
Illinois - 0.1%
State of Illinois, General Obligation Unlimited
5.10%, 06/01/2033		1,520,000		1,437,996
New Jersey - 0.1%
New Jersey Turnpike Authority, Revenue Bonds
Series F
7.41%, 01/01/2040		431,000		612,606

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York - 0.2%
Metropolitan Transportation Authority, Revenue Bonds
Series E
6.81%, 11/15/2040		$  355,000		$  470,133
New York City Water & Sewer System, Revenue Bonds
Series CC
5.88%, 06/15/2044		340,000		439,141
New York State Dormitory Authority, Revenue Bonds
Series H
5.39%, 03/15/2040		330,000		392,195
Port Authority of New York & New Jersey, Revenue Bonds
Series 181
4.96%, 08/01/2046		570,000		615,708
				1,917,177
Total Municipal Government Obligations (Cost $7,135,110)				7,441,229
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.5%
Federal Home Loan Mortgage Corp.
1.96%, 05/01/2037 (B)		99,726		103,802
1.97%, 02/01/2037 (B)		47,112		49,348
2.03%, 04/01/2037 (B)		201,115		210,313
2.23%, 01/01/2038 (B)		236,835		252,191
2.28%, 12/01/2034 (B)		23,287		24,829
2.49%, 09/01/2035 (B)		1,222,206		1,296,012
2.54%, 09/01/2037 (B)		22,602		24,034
2.62%, 05/01/2037 (B)		103,081		109,926
2.99%, 02/01/2041 (B)		712,109		757,812
5.50%, 07/01/2016 - 06/01/2041		2,348,962		2,612,161
6.00%, 04/01/2016 - 05/01/2031		593,874		669,107
Federal National Mortgage Association
1.40%, 08/01/2037 (B)		9,506		9,745
1.93%, 08/01/2034 (B)		15,718		16,406
1.98%, 01/01/2035 (B)		29,704		31,037
2.45%, 08/01/2035 (B)		71,534		74,161
2.96%, 03/01/2041 (B)		359,094		382,087
3.00%, TBA (J) (K)		62,646,000		62,646,570
3.13%, 03/01/2041 (B)		481,385		512,415
3.15%, 12/01/2040 (B)		875,612		914,050
3.35%, 06/01/2041 (B)		969,556		1,019,229
3.50%, 07/01/2028 - 01/01/2029		5,146,649		5,427,187
3.50%, TBA (J) (K)		74,527,000		77,077,901
3.50%, 09/01/2041 (B)		694,561		730,726
4.00%, TBA (J) (K)		22,898,000		24,230,020
4.50%, 02/01/2025 - 06/01/2026		3,572,788		3,834,289
5.00%, TBA (J) (K)		9,632,000		10,601,747
5.50%, 04/01/2036 - 04/01/2041		1,808,048		2,030,570
6.00%, 02/01/2034 - 02/01/2041		9,948,017		11,350,103
6.50%, 05/01/2040		2,891,149		3,304,139
7.00%, 02/01/2016 - 09/01/2016		1,045		1,051
Government National Mortgage Association, Interest Only STRIPS
0.91%, 02/16/2053 (B)		9,174,183		584,092

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

Transamerica Partners Portfolios Annual Report 2015

Page    43

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Tennessee Valley Authority
5.98%, 04/01/2036		$  440,000		$  564,530
Total U.S. Government Agency Obligations (Cost $210,870,358)				211,451,590
U.S. GOVERNMENT OBLIGATIONS - 21.1%
U.S. Treasury Bond
2.50%, 02/15/2045		1,414,000		1,268,679
2.75%, 08/15/2042		13,370,500		12,779,791
3.50%, 02/15/2039		3,049,000		3,372,481
3.63%, 02/15/2044		41,320,900		46,482,789
4.50%, 02/15/2036 (C)		9,878,200		12,659,526
4.75%, 02/15/2037 (C)		1,985,000		2,631,056
5.25%, 02/15/2029		7,696,000		10,082,360
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		1,730,197		1,890,510
2.50%, 01/15/2029		7,390,732		8,755,512
U.S. Treasury Inflation Indexed Note
0.63%, 01/15/2024		15,809,503		15,630,207
U.S. Treasury Note
0.38%, 05/31/2016 - 10/31/2016		4,023,600		4,018,059
0.88%, 04/15/2017 - 04/30/2017		23,256,800		23,248,048
1.00%, 11/30/2019		20,060,500		19,606,792
1.25%, 11/30/2018		27,368,900		27,322,920
1.63%, 03/31/2019 - 11/15/2022		39,210,800		39,082,757
1.88%, 11/30/2021		5,126,000		5,104,773
2.00%, 02/15/2025		13,447,000		13,144,967
2.25%, 11/15/2024		6,407,900		6,404,645
2.50%, 08/15/2023 - 05/15/2024		16,373,100		16,744,384
Total U.S. Government Obligations (Cost $267,510,708)				270,230,256
	Shares		Value
PREFERRED STOCKS - 0.2%
Banks - 0.1%
Citigroup Capital XIII
6.69% (B)		60,502		1,572,447
Capital Markets - 0.1%
State Street Corp.
Series D, 5.90% (B) (C)		23,039		637,720
Electric Utilities - 0.0% (I)
SCE Trust III
5.75% (B)		7,998		213,947
Thrifts & Mortgage Finance - 0.0% (I)
Federal Home Loan Mortgage Corp.
Series Z, 8.38% (B) (C) (L)		93,300		317,220
Federal National Mortgage Association
Series O, 0.00% (B) (L) (M)		1,300		7,163
Series S, 8.25% (B) (L)		81,175		284,112
				608,495
Total Preferred Stocks (Cost $4,586,141)				3,032,609

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.7%
Federal Home Loan Bank Discount Notes
0.11%, 01/08/2016 (N)		$  3,720,000		$  3,719,937
0.12%, 01/22/2016 (N)		5,750,000		5,749,569
0.13%, 02/03/2016 (N)		27,200,000		27,194,342
0.14%, 02/03/2016 (N)		39,361,000		39,352,813
0.23%, 02/17/2016 (N)		16,580,000		16,574,926
0.37%, 03/04/2016 (N)		3,150,000		3,148,425
0.41%, 03/04/2016 (N)		23,620,000		23,608,190
0.46%, 03/24/2016 (N)		21,305,000		21,290,790
0.47%, 03/30/2016 (N)		10,070,000		10,062,780
Total Short-Term U.S. Government Agency Obligations (Cost $150,690,301)				150,701,772
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.0%
U.S. Treasury Bill
0.00%, 02/04/2016 (C) (M) (N)		16,550,000		16,548,560
0.23%, 03/17/2016 (N)		8,900,000		8,898,193
Total Short-Term U.S. Government Obligations (Cost $25,445,649)				25,446,753
	Shares		Value
SECURITIES LENDING COLLATERAL - 3.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (N)		41,423,590		41,423,590
Total Securities Lending Collateral (Cost $41,423,590)				41,423,590
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.03% (N), dated 12/31/2015, to be repurchased at $9,128,009 on 01/04/2016. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 1.00%, due 09/15/2017 - 09/20/2017, and with a total value of $9,311,806.		$  9,127,979		9,127,979
Total Repurchase Agreement (Cost $9,127,979)				9,127,979
Total Investments (Cost $1,504,358,825) (O)				1,490,483,503
Net Other Assets (Liabilities) - (16.2)%				(207,535,334	)
Net Assets - 100.0%				$  1,282,948,169

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

Transamerica Partners Portfolios Annual Report 2015

Page    44

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(P)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (Q)		Value at December 31, 2015
ASSETS
Investments
Asset-Backed Securities	$	—	$	86,708,234	$	—	$	86,708,234
Corporate Debt Securities		—		491,860,688		—		491,860,688
Foreign Government Obligations		—		19,257,875		—		19,257,875
Mortgage-Backed Securities		—		173,590,831		210,097		173,800,928
Municipal Government Obligations		—		7,441,229		—		7,441,229
U.S. Government Agency Obligations		—		211,451,590		—		211,451,590
U.S. Government Obligations		—		270,230,256		—		270,230,256
Preferred Stocks		3,032,609		—		—		3,032,609
Short-Term U.S. Government Agency Obligations		—		150,701,772		—		150,701,772
Short-Term U.S. Government Obligations		—		25,446,753		—		25,446,753
Securities Lending Collateral		41,423,590		—		—		41,423,590
Repurchase Agreement		—		9,127,979		—		9,127,979
Total Investments	$	44,456,199	$	1,445,817,207	$	210,097	$	1,490,483,503

Transfers ^(P)

Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Mortgage-Backed Securities (H)	$	—	$	—	$	210,097	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, the total aggregate value of 144A securities is $317,220,324, representing 24.7% of the Portfolio’s net assets.

^(B)  Floating or variable rate security. The rate disclosed is as of December 31, 2015.

^(C)  All or a portion of the security is on loan. The total value of all securities on loan is $40,577,293. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

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

^(E)  Security in default.

^(F)  Illiquid security. Total aggregate value of illiquid securities is $89,902, representing less than 0.1% of the Portfolio’s net assets.

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

^(H)  Transferred from Level 2 to 3 because of the lack of observable market data due to a decrease in market activity for these securities.

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

^(J)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after December 31, 2015.

^(K)  Cash in the amount of $402,419 has been segregated by the broker as collateral for open TBA commitment transactions.

^(L)  Non-income producing security.

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

^(N)  Rate disclosed reflects the yield at December 31, 2015.

^(O)  Aggregate cost for federal income tax purposes is $1,504,516,166. Aggregate gross unrealized appreciation and depreciation for all securities is $12,472,654 and $26,505,317, respectively. Net unrealized depreciation for tax purposes is $14,032,663.

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

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

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    45

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES - 94.0%
Aerospace & Defense - 0.9%
Bombardier, Inc.
6.00%, 10/15/2022 (A)		$  4,387,000		$  3,075,287
6.13%, 01/15/2023 (A)		930,000		641,700
7.50%, 03/15/2025 (A)		691,000		483,700
7.75%, 03/15/2020 (A)		1,812,000		1,463,190
Triumph Group, Inc.
5.25%, 06/01/2022		1,708,000		1,374,940
				7,038,817
Airlines - 2.6%
American Airlines Group, Inc.
4.63%, 03/01/2020 (A)		1,000,000		952,500
5.50%, 10/01/2019 (A)		4,837,000		4,776,538
American Airlines Pass-Through Trust
5.60%, 01/15/2022 (A)		2,183,033		2,226,693
6.13%, 07/15/2018 (A)		7,155,000		7,351,762
Continental Airlines Pass-Through Certificates
6.13%, 04/29/2018		2,240,000		2,284,800
United Airlines Pass-Through Trust
4.63%, 03/03/2024		770,000		771,925
United Continental Holdings, Inc.
6.38%, 06/01/2018		1,185,000		1,233,135
				19,597,353
Auto Components - 0.4%
Goodyear Tire & Rubber Co.
6.50%, 03/01/2021		2,500,000		2,628,125
Automobiles - 0.2%
Fiat Chrysler Automobiles NV
4.50%, 04/15/2020		430,000		435,375
General Motors Financial Co., Inc.
4.75%, 08/15/2017		1,350,000		1,399,195
				1,834,570
Banks - 3.2%
Bank of America Corp.
8.00%, 01/30/2018 (B) (C)		3,947,000		4,016,072
Barclays PLC
6.63%, 09/15/2019 (B) (C)		2,336,000		2,308,085
8.25%, 12/15/2018 (B) (C)		1,843,000		1,962,244
CIT Group, Inc.
5.00%, 08/15/2022		385,000		395,349
5.25%, 03/15/2018		1,525,000		1,574,563
5.38%, 05/15/2020		190,000		199,025
5.50%, 02/15/2019 (A)		2,290,000		2,393,050
Citigroup, Inc.
6.30%, 05/15/2024 (B) (C)		5,900,000		5,752,500
JPMorgan Chase & Co.
5.00%, 07/01/2019 (B) (C)		2,015,000		1,914,250
7.90%, 04/30/2018 (B) (C)		3,247,000		3,305,446
				23,820,584
Beverages - 0.9%
Cott Beverages, Inc.
5.38%, 07/01/2022		4,099,000		4,017,020
6.75%, 01/01/2020		2,484,000		2,564,730
				6,581,750

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology - 0.2%
Concordia Healthcare Corp.
7.00%, 04/15/2023 (A)		$  1,499,000		$  1,300,383
Building Products - 2.7%
Associated Materials LLC / AMH New Finance, Inc.
9.13%, 11/01/2017		7,646,000		5,275,740
Builders FirstSource, Inc.
7.63%, 06/01/2021 (A)		2,560,000		2,694,400
10.75%, 08/15/2023 (A)		4,070,000		4,039,475
Griffon Corp.
5.25%, 03/01/2022		3,975,000		3,791,156
Norbord, Inc.
6.25%, 04/15/2023 (A)		2,237,000		2,209,038
Ply Gem Industries, Inc.
6.50%, 02/01/2022		2,522,000		2,286,075
				20,295,884
Capital Markets - 2.5%
Credit Suisse Group AG
6.25%, 12/18/2024 (A) (B) (C)		807,000		806,393
7.50%, 12/11/2023 (A) (B) (C)		4,697,000		4,931,061
Deutsche Bank AG
7.50%, 04/30/2025 (B) (C)		2,000,000		1,950,000
Goldman Sachs Capital II
4.00%, 02/01/2016 (B) (C)		11,035,000		7,779,675
Morgan Stanley
5.45%, 07/15/2019 (B) (C)		2,970,000		2,899,463
5.55%, 07/15/2020 (B) (C)		320,000		320,000
				18,686,592
Chemicals - 1.0%
Hexion, Inc.
6.63%, 04/15/2020		6,738,000		5,238,795
10.00%, 04/15/2020		1,201,000		990,825
Tronox Finance LLC
7.50%, 03/15/2022 (A)		2,217,000		1,285,860
				7,515,480
Construction & Engineering - 2.0%
Abengoa Greenfield SA
6.50%, 10/01/2019 (A)		1,767,000		194,370
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.88%, 02/15/2021 (A)		4,473,000		3,802,050
Brookfield Residential Properties, Inc.
6.38%, 05/15/2025 (A)		2,147,000		1,996,710
6.50%, 12/15/2020 (A)		814,000		784,492
K Hovnanian Enterprises, Inc.
7.00%, 01/15/2019 (A)		1,785,000		1,195,950
7.25%, 10/15/2020 (A)		1,250,000		1,075,000
8.00%, 11/01/2019 (A)		1,800,000		1,116,000
9.13%, 11/15/2020 (A)		6,000,000		4,560,000
				14,724,572
Consumer Finance - 4.3%
Ally Financial, Inc.
3.25%, 02/13/2018		872,000		867,640
5.50%, 02/15/2017		1,700,000		1,751,000
5.75%, 11/20/2025		1,121,000		1,135,013

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

Transamerica Partners Portfolios Annual Report 2015

Page    46

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Ally Financial, Inc. (continued)
6.25%, 12/01/2017		$  2,830,000		$  2,967,962
8.00%, 12/31/2018 - 11/01/2031		2,712,000		3,105,630
Altice Financing SA
6.63%, 02/15/2023 (A)		1,975,000		1,950,313
Altice US Finance I Corp.
5.38%, 07/15/2023 (A)		980,000		982,450
Altice US Finance II Corp.
7.75%, 07/15/2025 (A)		250,000		228,750
Altice US Financing SA
7.75%, 07/15/2025 (A)		250,000		228,750
Navient Corp.
5.50%, 01/15/2019, MTN		4,230,000		3,955,050
5.88%, 10/25/2024		2,126,000		1,700,800
OneMain Financial Holdings, Inc.
6.75%, 12/15/2019 (A)		1,847,000		1,872,396
7.25%, 12/15/2021 (A)		1,636,000		1,640,090
Springleaf Finance Corp.
6.00%, 06/01/2020		4,250,000		4,037,500
6.90%, 12/15/2017, MTN		5,255,000		5,438,925
				31,862,269
Containers & Packaging - 1.9%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
3.51%, 12/15/2019 (A) (B)		3,620,000		3,538,550
6.25%, 01/31/2019 (A)		665,000		638,400
7.00%, 11/15/2020 (A)		774,706		761,149
Ball Corp.
4.38%, 12/15/2020		958,000		972,969
5.25%, 07/01/2025		2,466,000		2,521,485
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Issuer, Inc.
5.63%, 12/15/2016 (A)		645,000		637,744
6.00%, 06/15/2017 (A)		915,000		885,262
Coveris Holdings SA
7.88%, 11/01/2019 (A)		2,950,000		2,573,875
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 (A)		1,078,000		1,094,170
6.38%, 08/15/2025 (A)		539,000		553,822
				14,177,426
Diversified Financial Services - 2.9%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
4.25%, 07/01/2020		800,000		806,000
4.63%, 07/01/2022		1,691,000		1,710,024
Denali Borrower LLC / Denali Finance Corp.
5.63%, 10/15/2020 (A)		7,530,000		7,887,675
Glen Meadow Pass-Through Trust
6.51%, 02/12/2067 (A) (B)		5,423,000		4,324,842
ILFC E-Capital Trust I
4.49%, 12/21/2065 (A) (B)		4,780,000		4,349,800
ILFC E-Capital Trust II
4.74%, 12/21/2065 (A) (B)		875,000		805,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Jefferies Finance LLC / JFIN Co-Issuer Corp.
7.50%, 04/15/2021 (A)		$  2,441,000		$  2,148,080
				22,031,421
Diversified Telecommunication Services - 7.3%
CenturyLink, Inc.
7.65%, 03/15/2042		12,462,000		9,533,430
Frontier Communications Corp.
6.88%, 01/15/2025		318,000		261,953
7.63%, 04/15/2024		6,032,000		5,066,880
9.00%, 08/15/2031		675,000		567,000
10.50%, 09/15/2022 (A)		1,238,000		1,233,358
11.00%, 09/15/2025 (A)		1,563,000		1,547,370
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		2,455,000		2,645,262
7.63%, 06/15/2021		2,000,000		2,120,000
Intelsat Jackson Holdings SA
7.25%, 10/15/2020		5,570,000		4,873,750
Neptune Finco Corp.
6.63%, 10/15/2025 (A)		752,000		782,080
10.13%, 01/15/2023 (A)		752,000		783,960
10.88%, 10/15/2025 (A)		950,000		995,125
Sprint Capital Corp.
8.75%, 03/15/2032		1,090,000		817,500
UPCB Finance V, Ltd.
7.25%, 11/15/2021 (A)		4,257,000		4,523,062
UPCB Finance VI, Ltd.
6.88%, 01/15/2022 (A)		1,458,000		1,541,835
Virgin Media Finance PLC
6.00%, 10/15/2024 (A)		4,250,000		4,239,375
6.38%, 04/15/2023 (A)		945,000		959,175
Virgin Media Secured Finance PLC
5.25%, 01/15/2026 (A)		1,750,000		1,701,875
Wind Acquisition Finance SA
4.75%, 07/15/2020 (A)		2,500,000		2,475,000
7.38%, 04/23/2021 (A)		4,935,000		4,663,575
Windstream Services LLC
7.75%, 10/01/2021		4,602,000		3,621,199
				54,952,764
Electric Utilities - 1.6%
Elwood Energy LLC
8.16%, 07/05/2026		2,702,847		2,946,103
Homer City Generation, LP
8.73%, 10/01/2026
Cash Rate 8.73% (D)		7,265,625		5,812,500
Red Oak Power LLC
9.20%, 11/30/2029		800,000		852,000
Terraform Global Operating LLC
9.75%, 08/15/2022 (A)		3,244,000		2,587,090
				12,197,693
Electronic Equipment, Instruments & Components - 0.6%
Belden, Inc.
5.50%, 09/01/2022 (A)		2,514,000		2,419,725
Sanmina Corp.
4.38%, 06/01/2019 (A)		1,835,000		1,844,175
				4,263,900

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

Transamerica Partners Portfolios Annual Report 2015

Page    47

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services - 1.9%
CSI Compressco, LP / Compressco Finance, Inc.
7.25%, 08/15/2022		$  2,283,000		$  1,689,420
Genesis Energy, LP / Genesis Energy Finance Corp.
6.75%, 08/01/2022		3,390,000		2,881,500
NuStar Logistics, LP
8.15%, 04/15/2018		2,000,000		2,042,500
Rose Rock Midstream, LP / Rose Rock Finance Corp.
5.63%, 11/15/2023 (A)		1,125,000		798,750
Sabine Pass Liquefaction LLC
5.63%, 02/01/2021		1,615,000		1,485,800
Transocean, Inc.
7.13%, 12/15/2021		5,099,000		3,295,229
Weatherford International LLC
6.80%, 06/15/2037		1,667,000		1,166,900
Weatherford International, Ltd.
6.75%, 09/15/2040		1,042,000		734,610
				14,094,709
Food & Staples Retailing - 0.6%
Rite Aid Corp.
6.13%, 04/01/2023 (A)		1,764,000		1,825,740
6.75%, 06/15/2021		2,253,000		2,360,017
				4,185,757
Food Products - 1.5%
Aramark Services, Inc.
5.75%, 03/15/2020		895,000		925,766
JBS USA LLC / JBS USA Finance, Inc.
5.75%, 06/15/2025 (A)		1,160,000		1,009,200
7.25%, 06/01/2021 (A)		2,140,000		2,123,950
Pilgrim’s Pride Corp.
5.75%, 03/15/2025 (A)		1,009,000		981,252
Post Holdings, Inc.
6.75%, 12/01/2021 (A)		4,845,000		4,941,900
7.38%, 02/15/2022		827,000		862,148
8.00%, 07/15/2025 (A)		458,000		485,480
				11,329,696
Gas Utilities - 0.3%
Ferrellgas, LP / Ferrellgas Finance Corp.
6.75%, 06/15/2023 (A)		2,800,000		2,282,000
Health Care Equipment & Supplies - 1.9%
Crimson Merger Sub, Inc.
6.63%, 05/15/2022 (A)		5,344,000		3,660,640
DJO Finco, Inc. / DJO Finance LLC
8.13%, 06/15/2021 (A)		2,156,000		1,913,450
Hologic, Inc.
5.25%, 07/15/2022 (A)		2,139,000		2,181,780
Mallinckrodt International Finance SA
4.75%, 04/15/2023		3,250,000		2,876,250
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
4.88%, 04/15/2020 (A)		475,000		457,187
5.63%, 10/15/2023 (A)		632,000		600,400
5.75%, 08/01/2022 (A)		2,905,000		2,788,800
				14,478,507

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 6.6%
CHS / Community Health Systems, Inc.
5.13%, 08/15/2018		$  2,170,000		$  2,180,850
6.88%, 02/01/2022		5,263,000		4,993,271
7.13%, 07/15/2020		2,295,000		2,286,394
8.00%, 11/15/2019		4,394,000		4,426,955
DaVita HealthCare Partners, Inc.
5.75%, 08/15/2022		2,229,000		2,295,870
HCA Holdings, Inc.
6.25%, 02/15/2021		8,043,000		8,505,472
HCA, Inc.
5.88%, 02/15/2026		1,270,000		1,274,762
7.50%, 02/15/2022		3,410,000		3,776,575
HealthSouth Corp.
5.75%, 11/01/2024 - 09/15/2025 (A)		2,358,000		2,218,590
5.75%, 11/01/2024		705,000		672,394
LifePoint Health, Inc.
5.50%, 12/01/2021		5,940,000		6,043,950
Tenet Healthcare Corp.
4.38%, 10/01/2021		1,200,000		1,158,000
5.00%, 03/01/2019		745,000		687,263
5.50%, 03/01/2019		1,135,000		1,069,738
6.00%, 10/01/2020		2,910,000		3,062,775
6.75%, 06/15/2023		1,034,000		959,035
8.13%, 04/01/2022		4,042,000		4,031,895
				49,643,789
Hotels, Restaurants & Leisure - 6.4%
Boyd Gaming Corp.
6.88%, 05/15/2023		2,760,000		2,835,900
Felcor Lodging, LP
5.63%, 03/01/2023		2,250,000		2,283,750
International Game Technology PLC
6.25%, 02/15/2022 (A)		2,255,000		2,108,425
6.50%, 02/15/2025 (A)		6,632,000		5,819,580
MGM Resorts International
6.00%, 03/15/2023		1,232,000		1,222,760
6.63%, 12/15/2021		3,185,000		3,260,644
7.75%, 03/15/2022		3,385,000		3,596,562
11.38%, 03/01/2018		1,911,000		2,189,280
NCL Corp., Ltd.
4.63%, 11/15/2020 (A)		2,630,000		2,575,349
New Cotai LLC / New Cotai Capital Corp.
10.63%, 05/01/2019 (A) (D)		2,533,609		1,855,341
Pinnacle Entertainment, Inc.
7.50%, 04/15/2021		5,516,000		5,750,430
Scientific Games International, Inc.
7.00%, 01/01/2022 (A)		683,000		652,265
10.00%, 12/01/2022		5,959,000		4,230,890
Studio City Finance, Ltd.
8.50%, 12/01/2020 (A)		3,325,000		3,208,625
Viking Cruises, Ltd.
6.25%, 05/15/2025 (A)		1,424,000		1,167,680
8.50%, 10/15/2022 (A)		5,205,000		4,931,737
Waterford Gaming LLC / Waterford Gaming Financial Corp.
8.63%, 09/15/2049 (A) (E) (F) (G) (J)		1,066,313		0	(H)
				47,689,218

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

Transamerica Partners Portfolios Annual Report 2015

Page    48

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables - 3.1%
Beazer Homes USA, Inc.
5.75%, 06/15/2019		$  3,139,000		$  2,887,880
7.50%, 09/15/2021		1,824,000		1,673,520
9.13%, 05/15/2019		2,945,000		2,922,912
KB Home
4.75%, 05/15/2019		1,775,000		1,721,750
7.00%, 12/15/2021		1,575,000		1,553,344
7.63%, 05/15/2023		2,738,000		2,703,775
9.10%, 09/15/2017		1,158,000		1,249,193
Meritage Homes Corp.
4.50%, 03/01/2018		6,372,000		6,372,000
Tempur Sealy International, Inc.
5.63%, 10/15/2023 (A)		1,065,000		1,075,650
6.88%, 12/15/2020		1,034,000		1,083,115
				23,243,139
Household Products - 1.7%
Kronos Acquisition Holdings, Inc.
9.00%, 08/15/2023 (A)		1,485,000		1,269,675
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		3,150,000		3,244,500
7.13%, 04/15/2019		2,472,000		2,516,805
7.88%, 08/15/2019		985,000		1,021,937
9.88%, 08/15/2019		4,600,000		4,634,500
				12,687,417
Independent Power and Renewable Electricity Producers - 2.1%
Calpine Corp.
5.38%, 01/15/2023		370,000		332,075
5.75%, 01/15/2025		1,778,000		1,569,085
NRG Energy, Inc.
7.88%, 05/15/2021		11,042,000		10,351,875
8.25%, 09/01/2020		3,820,000		3,705,400
				15,958,435
Insurance - 1.5%
Genworth Holdings, Inc.
4.90%, 08/15/2023		577,000		383,705
7.20%, 02/15/2021		1,023,000		852,394
7.63%, 09/24/2021		4,494,000		3,732,043
Lincoln National Corp.
7.00%, 05/17/2066 (B)		8,111,000		6,245,470
				11,213,612
Machinery - 0.6%
CNH Industrial Capital LLC
3.88%, 07/16/2018		1,110,000		1,073,925
Meritor, Inc.
6.25%, 02/15/2024		1,852,000		1,583,460
6.75%, 06/15/2021		725,000		667,000
Wise Metals Group LLC / Wise Alloys Finance Corp.
8.75%, 12/15/2018 (A)		1,616,000		1,224,120
				4,548,505
Media - 8.8%
Adelphia Communications Corp.
9.25%, 10/01/2049 (I) (J)		1,305,000		6,525
10.25%, 06/15/2049 - 11/01/2049 (I) (J)		1,460,000		7,300

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Cablevision Systems Corp.
5.88%, 09/15/2022		$  3,691,000		$  3,137,350
7.75%, 04/15/2018		3,805,000		3,957,200
8.00%, 04/15/2020		3,129,000		3,050,775
CCO Holdings LLC / CCO Holdings Capital Corp.
5.25%, 09/30/2022		885,000		893,850
5.75%, 01/15/2024		60,000		61,650
6.50%, 04/30/2021		4,925,000		5,122,000
7.38%, 06/01/2020		1,000,000		1,041,250
CCO Safari II LLC
4.91%, 07/23/2025 (A)		2,777,000		2,774,298
CCOH Safari LLC
5.75%, 02/15/2026 (A)		1,750,000		1,754,375
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%, 09/15/2020 (A)		1,400,000		1,368,500
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		4,549,000		4,407,295
7.63%, 03/15/2020		8,515,000		7,860,437
CSC Holdings LLC
6.75%, 11/15/2021		185,000		181,763
DISH DBS Corp.
5.88%, 07/15/2022 - 11/15/2024		3,874,000		3,531,585
6.75%, 06/01/2021		3,215,000		3,239,113
7.88%, 09/01/2019		4,003,000		4,353,262
iHeartCommunications, Inc.
9.00%, 03/01/2021		250,000		174,375
10.63%, 03/15/2023		1,748,000		1,226,222
Numericable-SFR SAS
4.88%, 05/15/2019 (A)		2,550,000		2,527,688
Regal Entertainment Group
5.75%, 06/15/2023 - 02/01/2025		3,095,000		2,997,025
Unitymedia GmbH
6.13%, 01/15/2025 (A)		2,106,000		2,081,044
Univision Communications, Inc.
5.13%, 02/15/2025 (A)		898,000		853,100
6.75%, 09/15/2022 (A)		9,061,000		9,389,461
				65,997,443
Metals & Mining - 1.4%
ArcelorMittal
7.25%, 02/25/2022		1,416,000		1,139,880
8.00%, 10/15/2039		3,333,000		2,274,772
Constellium NV
5.75%, 05/15/2024 (A)		2,699,000		1,835,320
8.00%, 01/15/2023 (A)		1,318,000		1,031,335
FMG Resources Pty, Ltd.
9.75%, 03/01/2022 (A)		856,000		783,240
Novelis, Inc.
8.38%, 12/15/2017		1,645,000		1,599,762
8.75%, 12/15/2020		307,000		281,673
Teck Resources, Ltd.
3.75%, 02/01/2023		691,000		319,588
6.00%, 08/15/2040		635,000		266,700
6.25%, 07/15/2041		2,040,000		897,600
				10,429,870

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

Transamerica Partners Portfolios Annual Report 2015

Page    49

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multiline Retail - 0.2%
Dollar Tree, Inc.
5.25%, 03/01/2020 (A)		$  207,000		$  213,728
5.75%, 03/01/2023 (A)		1,117,000		1,156,095
				1,369,823
Oil, Gas & Consumable Fuels - 5.1%
Antero Resources Corp.
5.38%, 11/01/2021		861,000		688,800
Berry Petroleum Co. LLC
6.38%, 09/15/2022		1,625,000		394,063
BreitBurn Energy Partners, LP / BreitBurn Finance Corp.
7.88%, 04/15/2022		3,505,000		630,900
Carrizo Oil & Gas, Inc.
7.50%, 09/15/2020		1,694,000		1,480,132
Chesapeake Energy Corp.
4.88%, 04/15/2022		692,000		192,072
6.13%, 02/15/2021		2,472,000		697,104
6.63%, 08/15/2020		3,041,000		881,890
CITGO Holding, Inc.
10.75%, 02/15/2020 (A)		3,831,000		3,716,070
CITGO Petroleum Corp.
6.25%, 08/15/2022 (A)		1,988,000		1,908,480
Concho Resources, Inc.
5.50%, 04/01/2023		2,076,000		1,920,300
Denbury Resources, Inc.
5.50%, 05/01/2022		1,087,000		360,862
EP Energy LLC / Everest Acquisition Finance, Inc.
9.38%, 05/01/2020		3,315,000		2,113,312
Kinder Morgan, Inc.
8.05%, 10/15/2030, MTN		2,000,000		1,943,284
Linn Energy LLC / Linn Energy Finance Corp.
7.75%, 02/01/2021		4,085,000		592,325
8.63%, 04/15/2020		3,225,000		552,281
Oasis Petroleum, Inc.
6.50%, 11/01/2021		365,000		241,813
6.88%, 03/15/2022		677,000		433,280
7.25%, 02/01/2019		936,000		671,580
ONEOK, Inc.
7.50%, 09/01/2023		2,181,000		1,815,682
Peabody Energy Corp.
6.25%, 11/15/2021		420,000		57,750
6.50%, 09/15/2020		1,000,000		137,500
10.00%, 03/15/2022 (A)		1,414,000		268,660
SM Energy Co.
6.13%, 11/15/2022		3,265,000		2,399,775
6.50%, 11/15/2021 - 01/01/2023		1,544,000		1,143,240
Sunoco, LP / Sunoco Finance Corp.
5.50%, 08/01/2020 (A)		3,950,000		3,742,625
6.38%, 04/01/2023 (A)		2,760,000		2,594,400
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
5.00%, 01/15/2018 (A)		1,545,000		1,429,125
6.75%, 03/15/2024 (A)		1,685,000		1,436,463
Ultra Petroleum Corp.
6.13%, 10/01/2024 (A)		1,060,000		241,150

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Whiting Petroleum Corp.
5.75%, 03/15/2021		$  2,635,000		$  1,920,915
WPX Energy, Inc.
8.25%, 08/01/2023		2,100,000		1,680,000
				38,285,833
Paper & Forest Products - 0.3%
Boise Cascade Co.
6.38%, 11/01/2020		2,410,000		2,482,300
Personal Products - 0.6%
Revlon Consumer Products Corp.
5.75%, 02/15/2021		4,540,000		4,392,450
Pharmaceuticals - 1.5%
Endo, Ltd. / Endo Finance LLC
6.00%, 07/15/2023 (A)		1,855,000		1,845,725
Valeant Pharmaceuticals International, Inc.
5.88%, 05/15/2023 (A)		2,853,000		2,546,302
6.38%, 10/15/2020 (A)		5,367,000		5,179,155
7.50%, 07/15/2021 (A)		1,680,000		1,675,800
				11,246,982
Professional Services - 0.4%
Ceridian HCM Holding, Inc.
11.00%, 03/15/2021 (A)		3,599,000		2,825,215
Real Estate Investment Trusts - 1.2%
CBL & Associates, LP
5.25%, 12/01/2023		3,951,000		3,779,546
Communications Sales & Leasing, Inc. / CSL Capital LLC
8.25%, 10/15/2023		1,065,000		899,925
Equinix, Inc.
5.88%, 01/15/2026		2,127,000		2,190,810
Iron Mountain, Inc.
6.00%, 10/01/2020 (A)		2,077,000		2,191,235
				9,061,516
Road & Rail - 1.1%
Aviation Capital Group Corp.
6.75%, 04/06/2021 (A)		3,464,000		3,879,680
Hertz Corp.
7.38%, 01/15/2021		3,500,000		3,631,250
7.50%, 10/15/2018		735,000		749,700
				8,260,630
Semiconductors & Semiconductor Equipment - 0.6%
Freescale Semiconductor, Inc.
6.00%, 01/15/2022 (A)		4,230,000		4,430,925
Software - 1.9%
Ensemble S Merger Sub, Inc.
9.00%, 09/30/2023 (A)		960,000		927,600
First Data Corp.
5.00%, 01/15/2024 (A)		1,072,000		1,066,640
5.75%, 01/15/2024 (A)		1,470,000		1,447,950
6.75%, 11/01/2020 (A)		6,218,000		6,521,127
7.00%, 12/01/2023 (A)		986,000		986,000
Infor US, Inc.
5.75%, 08/15/2020 (A)		485,000		488,638
6.50%, 05/15/2022 (A)		3,253,000		2,748,785
				14,186,740

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

Transamerica Partners Portfolios Annual Report 2015

Page    50

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 0.9%
Claire’s Stores, Inc.
9.00%, 03/15/2019 (A)		$  6,584,000		$  3,983,320
L Brands, Inc.
6.88%, 11/01/2035 (A)		985,000		1,012,087
Men’s Wearhouse, Inc.
7.00%, 07/01/2022		2,494,000		1,770,740
				6,766,147
Technology Hardware, Storage & Peripherals - 0.9%
Riverbed Technology, Inc.
8.88%, 03/01/2023 (A)		2,704,000		2,501,200
Seagate HDD Cayman
4.75%, 06/01/2023		3,794,000		3,320,816
4.88%, 06/01/2027 (A)		1,445,000		1,108,837
				6,930,853
Textiles, Apparel & Luxury Goods - 0.9%
Levi Strauss & Co.
6.88%, 05/01/2022		6,161,000		6,592,270
Trading Companies & Distributors - 1.3%
United Rentals North America, Inc.
5.50%, 07/15/2025		510,000		494,700
7.38%, 05/15/2020		5,950,000		6,277,250
7.63%, 04/15/2022		2,559,000		2,734,803
8.25%, 02/01/2021		134,000		140,198
				9,646,951
Wireless Telecommunication Services - 3.5%
Sprint Communications, Inc.
6.00%, 11/15/2022		2,470,000		1,741,350
7.00%, 08/15/2020		775,000		598,688
9.00%, 11/15/2018 (A)		6,075,000		6,393,937
9.13%, 03/01/2017		995,000		1,012,413
Sprint Corp.
7.25%, 09/15/2021		1,570,000		1,184,879
7.63%, 02/15/2025		2,047,000		1,494,310
7.88%, 09/15/2023		8,612,000		6,467,612
T-Mobile USA, Inc.
6.25%, 04/01/2021		815,000		839,450
6.63%, 04/28/2021		1,360,000		1,411,000
6.73%, 04/28/2022		4,671,000		4,869,517
6.84%, 04/28/2023		455,000		470,925
				26,484,081
Total Corporate Debt Securities (Cost $791,956,875)				704,254,396
LOAN ASSIGNMENTS - 0.4%
Commercial Services & Supplies - 0.2%
ADS Waste Holdings, Inc. Term Loan
3.75%, 10/09/2019 (B)		1,140,778		1,108,551

	Principal		Value
LOAN ASSIGNMENTS (continued)
Marine - 0.2%
Commercial Barge Line Co. 1st Lien Term Loan
9.75%, 11/06/2020 (B)		$  2,025,000		$  1,852,875
Total Loan Assignments (Cost $3,053,949)				2,961,426
	Shares		Value
COMMON STOCKS - 0.3%
Building Products - 0.3%
Panolam Holdings Co., GDR (F) (G) (J) (K)		1,803		1,770,546
Media - 0.0% (K)
New Cotai LLC / New Cotai Capital Corp., Class B (F) (G) (J) (K)		6		185,250
Total Common Stocks (Cost $3,265,049)				1,955,796
PREFERRED STOCK - 0.6%
Banks - 0.6%
GMAC Capital Trust I Series 2, 8.13% (B) (J)		193,625		4,910,330
Total Preferred Stock (Cost $5,109,917)				4,910,330
WARRANT - 0.0% (L)
Food Products - 0.0% (L)
American Seafoods Group LLC (J) (K) Exercise Price $0.01 Expiration Date 05/15/2018		1,265		1,265
Total Warrant (Cost $0)				1,265
	Principal		Value
REPURCHASE AGREEMENT - 2.9%
State Street Bank and Trust Co. 0.03% (M), dated 12/31/2015, to be repurchased at $21,380,401 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $21,808,938.		$  21,380,330		21,380,330
Total Repurchase Agreement (Cost $21,380,330)				21,380,330
Total Investments (Cost $824,766,120) (N)				735,463,543
Net Other Assets (Liabilities) - 1.8%				13,523,336
Net Assets - 100.0%				$  748,986,879

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

Transamerica Partners Portfolios Annual Report 2015

Page    51

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(O)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (P)			Value at December 31, 2015
ASSETS
Investments
Corporate Debt Securities	$	—	$	704,254,396	$	0	(H)	$	704,254,396
Loan Assignments		—		2,961,426		—			2,961,426
Common Stocks		—		—		1,955,796			1,955,796
Preferred Stock		4,910,330		—		—			4,910,330
Warrant		1,265		—		—			1,265
Repurchase Agreement		—		21,380,330		—			21,380,330
Total Investments	$	4,911,595	$	728,596,152	$	1,955,796		$	735,463,543

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, the total aggregate value of 144A securities is $273,776,381, representing 36.6% of the Portfolio’s net assets.

^(B)  Floating or variable rate security. The rate disclosed is as of December 31, 2015.

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

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

^(E)  Security in default.

^(F)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $1,955,796, representing 0.3% of the Portfolio’s net assets.

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

^(H)  Rounds to less than $1.

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

^(J)  Illiquid security. Total aggregate value of illiquid securities is $1,970,886, representing 0.3% of the Portfolio’s net assets.

^(K)  Non-income producing security.

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

^(M)  Rate disclosed reflects the yield at December 31, 2015.

^(N)  Aggregate cost for federal income tax purposes is $824,802,048. Aggregate gross unrealized appreciation and depreciation for all securities is $4,122,892 and $93,461,397, respectively. Net unrealized depreciation for tax purposes is $89,338,505.

^(O)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

PORTFOLIO ABBREVIATIONS:

GDR	Global Depositary Receipt
MTN	Medium Term Note

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

Transamerica Partners Portfolios Annual Report 2015

Page    52

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 59.8%
Aerospace & Defense - 1.9%
Honeywell International, Inc.		9,649		$  999,347
L-3 Communications Holdings, Inc.		3,280		391,993
Northrop Grumman Corp.		1,570		296,431
United Technologies Corp.		11,914		1,144,578
				2,832,349
Air Freight & Logistics - 0.0% (A)
FedEx Corp.		310		46,187
Airlines - 0.5%
Delta Air Lines, Inc.		4,930		249,902
United Continental Holdings, Inc. (B)		8,120		465,276
				715,178
Auto Components - 0.0% (A)
Magna International, Inc., Class A		980		39,749
Automobiles - 0.3%
Ford Motor Co.		22,640		318,998
General Motors Co.		3,024		102,846
				421,844
Banks - 3.4%
Bank of America Corp.		81,869		1,377,855
BB&T Corp.		1,240		46,884
Citigroup, Inc.		29,351		1,518,914
Fifth Third Bancorp		6,620		133,062
KeyCorp		12,410		163,688
SVB Financial Group (B)		790		93,931
Wells Fargo & Co.		34,438		1,872,050
				5,206,384
Beverages - 2.0%
Boston Beer Co., Inc., Class A (B) (C)		440		88,840
Coca-Cola Co.		13,960		599,722
Coca-Cola Enterprises, Inc.		1,020		50,225
Constellation Brands, Inc., Class A		3,399		484,153
Dr. Pepper Snapple Group, Inc.		1,519		141,571
Molson Coors Brewing Co., Class B (C)		5,300		497,776
PepsiCo, Inc.		11,866		1,185,651
				3,047,938
Biotechnology - 2.2%
Alexion Pharmaceuticals, Inc. (B)		1,976		376,922
Biogen, Inc. (B)		2,434		745,656
BioMarin Pharmaceutical, Inc. (B)		1,260		131,997
Celgene Corp. (B)		7,921		948,619
Gilead Sciences, Inc.		7,906		800,008
Vertex Pharmaceuticals, Inc. (B)		2,508		315,582
				3,318,784
Building Products - 0.3%
Allegion PLC		3,250		214,240
Fortune Brands Home & Security, Inc. (C)		1,080		59,940
Masco Corp.		7,627		215,844
				490,024
Capital Markets - 1.9%
Ameriprise Financial, Inc.		760		80,879
Bank of New York Mellon Corp.		2,180		89,860
BlackRock, Inc., Class A		1,060		360,951
Charles Schwab Corp.		13,740		452,458
Goldman Sachs Group, Inc.		2,259		407,140
Invesco, Ltd.		13,313		445,719

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
Morgan Stanley		22,666		$  721,005
State Street Corp.		4,758		315,741
TD Ameritrade Holding Corp.		1,200		41,652
				2,915,405
Chemicals - 1.1%
Axiall Corp.		2,730		42,042
Dow Chemical Co.		10,261		528,236
E.I. du Pont de Nemours & Co.		8,840		588,744
Eastman Chemical Co.		2,980		201,180
Mosaic Co.		11,550		318,665
Sherwin-Williams Co.		70		18,172
				1,697,039
Communications Equipment - 0.4%
Cisco Systems, Inc.		21,678		588,666
QUALCOMM, Inc.		1,797		89,823
				678,489
Construction & Engineering - 0.2%
Fluor Corp. (C)		7,290		344,234
Construction Materials - 0.1%
Martin Marietta Materials, Inc. (C)		1,040		142,043
Consumer Finance - 0.3%
Capital One Financial Corp.		2,339		168,829
Discover Financial Services		2,280		122,253
Synchrony Financial (B)		7,636		232,211
				523,293
Containers & Packaging - 0.3%
Crown Holdings, Inc. (B)		5,951		301,716
WestRock Co.		4,260		194,341
				496,057
Diversified Financial Services - 1.1%
Berkshire Hathaway, Inc., Class B (B)		8,721		1,151,521
Intercontinental Exchange, Inc.		1,797		460,499
				1,612,020
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		27,056		930,997
Verizon Communications, Inc.		7,891		364,722
				1,295,719
Electric Utilities - 1.4%
American Electric Power Co., Inc.		1,600		93,232
Edison International		8,517		504,292
Exelon Corp.		520		14,440
NextEra Energy, Inc.		5,213		541,579
PPL Corp.		14,917		509,117
Xcel Energy, Inc. (C)		14,446		518,756
				2,181,416
Electrical Equipment - 0.4%
Eaton Corp. PLC		10,241		532,942
Electronic Equipment, Instruments & Components - 0.4%
Amphenol Corp., Class A		850		44,396
Corning, Inc.		3,819		69,811
TE Connectivity, Ltd.		8,475		547,570
				661,777

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

Transamerica Partners Portfolios Annual Report 2015

Page    53

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 0.5%
Baker Hughes, Inc.		2,560		$  118,144
Halliburton Co.		8,178		278,379
National Oilwell Varco, Inc. (C)		1,980		66,310
Schlumberger, Ltd.		3,289		229,408
				692,241
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.		4,153		670,710
CVS Health Corp.		287		28,060
Kroger Co.		3,580		149,751
Wal-Mart Stores, Inc.		176		10,789
				859,310
Food Products - 0.9%
Archer-Daniels-Midland Co.		4,355		159,742
Hershey Co. (C)		3,490		311,552
Mead Johnson Nutrition Co., Class A (C)		360		28,422
Mondelez International, Inc., Class A		18,319		821,424
				1,321,140
Gas Utilities - 0.0% (A)
Questar Corp. (C)		2,256		43,947
Health Care Equipment & Supplies - 1.0%
Abbott Laboratories		14,986		673,021
Boston Scientific Corp. (B)		31,110		573,668
Stryker Corp. (C)		2,640		245,362
				1,492,051
Health Care Providers & Services - 2.3%
Aetna, Inc.		4,590		496,271
Cigna Corp.		1,280		187,302
Express Scripts Holding Co. (B)		4,350		380,233
HCA Holdings, Inc. (B)		650		43,959
Humana, Inc., Class A		2,700		481,977
McKesson Corp.		4,620		911,203
UnitedHealth Group, Inc.		7,723		908,534
				3,409,479
Hotels, Restaurants & Leisure - 0.7%
Chipotle Mexican Grill, Inc., Class A (B) (C)		190		91,171
Dunkin’ Brands Group, Inc. (C)		930		39,609
Royal Caribbean Cruises, Ltd., Class A		4,120		416,985
Starbucks Corp.		8,156		489,605
				1,037,370
Household Durables - 0.5%
D.R. Horton, Inc.		7,230		231,577
Harman International Industries, Inc. (C)		3,030		285,456
PulteGroup, Inc.		10,542		187,859
Toll Brothers, Inc. (B)		1,180		39,294
				744,186
Household Products - 1.1%
Kimberly-Clark Corp.		4,394		559,356
Procter & Gamble Co.		13,549		1,075,926
				1,635,282
Industrial Conglomerates - 0.6%
Danaher Corp.		1,050		97,524
General Electric Co.		24,904		775,760
				873,284

	Shares		Value
COMMON STOCKS (continued)
Insurance - 1.6%
ACE, Ltd. (C)		6,896		$  805,797
American International Group, Inc.		6,640		411,481
Arthur J. Gallagher & Co. (C)		2,100		85,974
Lincoln National Corp.		1,210		60,815
MetLife, Inc.		16,431		792,138
Prudential Financial, Inc.		1,312		106,810
XL Group PLC, Class A		4,860		190,415
				2,453,430
Internet & Catalog Retail - 0.9%
Amazon.com, Inc. (B)		2,102		1,420,721
Internet Software & Services - 2.9%
Alphabet, Inc., Class A (B)		1,699		1,321,839
Alphabet, Inc., Class C		1,733		1,315,139
Facebook, Inc., Class A (B)		16,200		1,695,492
				4,332,470
IT Services - 2.1%
Accenture PLC, Class A		11,420		1,193,390
Automatic Data Processing, Inc.		570		48,290
Cognizant Technology Solutions Corp., Class A (B)		10,438		626,489
Fidelity National Information Services, Inc.		5,440		329,664
PayPal Holdings, Inc. (B)		1,380		49,956
Visa, Inc., Class A (C)		12,458		966,118
				3,213,907
Life Sciences Tools & Services - 0.3%
Illumina, Inc. (B)		970		186,187
Thermo Fisher Scientific, Inc.		2,310		327,673
				513,860
Machinery - 1.1%
Caterpillar, Inc. (C)		570		38,737
Cummins, Inc.		3,680		323,877
Deere & Co. (C)		1,170		89,236
Ingersoll-Rand PLC		2,030		112,239
PACCAR, Inc.		8,869		420,390
Parker-Hannifin Corp. (C)		3,210		311,306
Snap-on, Inc. (C)		320		54,858
Stanley Black & Decker, Inc. (C)		3,080		328,728
				1,679,371
Media - 2.6%
CBS Corp., Class B		6,640		312,943
Charter Communications, Inc., Class A (B) (C)		2,090		382,679
Comcast Corp., Class A		18,171		1,025,389
DISH Network Corp., Class A (B)		4,595		262,742
Time Warner Cable, Inc.		1,125		208,789
Time Warner, Inc.		15,425		997,535
Twenty-First Century Fox, Inc., Class A		28,518		774,549
				3,964,626
Metals & Mining - 0.0% (A)
U.S. Steel Corp. (C)		2,780		22,184
Multi-Utilities - 0.3%
CenterPoint Energy, Inc.		1,630		29,927
CMS Energy Corp. (C)		3,807		137,356
Public Service Enterprise Group, Inc.		7,722		298,764
				466,047

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

Transamerica Partners Portfolios Annual Report 2015

Page    54

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Multiline Retail - 0.5%
Dollar General Corp.		5,590		$  401,754
Target Corp.		5,130		372,489
				774,243
Oil, Gas & Consumable Fuels - 3.4%
Cabot Oil & Gas Corp.		10,670		188,752
Chevron Corp.		12,681		1,140,783
Columbia Pipeline Group, Inc.		11,888		237,760
EOG Resources, Inc.		4,982		352,676
EQT Corp.		2,570		133,974
Exxon Mobil Corp.		17,533		1,366,697
Kinder Morgan, Inc.		4,760		71,019
Marathon Petroleum Corp.		2,790		144,634
Occidental Petroleum Corp.		10,301		696,451
Phillips 66		320		26,176
Pioneer Natural Resources Co.		2,840		356,079
Valero Energy Corp.		5,910		417,896
				5,132,897
Personal Products - 0.1%
Estee Lauder Cos., Inc., Class A		1,000		88,060
Pharmaceuticals - 3.8%
Allergan PLC (B)		3,094		966,875
Bristol-Myers Squibb Co.		16,796		1,155,397
Eli Lilly & Co.		11,590		976,573
Johnson & Johnson		7,751		796,183
Merck & Co., Inc.		5,280		278,890
Mylan NV (B)		1,930		104,355
Perrigo Co. PLC (C)		509		73,652
Pfizer, Inc.		40,004		1,291,329
Valeant Pharmaceuticals International, Inc. (B)		1,200		121,980
				5,765,234
Professional Services - 0.1%
Equifax, Inc.		1,480		164,828
Real Estate Investment Trusts - 1.6%
American Tower Corp., Class A		2,730		264,674
AvalonBay Communities, Inc.		2,068		380,781
Boston Properties, Inc.		1,967		250,871
DiamondRock Hospitality Co. (C)		6,720		64,848
Equinix, Inc. (C)		458		138,499
Essex Property Trust, Inc.		200		47,882
General Growth Properties, Inc.		5,520		150,199
LaSalle Hotel Properties (C)		3,750		94,350
Liberty Property Trust, Series C		3,560		110,538
Prologis, Inc., Class A		7,053		302,715
Public Storage		290		71,833
Simon Property Group, Inc.		2,027		394,130
SL Green Realty Corp. (C)		790		89,254
				2,360,574
Road & Rail - 0.9%
Canadian Pacific Railway, Ltd.		2,331		297,436
CSX Corp.		12,079		313,450
Union Pacific Corp.		10,325		807,415
				1,418,301
Semiconductors & Semiconductor Equipment - 1.9%
Applied Materials, Inc., Class A		4,790		89,429
Avago Technologies, Ltd., Class A (C)		6,140		891,221

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Broadcom Corp., Class A		2,990		$  172,882
KLA-Tencor Corp.		787		54,578
Lam Research Corp.		8,947		710,571
Marvell Technology Group, Ltd. (C)		4,260		37,573
NXP Semiconductors NV (B)		1,454		122,500
Texas Instruments, Inc.		13,320		730,069
				2,808,823
Software - 2.6%
Adobe Systems, Inc. (B)		9,388		881,909
Intuit, Inc.		920		88,780
Microsoft Corp.		50,941		2,826,207
Oracle Corp.		5,650		206,394
				4,003,290
Specialty Retail - 2.2%
AutoNation, Inc. (B)		1,450		86,507
AutoZone, Inc. (B)		123		91,255
Best Buy Co., Inc. (C)		5,370		163,516
Home Depot, Inc.		9,656		1,277,006
Lowe’s Cos., Inc.		12,814		974,377
Ross Stores, Inc.		880		47,353
Tiffany & Co. (C)		1,640		125,116
TJX Cos., Inc.		8,340		591,389
				3,356,519
Technology Hardware, Storage & Peripherals - 2.3%
Apple, Inc.		29,278		3,081,802
Hewlett Packard Enterprise Co.		11,723		178,190
HP, Inc.		21,433		253,767
				3,513,759
Textiles, Apparel & Luxury Goods - 0.5%
lululemon athletica, Inc. (B) (C)		1,407		73,825
PVH Corp.		410		30,197
Ralph Lauren Corp., Class A		1,540		171,679
VF Corp.		6,498		404,500
				680,201
Tobacco - 0.6%
Philip Morris International, Inc.		11,017		968,504
Water Utilities - 0.1%
American Water Works Co., Inc.		1,710		102,172
Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc. (B)		1,940		75,893
Total Common Stocks (Cost $79,322,942)				90,587,075
PREFERRED STOCKS - 0.2%
Banks - 0.1%
Citigroup Capital XIII
6.69% (D)		3,392		88,158
Capital Markets - 0.0% (A)
State Street Corp.
Series D, 5.90% (C) (D)		1,536		42,517
Electric Utilities - 0.0% (A)
SCE Trust III
5.75% (D)		320		8,560

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

Transamerica Partners Portfolios Annual Report 2015

Page    55

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
PREFERRED STOCKS (continued)
Thrifts & Mortgage Finance - 0.1%
Federal Home Loan Mortgage Corp.
Series Z, 8.38% (B) (D)		14,925		$  50,745
Federal National Mortgage Association
Series O, 0.00% (B) (D)		600		3,306
Series S, 8.25% (B) (D)		10,800		37,800
				91,851
Total Preferred Stocks (Cost $814,042)				231,086
	Principal		Value
ASSET-BACKED SECURITIES - 2.8%
American Tower Trust I
Series 2013-1A, Class 1A
1.55%, 03/15/2043 (E)		$  200,000		195,306
BlueMountain CLO, Ltd.
Series 2015-2A, Class A1
1.71%, 07/18/2027 (D) (E)		235,000		231,789
BXG Receivables Note Trust
Series 2015-A, Class A
2.88%, 05/02/2030 (E)		134,429		133,230
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class C
2.24%, 09/16/2019 (E)		20,000		19,808
Series 2014-AA, Class C
2.28%, 11/15/2019 (E)		25,000		24,847
Ford Credit Auto Owner Trust
Series 2013-B, Class D
1.82%, 11/15/2019		40,000		40,126
HSBC Home Equity Loan Trust
Series 2006-3, Class M1
0.66%, 03/20/2036 (D)		235,000		230,410
ICG US CLO, Ltd.
Series 2014-1A, Class A1
1.47%, 04/20/2026 (D) (E)		235,000		229,561
JGWPT XXVI LLC
Series 2012-2A, Class A
3.84%, 10/15/2059 (E)		206,546		212,366
MVW Owner Trust
Series 2014-1A, Class A
2.25%, 09/22/2031 (E)		111,478		110,305
NRZ Advance Receivables Trust Advance Receivables Backed
Series 2015-T4, Class AT4
3.20%, 11/15/2047 (E)		280,000		279,122
OCP CLO, Ltd.
Series 2015-8A, Class A1
1.85%, 04/17/2027 (D) (E)		220,000		217,131
Ocwen Master Advance Receivables Trust
Series 2015-T3, Class AT3
3.21%, 11/15/2047 (E)		290,000		289,126
Palmer Square CLO, Ltd.
Series 2015-2A, Class A1A
1.79%, 07/20/2027 (D) (E)		250,000		246,900
Santander Drive Auto Receivables Trust
Series 2013-A, Class C
3.12%, 10/15/2019 (E)		30,000		30,326

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SBA Tower Trust
Series 2014-1A, Class C
2.90%, 10/15/2044 (D) (E)		$  380,000		$  371,339
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B
2.70%, 10/20/2030 (E)		41,097		41,027
Series 2014-1A, Class A
2.07%, 03/20/2030 (E)		98,389		97,576
Series 2014-2A, Class A
2.05%, 06/20/2031 (E)		89,382		89,422
Series 2014-3A, Class A
2.30%, 10/20/2031 (E)		125,607		125,296
Series 2015-1A, Class A
2.40%, 03/22/2032 (E)		72,882		72,007
Series 2015-1A, Class B
3.05%, 03/22/2032 (E)		76,051		75,206
Silverleaf Finance XVIII LLC
Series 2014-A, Class A
2.81%, 01/15/2027 (E)		96,984		95,696
SLM Private Education Loan Trust
Series 2011-C, Class A2A
3.58%, 10/17/2044 (D) (E)		100,000		104,286
Series 2013-A, Class A2B
1.38%, 05/17/2027 (D) (E)		150,000		148,831
SolarCity LMC Series III LLC
Series 2014-2, Class A
4.02%, 07/20/2044 (E)		149,005		141,614
SpringCastle America Funding LLC
Series 2014-AA, Class A
2.70%, 05/25/2023 (E)		74,858		74,692
Trafigura Securitisation Finance PLC
Series 2014-1A, Class A
1.28%, 10/15/2021 (D) (E)		290,000		288,809
Total Asset-Backed Securities (Cost $4,265,557)				4,216,154
CORPORATE DEBT SECURITIES - 15.5%
Aerospace & Defense - 0.1%
Exelis, Inc.
5.55%, 10/01/2021		145,000		159,007
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		54,000		55,475
5.10%, 01/15/2044		49,000		50,770
				106,245
Airlines - 0.3%
American Airlines Pass-Through Trust
3.70%, 04/01/2028		169,528		169,630
United Airlines Pass-Through Trust
3.75%, 03/03/2028		300,000		302,640
				472,270
Auto Components - 0.1%
BorgWarner, Inc.
3.38%, 03/15/2025		105,000		99,125
Automobiles - 0.0% (A)
General Motors Co.
4.88%, 10/02/2023		30,000		30,680
6.25%, 10/02/2043		20,000		21,131
				51,811

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

Transamerica Partners Portfolios Annual Report 2015

Page    56

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 2.7%
Bank of America Corp.
2.60%, 01/15/2019		$  60,000		$  60,196
4.10%, 07/24/2023		51,000		52,732
5.42%, 03/15/2017		100,000		104,089
5.75%, 12/01/2017		75,000		80,231
Barclays Bank PLC
10.18%, 06/12/2021 (E)		390,000		505,204
Branch Banking & Trust Co.
3.80%, 10/30/2026		110,000		111,677
Citigroup, Inc.
1.70%, 04/27/2018		203,000		200,988
4.50%, 01/14/2022		83,000		88,898
4.95%, 11/07/2043		20,000		21,015
6.68%, 09/13/2043		20,000		24,523
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
11.00%, 06/30/2019 (D) (E) (F)		405,000		499,972
First Horizon National Corp.
3.50%, 12/15/2020		110,000		109,045
Glitnir HF
6.33%, 07/28/2011 (E) (G) (H)		160,000		49,600
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016, MTN (E)		200,000		200,500
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (E)		200,000		196,770
JPMorgan Chase & Co.
2.00%, 08/15/2017		300,000		301,017
3.25%, 09/23/2022		239,000		240,380
4.85%, 02/01/2044		20,000		21,324
6.75%, 02/01/2024 (D) (F)		13,000		14,170
Korea Development Bank
3.50%, 08/22/2017		200,000		205,082
Macquarie Bank, Ltd.
1.65%, 03/24/2017 (E)		85,000		84,872
Nordea Bank AB
4.25%, 09/21/2022 (E)		470,000		481,454
Royal Bank of Scotland Group PLC
1.88%, 03/31/2017		100,000		99,581
6.00%, 12/19/2023		65,000		70,006
Wells Fargo & Co.
2.15%, 01/15/2019		35,000		35,196
4.13%, 08/15/2023		92,000		95,549
5.38%, 11/02/2043		67,000		71,707
5.90%, 06/15/2024 (D) (F)		43,000		43,376
				4,069,154
Beverages - 0.1%
Anheuser-Busch InBev Finance, Inc.
2.15%, 02/01/2019		45,000		44,740
3.70%, 02/01/2024		50,000		51,011
				95,751
Biotechnology - 0.5%
AbbVie, Inc.
4.40%, 11/06/2042		168,000		156,899
Amgen, Inc.
5.65%, 06/15/2042		27,000		29,216
Celgene Corp.
3.55%, 08/15/2022		195,000		196,896
3.88%, 08/15/2025		265,000		263,927

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology (continued)
Gilead Sciences, Inc.
3.65%, 03/01/2026		$  105,000		$  105,890
				752,828
Capital Markets - 1.6%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		205,000		209,016
Bank of New York Mellon Corp.
2.10%, 01/15/2019, MTN		50,000		50,232
Credit Suisse Group Funding Guernsey, Ltd.
2.75%, 03/26/2020 (E)		70,000		69,337
Deutsche Bank AG
1.68%, 08/20/2020 (D)		70,000		70,100
6.00%, 09/01/2017		115,000		121,806
Goldman Sachs Group, Inc.
3.63%, 02/07/2016		42,000		42,106
4.25%, 10/21/2025		220,000		218,319
6.25%, 02/01/2041		20,000		23,856
6.75%, 10/01/2037		20,000		23,379
7.50%, 02/15/2019, MTN		195,000		223,131
Macquarie Group, Ltd.
6.25%, 01/14/2021 (E)		300,000		334,833
Morgan Stanley
5.00%, 11/24/2025		66,000		70,062
7.30%, 05/13/2019, MTN		380,000		436,509
Oaktree Capital Management, LP
6.75%, 12/02/2019 (E)		175,000		198,805
State Street Capital Trust IV
1.51%, 06/01/2077 (D)		11,000		8,993
UBS AG
7.63%, 08/17/2022		250,000		285,000
				2,385,484
Chemicals - 0.1%
LyondellBasell Industries NV
5.00%, 04/15/2019		60,000		63,828
Monsanto Co.
4.40%, 07/15/2044		110,000		91,073
				154,901
Commercial Services & Supplies - 0.2%
ERAC USA Finance LLC
3.85%, 11/15/2024 (E)		140,000		140,053
Hutchison Whampoa International 14, Ltd.
1.63%, 10/31/2017 (E)		200,000		198,234
				338,287
Communications Equipment - 0.0% (A)
Cisco Systems, Inc.
2.13%, 03/01/2019		50,000		50,429
Construction Materials - 0.1%
Martin Marietta Materials, Inc.
4.25%, 07/02/2024		200,000		196,289
Consumer Finance - 0.1%
Discover Financial Services
3.85%, 11/21/2022		183,000		181,331
Containers & Packaging - 0.1%
International Paper Co.
4.75%, 02/15/2022		126,000		134,569

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

Transamerica Partners Portfolios Annual Report 2015

Page    57

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 0.1%
General Electric Capital Corp.
6.88%, 01/10/2039, MTN		$  20,000		$  27,262
Kaupthing Bank Hf
7.13%, 05/19/2016 (E) (G) (H)		130,000		1
7.63%, 02/28/2015, MTN (E) (G) (H)		710,000		165,075
				192,338
Diversified Telecommunication Services - 0.6%
AT&T, Inc.
2.45%, 06/30/2020		255,000		251,130
3.40%, 05/15/2025		130,000		124,942
4.35%, 06/15/2045		70,000		59,883
Intelsat Jackson Holdings SA
7.25%, 04/01/2019		54,000		49,545
Sprint Capital Corp.
6.88%, 11/15/2028		24,000		16,740
Verizon Communications, Inc.
3.45%, 03/15/2021		130,000		133,002
4.50%, 09/15/2020		42,000		45,125
5.15%, 09/15/2023		120,000		131,919
6.55%, 09/15/2043		127,000		150,775
				963,061
Electric Utilities - 0.7%
Appalachian Power Co.
3.40%, 06/01/2025		140,000		136,618
CenterPoint Energy Houston Electric LLC
4.50%, 04/01/2044		65,000		67,057
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		43,000		44,933
8.88%, 11/15/2018		9,000		10,550
Commonwealth Edison Co.
4.70%, 01/15/2044		42,000		44,178
Duke Energy Carolinas LLC
4.25%, 12/15/2041		58,000		57,812
Duke Energy Corp.
3.75%, 04/15/2024		11,000		11,145
Entergy Arkansas, Inc.
3.70%, 06/01/2024		61,000		62,215
Georgia Power Co.
3.00%, 04/15/2016		117,000		117,649
Jersey Central Power & Light Co.
7.35%, 02/01/2019		35,000		39,392
Niagara Mohawk Power Corp.
4.88%, 08/15/2019 (E)		65,000		69,363
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		12,000		12,471
5.30%, 06/01/2042		25,000		26,019
Pacific Gas & Electric Co.
4.75%, 02/15/2044		17,000		17,665
PacifiCorp
3.60%, 04/01/2024		130,000		134,340
5.75%, 04/01/2037		25,000		29,350
Progress Energy, Inc.
4.88%, 12/01/2019		6,000		6,433
Public Service Electric & Gas Co.
3.00%, 05/15/2025		140,000		138,233
				1,025,423

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp.
3.00%, 12/21/2020 (E)		$  100,000		$  98,708
Schlumberger Investment SA
3.65%, 12/01/2023		33,000		33,479
Weatherford International, Ltd.
5.95%, 04/15/2042 (C)		35,000		24,588
				156,775
Food & Staples Retailing - 0.3%
CVS Health Corp.
2.25%, 08/12/2019		70,000		69,908
5.30%, 12/05/2043		14,000		15,037
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		41,000		39,815
4.30%, 04/22/2044		60,000		61,168
Walgreens Boots Alliance, Inc.
3.30%, 11/18/2021		135,000		132,398
Whole Foods Market, Inc.
5.20%, 12/03/2025 (E)		170,000		169,748
				488,074
Food Products - 0.1%
Kraft Heinz Foods Co.
2.80%, 07/02/2020 (E)		115,000		114,703
Mondelez International, Inc.
2.25%, 02/01/2019		60,000		59,978
				174,681
Health Care Equipment & Supplies - 0.1%
Becton Dickinson and Co.
2.68%, 12/15/2019		80,000		80,436
Boston Scientific Corp.
2.65%, 10/01/2018		56,000		56,294
				136,730
Health Care Providers & Services - 0.4%
Aetna, Inc.
4.75%, 03/15/2044		14,000		14,192
Anthem, Inc.
1.88%, 01/15/2018		76,000		75,670
2.30%, 07/15/2018		104,000		103,804
3.30%, 01/15/2023		25,000		24,296
3.70%, 08/15/2021		8,000		8,176
Coventry Health Care, Inc.
5.45%, 06/15/2021		66,000		72,899
Express Scripts Holding Co.
4.75%, 11/15/2021		135,000		144,755
Tenet Healthcare Corp.
6.25%, 11/01/2018		55,000		57,887
UnitedHealth Group, Inc.
3.38%, 11/15/2021		19,000		19,639
				521,318
Household Products - 0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		100,000		103,000
Industrial Conglomerates - 0.4%
General Electric Co.
4.00%, 06/15/2022 (D) (F)		555,525		555,525

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

Transamerica Partners Portfolios Annual Report 2015

Page    58

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance - 1.8%
American International Group, Inc.
4.13%, 02/15/2024		$  41,000		$  42,103
8.18%, 05/15/2068 (D)		41,000		53,915
Fidelity National Financial, Inc.
5.50%, 09/01/2022		60,000		63,679
Genworth Holdings, Inc.
7.63%, 09/24/2021		45,000		37,370
Hanover Insurance Group, Inc.
6.38%, 06/15/2021		375,000		424,917
Lincoln National Corp.
8.75%, 07/01/2019		240,000		288,244
Metropolitan Life Global Funding I
1.30%, 04/10/2017 (E)		195,000		194,926
Pacific Life Insurance Co.
9.25%, 06/15/2039 (E)		220,000		319,585
Principal Financial Group, Inc.
8.88%, 05/15/2019		105,000		125,637
Prudential Financial, Inc.
5.38%, 06/21/2020, MTN		141,000		156,760
7.38%, 06/15/2019, MTN		80,000		92,841
Reinsurance Group of America, Inc.
3.18%, 12/15/2065 (D)		441,000		360,517
Swiss Re Capital I, LP
6.85%, 05/25/2016 (D) (E) (F)		70,000		70,728
ZFS Finance USA Trust II
6.45%, 12/15/2065 (D) (E)		500,000		505,250
				2,736,472
IT Services - 0.1%
MasterCard, Inc.
2.00%, 04/01/2019		53,000		53,208
3.38%, 04/01/2024		33,000		33,724
				86,932
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc.
1.30%, 02/01/2017		105,000		104,629
2.40%, 02/01/2019		133,000		132,941
5.30%, 02/01/2044		6,000		6,411
				243,981
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd.
2.13%, 04/27/2020 (E)		200,000		195,581
Media - 0.4%
CBS Corp.
4.63%, 05/15/2018		23,000		24,331
5.75%, 04/15/2020		20,000		22,199
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		100,000		97,500
Comcast Corp.
5.88%, 02/15/2018		116,000		126,344
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.60%, 02/15/2021		67,000		70,964
5.00%, 03/01/2021		34,000		36,666
NBCUniversal Media LLC
4.38%, 04/01/2021		209,000		227,022
4.45%, 01/15/2043		47,000		46,049
				651,075

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining - 0.1%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023 (C)		$  44,000		$  41,660
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		45,000		25,650
Novelis, Inc.
8.75%, 12/15/2020		110,000		100,925
Rio Tinto Finance USA PLC
2.88%, 08/21/2022 (C)		18,000		16,325
				184,560
Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024		22,000		22,333
4.88%, 03/01/2044		33,000		33,491
PG&E Corp.
2.40%, 03/01/2019		26,000		25,945
				81,769
Oil, Gas & Consumable Fuels - 0.9%
Apache Corp.
4.25%, 01/15/2044		15,000		11,743
4.75%, 04/15/2043		22,000		18,385
BP Capital Markets PLC
2.24%, 05/10/2019		95,000		95,126
Energy Transfer Partners, LP
5.95%, 10/01/2043		35,000		28,079
EOG Resources, Inc.
2.45%, 04/01/2020		88,000		87,048
Exxon Mobil Corp.
1.82%, 03/15/2019		150,000		150,109
Husky Energy, Inc.
4.00%, 04/15/2024		45,000		41,185
Kerr-McGee Corp.
6.95%, 07/01/2024		50,000		53,715
Kinder Morgan Energy Partners, LP
4.15%, 02/01/2024		117,000		100,947
Laredo Petroleum, Inc.
7.38%, 05/01/2022		60,000		55,200
MEG Energy Corp.
6.50%, 03/15/2021 (E)		50,000		35,000
Murphy Oil Corp.
2.50%, 12/01/2017		61,000		55,947
Nexen Energy ULC
5.88%, 03/10/2035		10,000		10,815
Noble Energy, Inc.
6.00%, 03/01/2041		22,000		18,968
8.25%, 03/01/2019		47,000		52,565
Peabody Energy Corp.
6.25%, 11/15/2021		45,000		6,187
Petrobras Global Finance BV
6.25%, 03/17/2024		70,000		50,225
Petroleos Mexicanos
3.50%, 07/18/2018 - 01/30/2023		135,000		129,166
Range Resources Corp.
5.75%, 06/01/2021		10,000		7,900
Shell International Finance BV
2.00%, 11/15/2018		86,000		86,100
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		37,000		36,413
4.63%, 03/01/2034		35,000		33,091

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

Transamerica Partners Portfolios Annual Report 2015

Page    59

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Western Gas Partners, LP
5.38%, 06/01/2021		$  76,000		$  76,926
Williams Cos., Inc.
3.70%, 01/15/2023		13,000		8,980
7.88%, 09/01/2021		33,000		29,700
Williams Partners, LP
5.40%, 03/04/2044		35,000		23,458
				1,302,978
Pharmaceuticals - 0.3%
Actavis Funding SCS
3.80%, 03/15/2025		140,000		139,285
Actavis, Inc.
4.63%, 10/01/2042		58,000		55,136
Bristol-Myers Squibb Co.
4.50%, 03/01/2044 (C)		67,000		72,429
Perrigo Co. PLC
2.30%, 11/08/2018		200,000		197,161
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021		12,000		12,169
				476,180
Real Estate Investment Trusts - 1.0%
CBL & Associates, LP
5.25%, 12/01/2023		190,000		181,755
EPR Properties
4.50%, 04/01/2025		225,000		213,890
Host Hotels & Resorts, LP
4.00%, 06/15/2025		85,000		81,481
Kilroy Realty, LP
4.25%, 08/15/2029		265,000		259,690
Realty Income Corp.
3.88%, 07/15/2024		190,000		186,387
Simon Property Group, LP
3.38%, 10/01/2024		280,000		282,649
Ventas Realty, LP / Ventas Capital Corp.
2.70%, 04/01/2020		20,000		19,721
Vereit Operating Partnership, LP
2.00%, 02/06/2017		95,000		94,050
3.00%, 02/06/2019		60,000		57,720
WEA Finance LLC / Westfield UK & Europe Finance PLC
2.70%, 09/17/2019 (E)		180,000		178,517
				1,555,860
Road & Rail - 0.1%
Aviation Capital Group Corp.
7.13%, 10/15/2020 (E)		153,000		175,185
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		18,000		17,738
3.75%, 04/01/2024		12,000		12,293
				205,216
Semiconductors & Semiconductor Equipment - 0.2%
Intel Corp.
2.45%, 07/29/2020		190,000		192,173
KLA-Tencor Corp.
4.13%, 11/01/2021		155,000		155,225
				347,398

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 0.1%
Microsoft Corp.
2.70%, 02/12/2025 (C)		$  140,000		$  136,597
Technology Hardware, Storage & Peripherals - 0.1%
Hewlett Packard Enterprise Co.
3.60%, 10/15/2020 (E)		185,000		185,424
HP, Inc.
3.75%, 12/01/2020 (C)		11,000		10,915
				196,339
Tobacco - 0.2%
Altria Group, Inc.
4.00%, 01/31/2024		33,000		34,187
Philip Morris International, Inc.
4.88%, 11/15/2043		25,000		26,431
RJ Reynolds Tobacco Co.
8.13%, 06/23/2019		205,000		241,227
				301,845
Trading Companies & Distributors - 0.2%
International Lease Finance Corp.
6.75%, 09/01/2016 (E)		265,000		272,288
Wireless Telecommunication Services - 0.6%
America Movil SAB de CV
3.13%, 07/16/2022		200,000		196,524
Crown Castle Towers LLC
4.88%, 08/15/2040 (E)		155,000		165,698
6.11%, 01/15/2040 (E)		335,000		365,369
SBA Tower Trust
2.24%, 04/15/2043 (E)		65,000		63,712
Sprint Communications, Inc.
9.00%, 11/15/2018 (E)		95,000		99,987
Sprint Corp.
7.88%, 09/15/2023		45,000		33,795
T-Mobile USA, Inc.
6.46%, 04/28/2019		5,000		5,149
6.63%, 04/28/2021		15,000		15,563
6.73%, 04/28/2022		15,000		15,638
6.84%, 04/28/2023		5,000		5,175
				966,610
Total Corporate Debt Securities (Cost $24,651,904)				23,506,087
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Export-Import Bank of Korea
4.00%, 01/11/2017		200,000		204,305
Indonesia Government International Bond
5.38%, 10/17/2023 (E)		225,000		233,930
Mexico Government International Bond
4.00%, 10/02/2023		180,000		182,340
Peruvian Government International Bond
7.35%, 07/21/2025		100,000		125,375
Total Foreign Government Obligations (Cost $744,397)				745,950
MORTGAGE-BACKED SECURITIES - 5.3%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.26%, 02/25/2035 (D)		14,691		14,716

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

Transamerica Partners Portfolios Annual Report 2015

Page    60

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Alternative Loan Trust
Series 2007-22, Class 2A16
6.50%, 09/25/2037		$  238,336		$  185,855
Banc of America Commercial Mortgage Trust
Series 2007-3, Class A1A
5.56%, 06/10/2049 (D)		76,033		78,595
Banc of America Re-REMIC Trust
Series 2010-UB3, Class A4B1
5.55%, 06/15/2049 (D) (E)		102,250		106,001
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 (E)		140,000		138,432
Series 2012-TFT, Class C
3.47%, 06/05/2030 (D) (E)		315,000		299,202
BBCMS Trust
Series 2013-TYSN, Class B
4.04%, 09/05/2032 (E)		245,000		257,314
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		90,542		92,490
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		59,724		61,501
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (D)		55,077		57,847
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.63%, 12/25/2046 (D)		122,631		68,206
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3
3.75%, 03/10/2047		45,000		46,466
Series 2014-GC19, Class A4
4.02%, 03/10/2047		65,000		68,203
Series 2015-GC27, Class B
3.77%, 02/10/2048		157,700		149,691
Citigroup Commercial Mortgage Trust, Interest Only STRIPS
Series 2013-SMP, Class XA
0.80%, 01/12/2030 (D) (E)		1,207,112		16,182
Citigroup Mortgage Loan Trust
Series 2015-A, Class A1
3.50%, 06/25/2058 (D)		284,424		284,411
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 (D) (E)		160,000		164,632
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (D)		20,000		21,631
Series 2013-GAM, Class A2
3.37%, 02/10/2028 (E)		100,000		100,760
Series 2014-UBS2, Class A5
3.96%, 03/10/2047		45,000		46,669
Commercial Mortgage Pass-Through Certificates
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 (E)		132,000		131,995
Series 2014-CR14, Class B
4.61%, 02/10/2047 (D)		45,000		48,239
Commercial Mortgage Trust
Series 2007-GG11, Class AM
5.87%, 12/10/2049 (D)		35,000		36,359

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Core Industrial Trust
Series 2015-CALW, Class B
3.25%, 02/10/2034 (E)		$  225,000		$  223,617
Credit Suisse Mortgage Capital Certificates
Series 2009-11R, Class 5A1
4.15%, 08/26/2036 (D) (E)		206,079		203,687
CSMC Trust
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 (E)		98,635		99,122
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 (D) (E)		85,075		87,420
Series 2010-RR2, Class 2A
5.95%, 09/15/2039 (D) (E)		67,679		70,141
Series 2013-8R, Class 3A1
0.32%, 03/27/2036 (D) (E)		161,077		157,437
Series 2014-4R, Class 21A1
0.55%, 12/27/2035 (D) (E)		264,089		240,487
GE Commercial Mortgage Corp. Trust
Series 2007-C1, Class AAB
5.48%, 12/10/2049		3,498		3,501
GMACM Mortgage Loan Trust
Series 2005-AR1, Class 3A
3.02%, 03/18/2035 (D)		192,262		188,118
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.44%, 12/10/2027 (D) (E)		100,000		95,515
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.56%, 04/10/2031 (D) (E)		285,000		281,688
Hilton USA Trust, Interest Only STRIPS
Series 2013-HLT, Class X1FX
0.09%, 11/05/2030 (D) (E)		4,500,000		45
Impac CMB Trust
Series 2004-6, Class 1A1
1.22%, 10/25/2034 (D)		97,151		92,605
Independent National Mortgage Corp. Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.17%, 08/25/2037 (D)		213,371		164,560
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.49%, 12/12/2044 (D)		40,850		40,805
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (D)		133,189		136,162
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (D)		110,201		115,394
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		81,181		83,685
Series 2008-C2, Class ASB
6.13%, 02/12/2051 (D)		62,959		64,671
JPMorgan Re-REMIC Trust
Series 2014-2, Class 6A1
2.75%, 05/26/2037 (D) (E)		256,505		257,412
LB Commercial Mortgage Trust
Series 2007-C3, Class A1A
5.85%, 07/15/2044 (D)		28,098		29,105
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class AM
6.16%, 09/15/2045 (D)		30,000		32,104

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

Transamerica Partners Portfolios Annual Report 2015

Page    61

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
1.06%, 10/25/2028 (D)		$  56,225		$  54,842
Merrill Lynch Mortgage Trust
Series 2007-C1, Class A1A
5.84%, 06/12/2050 (D)		35,869		36,941
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.72%, 04/12/2049 (D)		85,000		88,075
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		124,199		127,200
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		30,000		30,794
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (D)		34,001		35,269
Series 2007-IQ15, Class AM
5.92%, 06/11/2049 (D)		55,000		57,600
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class A
2.00%, 07/27/2049 (E)		24,448		24,314
Series 2014-R3, Class 2A
3.00%, 07/26/2048 (D) (E)		318,077		314,463
Motel 6 Trust
Series 2015-MTL6, Class C
3.64%, 02/05/2030 (E)		545,000		539,149
Nationstar Mortgage Loan Trust
Series 2013-A, Class A
3.75%, 12/25/2052 (D) (E)		189,672		193,101
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 (D) (E)		80,277		81,821
Series 2014-2A, Class A3
3.75%, 05/25/2054		223,773		227,238
Series 2014-3A, Class AFX3
3.75%, 11/25/2054 (D) (E)		154,469		156,948
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.47%, 01/11/2037 (D) (E)		130,000		121,932
SCG Trust
Series 2013-SRP1, Class A
1.73%, 11/15/2026 (D) (E)		100,000		100,316
STRIPS, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 (E)		16,928		16,606
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1
1.10%, 01/19/2034 (D)		126,499		122,221
Towd Point Mortgage Trust
Series 2015-3, Class A1B
3.00%, 03/25/2054 (D) (E)		179,404		178,633
Series 2015-5, Class A1B
2.75%, 05/25/2055 (D) (E)		209,676		207,076
UBS-BAMLL Trust
Series 2012-WRM, Class A
3.66%, 06/10/2030 (E)		225,000		226,646
Total Mortgage-Backed Securities (Cost $8,301,955)				8,083,863

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.1%
Los Angeles Community College District, General Obligation Unlimited
6.60%, 08/01/2042		$  15,000		$  20,507
State of California, General Obligation Unlimited
7.60%, 11/01/2040		60,000		89,184
University of California, Revenue Bonds Series AD
4.86%, 05/15/2112		10,000		9,566
				119,257
Georgia - 0.0% (A)
Municipal Electric Authority of Georgia, Revenue Bonds Series A
6.64%, 04/01/2057		10,000		11,910
Illinois - 0.0% (A)
State of Illinois, General Obligation Unlimited
5.10%, 06/01/2033		55,000		52,033
New Jersey - 0.0% (A)
New Jersey Turnpike Authority, Revenue Bonds Series F
7.41%, 01/01/2040		16,000		22,742
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds Series E
6.81%, 11/15/2040		15,000		19,865
New York City Water & Sewer System, Revenue Bonds Series CC
5.88%, 06/15/2044		15,000		19,374
New York State Dormitory Authority, Revenue Bonds Series H
5.39%, 03/15/2040		10,000		11,884
Port Authority of New York & New Jersey, Revenue Bonds Series 181
4.96%, 08/01/2046		20,000		21,604
				72,727
Total Municipal Government Obligations (Cost $266,954)				278,669
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.7%
Federal Home Loan Mortgage Corp.
2.99%, 02/01/2041 (D)		24,555		26,131
5.50%, 06/01/2041		48,173		53,583
Federal National Mortgage Association
Zero Coupon, 10/09/2019		190,000		175,943
2.96%, 03/01/2041 (D)		18,900		20,110
3.00%, TBA (I)		2,955,000		2,955,027
3.13%, 03/01/2041 (D)		18,622		19,823
3.15%, 12/01/2040 (D)		23,378		24,404
3.33%, 10/25/2023 (D)		55,000		57,249
3.50%, 11/01/2028 - 01/01/2029		159,460		168,134
3.50%, TBA (I)		3,673,000		3,800,806
3.50%, 09/01/2041 (D)		31,571		33,215

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

Transamerica Partners Portfolios Annual Report 2015

Page    62

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
4.00%, 10/01/2025 - 07/01/2026		$  57,598		$  61,061
4.00%, TBA (I)		1,019,000		1,078,277
4.50%, 02/01/2025 - 06/01/2026		180,320		193,621
5.00%, TBA (I)		459,000		505,212
5.50%, 09/01/2036 - 08/01/2037		331,443		375,585
6.00%, 02/01/2038 - 02/01/2041		422,156		478,908
6.50%, 05/01/2040		89,642		102,448
Government National Mortgage Association, Interest Only STRIPS
0.91%, 02/16/2053 (D)		275,488		17,539
Total U.S. Government Agency Obligations (Cost $10,149,637)				10,147,076
U.S. GOVERNMENT OBLIGATIONS - 8.2%
U.S. Treasury Bond
2.75%, 08/15/2042		584,500		558,677
3.50%, 02/15/2039		160,000		176,975
3.63%, 02/15/2044		2,077,300		2,336,801
4.50%, 02/15/2036		482,000		617,713
4.75%, 02/15/2037		114,000		151,104
5.25%, 02/15/2029		497,000		651,109
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		81,742		89,315
2.50%, 01/15/2029		302,094		357,879
U.S. Treasury Inflation Indexed Note
0.63%, 01/15/2024		1,019,330		1,007,770
U.S. Treasury Note
0.38%, 05/31/2016		120,000		119,953
0.88%, 04/15/2017 - 04/30/2017		1,425,400		1,424,935
1.00%, 11/30/2019		171,400		167,523
1.25%, 11/30/2018		1,442,300		1,439,877
1.63%, 03/31/2019 - 11/15/2022		1,906,000		1,901,226
1.88%, 11/30/2021		155,000		154,358
2.00%, 02/15/2025		780,000		762,480
2.25%, 11/15/2024		155,400		155,321
2.50%, 08/15/2023 - 05/15/2024		330,500		337,838
Total U.S. Government Obligations (Cost $12,308,417)				12,410,854
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.8%
Federal Home Loan Bank Discount Notes
0.11%, 01/08/2016 (J)		394,000		393,993
0.12%, 01/22/2016 (J)		336,000		335,975
0.13%, 02/03/2016 (J)		1,050,000		1,049,782
0.14%, 02/03/2016 (J)		1,660,000		1,659,655

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Bank Discount Notes (continued)
0.23%, 02/17/2016 (J)		$  1,380,000		$  1,379,578
0.37%, 03/04/2016 (J)		100,000		99,950
0.41%, 03/04/2016 (J)		990,000		989,505
0.46%, 03/24/2016 (J)		845,000		844,436
0.47%, 03/30/2016 (J)		470,000		469,663
Total Short-Term U.S. Government Agency Obligations (Cost $7,222,063)				7,222,537
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.8%
U.S. Treasury Bill
0.00% (K), 02/04/2016 (J)		796,000		795,931
0.19%, 04/28/2016 (J) (L)		70,000		69,941
0.23%, 03/17/2016 (J)		420,000		419,915
Total Short-Term U.S. Government Obligations (Cost $1,285,751)				1,285,787
	Shares		Value
SECURITIES LENDING COLLATERAL - 5.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (J)		7,774,676		7,774,676
Total Securities Lending Collateral (Cost $7,774,676)				7,774,676
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (J), dated 12/31/2015, to be repurchased at $801,415 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $824,563.		$  801,413		801,413
Total Repurchase Agreement (Cost $801,413)				801,413
Total Investments (Cost $157,909,708) (M)				167,291,227
Net Other Assets (Liabilities) - (10.4)%				(15,698,724	)
Net Assets - 100.0%				$  151,592,503

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini		Long		6		03/18/2016	$	8,968	$	—

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

Transamerica Partners Portfolios Annual Report 2015

Page    63

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(N)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	90,587,075	$	—	$	—	$	90,587,075
Preferred Stocks		231,086		—		—		231,086
Asset-Backed Securities		—		4,216,154		—		4,216,154
Corporate Debt Securities		—		23,506,087		—		23,506,087
Foreign Government Obligations		—		745,950		—		745,950
Mortgage-Backed Securities		—		8,083,863		—		8,083,863
Municipal Government Obligations		—		278,669		—		278,669
U.S. Government Agency Obligations		—		10,147,076		—		10,147,076
U.S. Government Obligations		—		12,410,854		—		12,410,854
Short-Term U.S. Government Agency Obligations		—		7,222,537		—		7,222,537
Short-Term U.S. Government Obligations		—		1,285,787		—		1,285,787
Securities Lending Collateral		7,774,676		—		—		7,774,676
Repurchase Agreement		—		801,413		—		801,413
Total Investments	$	98,592,837	$	68,698,390	$	—	$	167,291,227
Other Financial Instruments
Futures Contracts (O)	$	8,968	$	—	$	—	$	8,968
Total Other Financial Instruments	$	8,968	$	—	$	—	$	8,968

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

^(B)  Non-income producing security.

^(C)  All or a portion of the security is on loan. The total value of all securities on loan is $7,606,822. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(D)  Floating or variable rate security. The rate disclosed is as of December 31, 2015.

^(E)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, the total aggregate value of 144A securities is $15,676,124, representing 10.3% of the Portfolio’s net assets.

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

^(G)  Security in default.

^(H)  Illiquid security. Total aggregate value of illiquid securities is $214,676, representing 0.1% of the Portfolio’s net assets.

^(I)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after December 31, 2015.

^(J)  Rate disclosed reflects the yield at December 31, 2015.

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

^(L)  All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of all securities segregated as collateral to cover margin requirements for open futures contracts is $69,941.

^(M)  Aggregate cost for federal income tax purposes is $158,693,438. Aggregate gross unrealized appreciation and depreciation for all securities is $15,508,120 and $6,910,331, respectively. Net unrealized appreciation for tax purposes is $8,597,789.

^(N)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    64

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 98.4%
Aerospace & Defense - 3.6%
General Dynamics Corp.		41,610		$  5,715,549
Huntington Ingalls Industries, Inc.		31,426		3,986,388
Northrop Grumman Corp.		68,617		12,955,576
Spirit Aerosystems Holdings, Inc., Class A (A)		140,870		7,053,361
				29,710,874
Air Freight & Logistics - 1.0%
FedEx Corp.		53,687		7,998,826
Airlines - 4.9%
Alaska Air Group, Inc.		128,731		10,364,133
American Airlines Group, Inc.		22,343		946,226
Delta Air Lines, Inc.		208,585		10,573,174
JetBlue Airways Corp. (A)		45,920		1,040,088
Southwest Airlines Co.		194,041		8,355,405
United Continental Holdings, Inc. (A)		163,900		9,391,470
				40,670,496
Auto Components - 2.6%
Cooper Tire & Rubber Co.		82,527		3,123,647
Dana Holding Corp. (B)		77,731		1,072,688
Goodyear Tire & Rubber Co.		205,707		6,720,448
Lear Corp.		88,386		10,856,452
				21,773,235
Automobiles - 0.7%
General Motors Co.		180,000		6,121,800
Banks - 12.2%
Bank of America Corp.		1,511,980		25,446,623
Citigroup, Inc.		443,750		22,964,062
Huntington Bancshares, Inc., Class A (B)		625,460		6,917,588
JPMorgan Chase & Co.		503,922		33,273,970
SunTrust Banks, Inc.		286,014		12,252,840
				100,855,083
Beverages - 1.5%
Dr. Pepper Snapple Group, Inc.		37,300		3,476,360
PepsiCo, Inc.		92,564		9,248,995
				12,725,355
Biotechnology - 2.5%
Gilead Sciences, Inc.		98,345		9,951,531
United Therapeutics Corp. (A) (B)		68,194		10,679,862
				20,631,393
Capital Markets - 0.9%
Goldman Sachs Group, Inc.		20,295		3,657,768
T. Rowe Price Group, Inc. (B)		39,840		2,848,162
Waddell & Reed Financial, Inc., Class A		40,996		1,174,945
				7,680,875
Chemicals - 1.7%
CF Industries Holdings, Inc., Class B		170,150		6,943,821
LyondellBasell Industries NV, Class A		81,352		7,069,489
				14,013,310
Communications Equipment - 0.5%
Juniper Networks, Inc.		160,560		4,431,456
Consumer Finance - 1.7%
Ally Financial, Inc. (A)		443,588		8,268,480
Capital One Financial Corp.		78,920		5,696,446
				13,964,926

	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging - 0.6%
International Paper Co.		136,200		$  5,134,740
Diversified Financial Services - 2.5%
Moody’s Corp.		102,600		10,294,884
Voya Financial, Inc.		268,365		9,905,352
				20,200,236
Diversified Telecommunication Services - 2.5%
AT&T, Inc.		255,801		8,802,112
Verizon Communications, Inc.		259,140		11,977,451
				20,779,563
Electric Utilities - 3.6%
American Electric Power Co., Inc.		185,800		10,826,566
Edison International		114,655		6,788,723
Entergy Corp., Class B (B)		174,275		11,913,439
				29,528,728
Electronic Equipment, Instruments & Components - 1.3%
Flextronics International, Ltd. (A)		433,620		4,860,880
Jabil Circuit, Inc.		253,305		5,899,474
				10,760,354
Energy Equipment & Services - 5.9%
Dril-Quip, Inc., Class A (A) (B)		11,300		669,299
Ensco PLC, Class A (B)		679,858		10,463,015
Helmerich & Payne, Inc. (B)		42,022		2,250,278
Nabors Industries, Ltd.		324,000		2,757,240
National Oilwell Varco, Inc. (B)		41,170		1,378,783
Noble Corp. PLC (B)		833,537		8,793,815
Oceaneering International, Inc.		117,108		4,393,892
Oil States International, Inc. (A)		235,100		6,406,475
Rowan Cos. PLC, Class A (B)		541,869		9,184,680
Transocean, Ltd. (B)		202,259		2,503,966
				48,801,443
Food & Staples Retailing - 1.5%
Kroger Co.		257,835		10,785,238
Whole Foods Market, Inc. (B)		39,941		1,338,024
				12,123,262
Food Products - 1.9%
Bunge, Ltd.		102,004		6,964,833
Cal-Maine Foods, Inc. (B)		121,414		5,626,325
Ingredion, Inc.		34,150		3,272,936
				15,864,094
Health Care Providers & Services - 2.2%
Anthem, Inc. (B)		6,041		842,357
Cardinal Health, Inc.		79,097		7,060,989
McKesson Corp.		37,157		7,328,475
Owens & Minor, Inc. (B)		35,929		1,292,726
Quest Diagnostics, Inc.		25,400		1,806,956
				18,331,503
Independent Power and Renewable Electricity Producers - 1.1%
AES Corp.		894,439		8,559,781
NRG Energy, Inc.		55,867		657,555
				9,217,336
Insurance - 9.9%
Allstate Corp.		200,800		12,467,672
American International Group, Inc.		289,300		17,927,921
Assurant, Inc. (B)		45,700		3,680,678

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

Transamerica Partners Portfolios Annual Report 2015

Page    65

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Assured Guaranty, Ltd.		247,418		$  6,539,258
Axis Capital Holdings, Ltd.		59,080		3,321,478
Everest RE Group, Ltd.		32,550		5,959,579
Genworth Financial, Inc., Class A (A) (B)		735,332		2,742,788
Hartford Financial Services Group, Inc.		45,916		1,995,509
Lincoln National Corp.		86,400		4,342,464
Prudential Financial, Inc.		9,680		788,049
Reinsurance Group of America, Inc., Class A		26,850		2,297,018
Travelers Cos., Inc.		125,704		14,186,953
Unum Group		153,880		5,122,665
				81,372,032
Internet Software & Services - 2.4%
eBay, Inc. (A)		382,907		10,522,284
VeriSign, Inc. (A) (B)		107,604		9,400,286
				19,922,570
IT Services - 0.4%
Amdocs, Ltd.		53,227		2,904,597
Machinery - 0.3%
Trinity Industries, Inc.		109,048		2,619,333
Multi-Utilities - 1.1%
Public Service Enterprise Group, Inc.		224,300		8,678,167
Multiline Retail - 0.1%
Big Lots, Inc. (B)		21,841		841,752
Oil, Gas & Consumable Fuels - 6.2%
EOG Resources, Inc.		20,120		1,424,295
Exxon Mobil Corp.		29,329		2,286,195
Hess Corp.		15,460		749,501
Marathon Oil Corp.		186,530		2,348,413
Marathon Petroleum Corp.		238,231		12,349,895
Murphy Oil Corp. (B)		130,044		2,919,488
Tesoro Corp.		106,316		11,202,517
Valero Energy Corp.		195,068		13,793,258
Western Refining, Inc.		114,435		4,076,175
				51,149,737
Paper & Forest Products - 0.2%
Domtar Corp.		45,519		1,681,927
Personal Products - 1.2%
Herbalife, Ltd. (A) (B)		141,830		7,604,925
Nu Skin Enterprises, Inc., Class A (B)		58,114		2,201,939
				9,806,864
Pharmaceuticals - 7.1%
Johnson & Johnson		293,333		30,131,166
Pfizer, Inc.		887,099		28,635,555
				58,766,721
Real Estate Investment Trusts - 0.7%
CBL & Associates Properties, Inc.		230,384		2,849,850
Mack-Cali Realty Corp.		49,990		1,167,266
RLJ Lodging Trust		84,060		1,818,218
				5,835,334
Real Estate Management & Development - 1.4%
CBRE Group, Inc., Class A (A)		232,264		8,031,689
Jones Lang LaSalle, Inc.		20,423		3,264,821
				11,296,510

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 2.3%
Intel Corp.		549,430		$  18,927,863
Software - 4.8%
Aspen Technology, Inc. (A) (B)		55,452		2,093,868
Cadence Design Systems, Inc. (A)		55,536		1,155,704
Citrix Systems, Inc. (A)		40,607		3,071,920
Microsoft Corp.		281,150		15,598,202
Symantec Corp.		559,506		11,749,626
Take-Two Interactive Software, Inc. (A) (B)		172,160		5,998,054
				39,667,374
Specialty Retail - 1.2%
Bed Bath & Beyond, Inc. (A)		109,391		5,278,116
Foot Locker, Inc. (B)		67,510		4,394,226
				9,672,342
Technology Hardware, Storage & Peripherals - 0.1%
Apple, Inc.		11,160		1,174,702
Textiles, Apparel & Luxury Goods - 0.6%
Deckers Outdoor Corp. (A) (B)		25,800		1,217,760
Michael Kors Holdings, Ltd. (A)		87,565		3,507,854
				4,725,614
Thrifts & Mortgage Finance - 0.4%
MGIC Investment Corp. (A)		377,417		3,332,592
Tobacco - 0.6%
Philip Morris International, Inc.		60,408		5,310,467
Trading Companies & Distributors - 0.5%
AerCap Holdings NV (A)		90,878		3,922,294
Total Common Stocks (Cost $766,843,367)				812,927,680
SECURITIES LENDING COLLATERAL - 10.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (C)		88,291,614		88,291,614
Total Securities Lending Collateral (Cost $88,291,614)				88,291,614
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Bank and Trust Co. 0.03% (C), dated 12/31/2015, to be repurchased at $13,234,328 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $13,499,125.		$  13,234,284		13,234,284
Total Repurchase Agreement (Cost $13,234,284)				13,234,284
Total Investments (Cost $868,369,265) (D)				914,453,578
Net Other Assets (Liabilities) - (10.7)%				(88,031,496	)
Net Assets - 100.0%				$  826,422,082

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

Transamerica Partners Portfolios Annual Report 2015

Page    66

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	812,927,680	$	—	$	—	$	812,927,680
Securities Lending Collateral		88,291,614		—		—		88,291,614
Repurchase Agreement		—		13,234,284		—		13,234,284
Total Investments	$	901,219,294	$	13,234,284	$	—	$	914,453,578

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The total value of all securities on loan is $85,984,911. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at December 31, 2015.

^(D)  Aggregate cost for federal income tax purposes is $869,609,947. Aggregate gross unrealized appreciation and depreciation for all securities is $98,169,737 and $53,326,106, respectively. Net unrealized appreciation for tax purposes is $44,843,631.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Annual Report 2015

Page    67

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 3.2%
Boeing Co.		12,460		$  1,801,591
General Dynamics Corp.		31,140		4,277,391
Northrop Grumman Corp.		22,980		4,338,854
				10,417,836
Air Freight & Logistics - 1.1%
FedEx Corp.		23,704		3,531,659
Airlines - 5.2%
Alaska Air Group, Inc.		25,457		2,049,543
American Airlines Group, Inc.		60,217		2,550,190
Delta Air Lines, Inc.		87,847		4,452,964
Southwest Airlines Co.		93,561		4,028,737
United Continental Holdings, Inc. (A)		63,486		3,637,748
				16,719,182
Auto Components - 1.8%
Goodyear Tire & Rubber Co.		116,781		3,815,235
Magna International, Inc., Class A		45,550		1,847,508
				5,662,743
Automobiles - 1.4%
General Motors Co.		134,354		4,569,379
Banks - 8.8%
Bank of America Corp.		402,340		6,771,382
Citigroup, Inc.		122,060		6,316,605
Huntington Bancshares, Inc., Class A (B)		281,731		3,115,945
JPMorgan Chase & Co.		124,339		8,210,104
SunTrust Banks, Inc.		96,833		4,148,326
				28,562,362
Beverages - 3.2%
Dr. Pepper Snapple Group, Inc.		44,179		4,117,483
PepsiCo, Inc.		62,764		6,271,379
				10,388,862
Biotechnology - 4.2%
Amgen, Inc.		35,073		5,693,400
Biogen, Inc. (A)		4,713		1,443,827
Gilead Sciences, Inc.		62,157		6,289,667
				13,426,894
Chemicals - 2.3%
CF Industries Holdings, Inc., Class B		69,635		2,841,805
LyondellBasell Industries NV, Class A		45,859		3,985,147
Mosaic Co.		27,380		755,414
				7,582,366
Communications Equipment - 1.6%
Cisco Systems, Inc.		59,740		1,622,240
Juniper Networks, Inc.		132,436		3,655,233
				5,277,473
Construction & Engineering - 0.1%
Jacobs Engineering Group, Inc. (A)		6,111		256,356
Containers & Packaging - 0.3%
International Paper Co.		22,691		855,451
Diversified Financial Services - 1.3%
Moody’s Corp.		11,255		1,129,327
Voya Financial, Inc.		80,600		2,974,946
				4,104,273

	Shares		Value
COMMON STOCKS (continued)
Diversified Telecommunication Services - 2.4%
AT&T, Inc.		13,750		$  473,138
Verizon Communications, Inc.		155,911		7,206,206
				7,679,344
Electric Utilities - 1.4%
American Electric Power Co., Inc.		7,730		450,427
Entergy Corp., Class B (B)		57,314		3,917,985
Exelon Corp.		7,400		205,498
				4,573,910
Energy Equipment & Services - 2.4%
Ensco PLC, Class A (B)		221,208		3,404,391
Helmerich & Payne, Inc. (B)		43,010		2,303,185
Noble Corp. PLC (B)		188,030		1,983,717
				7,691,293
Food & Staples Retailing - 2.7%
CVS Health Corp.		34,123		3,336,206
Kroger Co.		108,088		4,521,321
Whole Foods Market, Inc. (B)		25,752		862,692
				8,720,219
Food Products - 0.9%
Bunge, Ltd.		35,143		2,399,564
Tyson Foods, Inc., Class A (B)		11,463		611,322
				3,010,886
Health Care Providers & Services - 4.1%
Aetna, Inc.		3,126		337,983
Anthem, Inc. (B)		6,500		906,360
Cardinal Health, Inc.		48,440		4,324,239
HCA Holdings, Inc. (A)		24,900		1,683,987
McKesson Corp.		21,120		4,165,497
Quest Diagnostics, Inc.		23,500		1,671,790
				13,089,856
Hotels, Restaurants & Leisure - 2.1%
Darden Restaurants, Inc.		55,500		3,532,020
Wyndham Worldwide Corp.		43,800		3,182,070
				6,714,090
Independent Power and Renewable Electricity Producers - 1.1%
AES Corp.		340,765		3,261,121
NRG Energy, Inc.		37,061		436,208
				3,697,329
Insurance - 4.5%
Allstate Corp.		63,900		3,967,551
American International Group, Inc.		85,022		5,268,813
Lincoln National Corp.		16,070		807,678
Travelers Cos., Inc.		39,475		4,455,149
				14,499,191
Internet & Catalog Retail - 1.5%
Priceline Group, Inc. (A)		3,679		4,690,541
Internet Software & Services - 2.4%
eBay, Inc. (A)		155,789		4,281,082
VeriSign, Inc. (A) (B)		40,778		3,562,366
				7,843,448
IT Services - 0.9%
Xerox Corp.		284,900		3,028,487

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

Transamerica Partners Portfolios Annual Report 2015

Page    68

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Media - 0.1%
Discovery Communications, Inc., Series A (A) (B)		13,513		$  360,527
Multi-Utilities - 0.3%
Public Service Enterprise Group, Inc.		20,930		809,782
Multiline Retail - 0.9%
Kohl’s Corp. (B)		52,670		2,508,672
Macy’s, Inc.		12,552		439,069
				2,947,741
Oil, Gas & Consumable Fuels - 4.2%
Marathon Petroleum Corp.		81,096		4,204,016
Murphy Oil Corp. (B)		61,444		1,379,418
Tesoro Corp.		35,483		3,738,844
Valero Energy Corp.		62,020		4,385,434
				13,707,712
Pharmaceuticals - 6.9%
Johnson & Johnson		86,434		8,878,500
Merck & Co., Inc.		117,227		6,191,930
Pfizer, Inc.		225,410		7,276,235
				22,346,665
Professional Services - 0.3%
Robert Half International, Inc.		19,500		919,230
Real Estate Management & Development - 1.0%
CBRE Group, Inc., Class A (A)		94,372		3,263,384
Road & Rail - 0.3%
Ryder System, Inc., Class A (B)		14,867		844,892
Semiconductors & Semiconductor Equipment - 2.7%
Intel Corp.		194,199		6,690,156
Micron Technology, Inc. (A) (B)		147,003		2,081,562
				8,771,718
Software - 8.6%
CA, Inc.		136,900		3,909,864
Citrix Systems, Inc. (A)		51,256		3,877,516
Electronic Arts, Inc. (A)		58,690		4,033,177
Microsoft Corp.		211,970		11,760,095
Oracle Corp.		7,760		283,473
Symantec Corp.		190,840		4,007,640
				27,871,765
Specialty Retail - 3.1%
Bed Bath & Beyond, Inc. (A) (B)		69,877		3,371,565
Best Buy Co., Inc. (B)		121,350		3,695,108
GameStop Corp., Class A (B)		6,654		186,578

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Staples, Inc.		249,013		$  2,358,153
Urban Outfitters, Inc. (A) (B)		24,493		557,216
				10,168,620
Technology Hardware, Storage & Peripherals - 4.6%
Apple, Inc.		135,047		14,215,047
HP, Inc.		65,230		772,323
				14,987,370
Textiles, Apparel & Luxury Goods - 1.8%
Coach, Inc., Class A		63,020		2,062,645
Michael Kors Holdings, Ltd. (A) (B)		93,968		3,764,358
				5,827,003
Tobacco - 2.9%
Altria Group, Inc.		70,053		4,077,785
Philip Morris International, Inc.		61,228		5,382,554
				9,460,339
Total Common Stocks (Cost $294,314,482)				318,880,178
SECURITIES LENDING COLLATERAL - 10.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (C)		32,938,081		32,938,081
Total Securities Lending Collateral (Cost $32,938,081)				32,938,081
	Principal		Value
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.03% (C), dated 12/31/2015, to be repurchased at $4,307,126 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $4,394,375.		$  4,307,112		4,307,112
Total Repurchase Agreement (Cost $4,307,112)				4,307,112
Total Investments (Cost $331,559,675) (D)				356,125,371
Net Other Assets (Liabilities) - (10.1)%				(32,756,163	)
Net Assets - 100.0%				$  323,369,208

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	318,880,178	$	—	$	—	$	318,880,178
Securities Lending Collateral		32,938,081		—		—		32,938,081
Repurchase Agreement		—		4,307,112		—		4,307,112
Total Investments	$	351,818,259	$	4,307,112	$	—	$	356,125,371

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

Transamerica Partners Portfolios Annual Report 2015

Page    69

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The total value of all securities on loan is $32,125,166. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at December 31, 2015.

^(D)  Aggregate cost for federal income tax purposes is $332,093,186. Aggregate gross unrealized appreciation and depreciation for all securities is $41,742,446 and $17,710,261, respectively. Net unrealized appreciation for tax purposes is $24,032,185.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Annual Report 2015

Page    70

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 99.0%
Aerospace & Defense - 1.9%
Boeing Co.		58,795		$  8,501,169
Honeywell International, Inc.		59,941		6,208,089
TransDigm Group, Inc. (A)		12,690		2,899,031
				17,608,289
Airlines - 0.2%
United Continental Holdings, Inc. (A)		40,390		2,314,347
Automobiles - 0.6%
Tesla Motors, Inc. (A) (B)		23,879		5,731,199
Banks - 0.5%
Citigroup, Inc.		83,390		4,315,432
Beverages - 1.2%
Monster Beverage Corp. (A)		77,445		11,536,207
Biotechnology - 6.1%
Alexion Pharmaceuticals, Inc. (A)		45,335		8,647,651
Alkermes PLC (A)		43,813		3,477,876
Biogen, Inc. (A)		34,617		10,604,918
BioMarin Pharmaceutical, Inc. (A)		10,741		1,125,227
Celgene Corp. (A)		81,719		9,786,667
Gilead Sciences, Inc.		53,884		5,452,522
Incyte Corp. (A) (B)		29,447		3,193,527
Regeneron Pharmaceuticals, Inc., Class A (A)		23,339		12,670,043
Vertex Pharmaceuticals, Inc. (A)		8,837		1,111,960
				56,070,391
Building Products - 0.3%
Fortune Brands Home & Security, Inc. (B)		46,640		2,588,520
Capital Markets - 1.1%
BlackRock, Inc., Class A		18,120		6,170,223
Morgan Stanley		132,836		4,225,513
				10,395,736
Chemicals - 1.7%
Monsanto Co.		39,686		3,909,865
Sherwin-Williams Co.		28,407		7,374,457
Valspar Corp. (B)		54,377		4,510,572
				15,794,894
Communications Equipment - 0.9%
Cisco Systems, Inc.		147,327		4,000,665
NetScout Systems, Inc. (A)		90,190		2,768,833
Palo Alto Networks, Inc. (A)		11,586		2,040,758
				8,810,256
Consumer Finance - 0.3%
OneMain Holdings, Inc. (A)		58,570		2,432,998
Containers & Packaging - 0.5%
Crown Holdings, Inc. (A)		100,188		5,079,532
Diversified Financial Services - 1.0%
McGraw Hill Financial, Inc.		98,589		9,718,904
Electrical Equipment - 0.3%
Eaton Corp. PLC		49,530		2,577,541
Energy Equipment & Services - 0.4%
Halliburton Co.		43,821		1,491,667
Schlumberger, Ltd.		29,945		2,088,664
				3,580,331
Food & Staples Retailing - 4.2%
Costco Wholesale Corp.		106,642		17,222,683
CVS Health Corp.		82,493		8,065,341

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing (continued)
Kroger Co.		187,228		$  7,831,747
Walgreens Boots Alliance, Inc.		65,693		5,594,087
				38,713,858
Food Products - 0.8%
Mondelez International, Inc., Class A		170,925		7,664,277
Health Care Equipment & Supplies - 1.2%
Abbott Laboratories		170,510		7,657,604
Medtronic PLC		48,510		3,731,389
				11,388,993
Health Care Providers & Services - 2.0%
Aetna, Inc.		28,387		3,069,202
Envision Healthcare Holdings, Inc. (A)		77,632		2,016,103
McKesson Corp.		25,138		4,957,968
UnitedHealth Group, Inc.		68,630		8,073,633
				18,116,906
Health Care Technology - 0.5%
Cerner Corp. (A)		80,367		4,835,682
Hotels, Restaurants & Leisure - 4.3%
Hilton Worldwide Holdings, Inc.		263,170		5,631,838
Marriott International, Inc., Class A (B)		103,314		6,926,171
McDonald’s Corp.		40,459		4,779,826
Starbucks Corp.		317,079		19,034,252
Wynn Resorts, Ltd. (B)		43,607		3,017,168
				39,389,255
Household Products - 0.9%
Colgate-Palmolive Co.		118,453		7,891,339
Insurance - 1.1%
Marsh & McLennan Cos., Inc.		91,420		5,069,239
Prudential Financial, Inc.		63,470		5,167,093
				10,236,332
Internet & Catalog Retail - 6.9%
Amazon.com, Inc. (A)		59,613		40,291,830
JD.com, Inc., ADR (A)		89,727		2,895,042
Netflix, Inc. (A) (B)		105,791		12,100,374
Priceline Group, Inc. (A)		6,486		8,269,326
				63,556,572
Internet Software & Services - 12.3%
Akamai Technologies, Inc. (A)		26,650		1,402,589
Alibaba Group Holding, Ltd., ADR (A)		90,025		7,316,332
Alphabet, Inc., Class A (A)		36,262		28,212,199
Alphabet, Inc., Class C		32,440		24,618,067
Facebook, Inc., Class A (A)		302,143		31,622,286
LinkedIn Corp., Class A (A)		37,409		8,420,018
Tencent Holdings, Ltd.		499,715		9,845,934
Zillow Group, Inc., Class A (A) (B)		37,930		987,697
Zillow Group, Inc., Class C (A) (B)		64,460		1,513,521
				113,938,643
IT Services - 7.9%
Accenture PLC, Class A		69,304		7,242,268
Alliance Data Systems Corp. (A)		14,760		4,082,173
Automatic Data Processing, Inc.		69,011		5,846,612
Cognizant Technology Solutions Corp., Class A (A)		84,337		5,061,907
FleetCor Technologies, Inc. (A)		37,059		5,296,843

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

Transamerica Partners Portfolios Annual Report 2015

Page    71

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
Genpact, Ltd. (A)		136,601		$  3,412,293
Jack Henry & Associates, Inc.		49,859		3,891,993
MasterCard, Inc., Class A		245,246		23,877,151
Visa, Inc., Class A (B)		189,584		14,702,239
				73,413,479
Life Sciences Tools & Services - 0.7%
Illumina, Inc. (A)		35,043		6,726,329
Machinery - 1.1%
Illinois Tool Works, Inc., Class A		61,085		5,661,358
Middleby Corp. (A)		42,746		4,611,011
				10,272,369
Media - 3.1%
Comcast Corp., Class A		161,700		9,124,731
Time Warner, Inc.		71,267		4,608,837
Twenty-First Century Fox, Inc., Class A		197,391		5,361,140
Walt Disney Co.		91,264		9,590,021
				28,684,729
Multiline Retail - 0.7%
Dollar Tree, Inc. (A)		82,549		6,374,434
Oil, Gas & Consumable Fuels - 0.8%
Concho Resources, Inc. (A)		82,532		7,663,921
Personal Products - 0.8%
Estee Lauder Cos., Inc., Class A		85,336		7,514,688
Pharmaceuticals - 6.3%
Allergan PLC (A)		57,594		17,998,125
Bristol-Myers Squibb Co.		287,087		19,748,715
Merck & Co., Inc.		105,232		5,558,354
Novo Nordisk A/S, ADR		107,220		6,227,338
Shire PLC, Class B, ADR		40,721		8,347,805
				57,880,337
Professional Services - 1.4%
Equifax, Inc.		38,340		4,269,926
Nielsen Holdings PLC		96,216		4,483,666
Verisk Analytics, Inc., Class A (A) (B)		50,780		3,903,966
				12,657,558
Real Estate Investment Trusts - 0.6%
American Tower Corp., Class A		57,603		5,584,611
Road & Rail - 0.7%
Hertz Global Holdings, Inc. (A)		232,092		3,302,669
JB Hunt Transport Services, Inc.		45,910		3,367,958
				6,670,627
Semiconductors & Semiconductor Equipment - 1.6%
ARM Holdings PLC, ADR (B)		97,196		4,397,147
Avago Technologies, Ltd., Class A (B)		25,180		3,654,877
NXP Semiconductors NV (A)		48,560		4,091,180
Skyworks Solutions, Inc.		33,434		2,568,734
				14,711,938
Software - 7.7%
Activision Blizzard, Inc. (B)		83,665		3,238,672
Adobe Systems, Inc. (A)		105,768		9,935,846
Atlassian Corp. PLC, Class A (A)		6,518		196,061
Intuit, Inc.		32,890		3,173,885
Microsoft Corp.		433,738		24,063,784
Red Hat, Inc. (A)		89,056		7,374,727

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
salesforce.com, Inc. (A)		175,677		$  13,773,077
Splunk, Inc. (A) (B)		75,232		4,424,394
Workday, Inc., Class A (A) (B)		65,326		5,205,176
				71,385,622
Specialty Retail - 6.8%
Advance Auto Parts, Inc. (B)		37,237		5,604,541
Home Depot, Inc.		25,101		3,319,607
Industria de Diseno Textil SA		254,156		8,752,904
Lowe’s Cos., Inc.		122,351		9,303,570
Michaels Cos., Inc. (A) (B)		192,310		4,251,974
O’Reilly Automotive, Inc. (A)		31,764		8,049,633
Ross Stores, Inc.		132,416		7,125,305
Tiffany & Co. (B)		44,385		3,386,132
TJX Cos., Inc.		182,937		12,972,063
				62,765,729
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		382,686		40,281,528
Textiles, Apparel & Luxury Goods - 2.2%
NIKE, Inc., Class B		222,606		13,912,875
Under Armour, Inc., Class A (A) (B)		80,785		6,512,079
				20,424,954
Tobacco - 1.0%
Altria Group, Inc.		156,157		9,089,899
Total Common Stocks (Cost $702,989,887)				916,389,186
SECURITIES LENDING COLLATERAL - 10.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (C)		93,409,717		93,409,717
Total Securities Lending Collateral (Cost $93,409,717)				93,409,717
	Principal		Value
REPURCHASE AGREEMENT - 1.0%
State Street Bank and Trust Co. 0.03% (C), dated 12/31/2015, to be repurchased at $8,883,941 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $9,065,250.		$  8,883,912		8,883,912
Total Repurchase Agreement (Cost $8,883,912)				8,883,912
Total Investments (Cost $805,283,516) (D)				1,018,682,815
Net Other Assets (Liabilities) - (10.1)%				(93,225,210	)
Net Assets - 100.0%				$  925,457,605

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

Transamerica Partners Portfolios Annual Report 2015

Page    72

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	897,790,348	$	18,598,838	$	—	$	916,389,186
Securities Lending Collateral		93,409,717		—		—		93,409,717
Repurchase Agreement		—		8,883,912		—		8,883,912
Total Investments	$	991,200,065	$	27,482,750	$	—	$	1,018,682,815

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The total value of all securities on loan is $91,440,969. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at December 31, 2015.

^(D)  Aggregate cost for federal income tax purposes is $806,364,670. Aggregate gross unrealized appreciation and depreciation for all securities is $235,082,301 and $22,764,156, respectively. Net unrealized appreciation for tax purposes is $212,318,145.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Annual Report 2015

Page    73

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 96.9%
Aerospace & Defense - 0.4%
BWX Technologies, Inc.		102,400		$  3,253,248
Airlines - 0.8%
Alaska Air Group, Inc.		24,700		1,988,597
Copa Holdings SA, Class A (A)		99,200		4,787,392
				6,775,989
Banks - 5.0%
CIT Group, Inc.		176,600		7,011,020
Citizens Financial Group, Inc.		130,034		3,405,591
Fifth Third Bancorp		310,162		6,234,256
First Republic Bank, Class A		115,829		7,651,664
Huntington Bancshares, Inc., Class A (A)		137,760		1,523,626
M&T Bank Corp. (A)		56,934		6,899,228
SunTrust Banks, Inc.		138,385		5,928,413
Zions Bancorporation (A)		42,640		1,164,072
				39,817,870
Beverages - 1.0%
Constellation Brands, Inc., Class A		25,150		3,582,366
Dr. Pepper Snapple Group, Inc.		50,178		4,676,590
				8,258,956
Building Products - 0.5%
Fortune Brands Home & Security, Inc. (A)		68,721		3,814,016
Capital Markets - 2.2%
Ameriprise Financial, Inc.		45,211		4,811,355
Invesco, Ltd.		108,085		3,618,686
Legg Mason, Inc.		47,279		1,854,755
Northern Trust Corp.		38,043		2,742,520
T. Rowe Price Group, Inc. (A)		63,572		4,544,762
				17,572,078
Chemicals - 1.1%
Airgas, Inc.		23,130		3,199,341
Albemarle Corp. (A)		43,714		2,448,421
Sherwin-Williams Co.		11,626		3,018,110
				8,665,872
Commercial Services & Supplies - 1.0%
ADT Corp. (A)		231,253		7,626,724
Communications Equipment - 1.6%
ARRIS Group, Inc. (B)		170,600		5,215,242
CommScope Holding Co., Inc. (B)		78,051		2,020,740
EchoStar Corp., Class A (B)		150,524		5,886,994
				13,122,976
Consumer Finance - 1.1%
Ally Financial, Inc. (B)		137,604		2,564,939
Navient Corp. (A)		517,300		5,923,085
				8,488,024
Containers & Packaging - 3.1%
Ball Corp. (A)		48,639		3,537,515
Bemis Co., Inc.		137,500		6,144,875
Rexam PLC, ADR		144,788		6,474,919
Silgan Holdings, Inc.		92,621		4,975,600
WestRock Co.		81,194		3,704,070
				24,836,979
Distributors - 0.5%
Genuine Parts Co.		47,081		4,043,787

	Shares		Value
COMMON STOCKS (continued)
Diversified Consumer Services - 0.6%
H&R Block, Inc. (A)		140,400		$  4,676,724
Electric Utilities - 4.8%
Edison International		60,017		3,553,606
PPL Corp.		447,100		15,259,523
Westar Energy, Inc., Class A		212,538		9,013,737
Xcel Energy, Inc. (A)		299,015		10,737,629
				38,564,495
Electrical Equipment - 1.3%
AMETEK, Inc., Class A		69,327		3,715,234
Hubbell, Inc.		45,757		4,623,287
Regal Beloit Corp.		42,235		2,471,592
				10,810,113
Electronic Equipment, Instruments & Components - 1.2%
Amphenol Corp., Class A		71,221		3,719,873
Arrow Electronics, Inc. (B)		111,520		6,042,153
				9,762,026
Energy Equipment & Services - 0.5%
Nabors Industries, Ltd.		511,000		4,348,610
Food & Staples Retailing - 2.7%
Kroger Co.		136,359		5,703,897
Rite Aid Corp. (B)		414,730		3,251,483
Sysco Corp.		181,900		7,457,900
Whole Foods Market, Inc. (A)		145,500		4,874,250
				21,287,530
Food Products - 1.9%
ConAgra Foods, Inc.		96,500		4,068,440
Hershey Co.		31,769		2,836,019
Kellogg Co.		113,800		8,224,326
				15,128,785
Gas Utilities - 0.9%
National Fuel Gas Co. (A)		50,557		2,161,312
Questar Corp. (A)		266,517		5,191,751
				7,353,063
Health Care Equipment & Supplies - 0.4%
Sirona Dental Systems, Inc. (B)		31,300		3,429,541
Health Care Providers & Services - 4.7%
AmerisourceBergen Corp., Class A		48,491		5,029,002
Cardinal Health, Inc.		48,600		4,338,522
Cigna Corp.		34,636		5,068,286
Henry Schein, Inc. (A) (B)		19,346		3,060,344
Humana, Inc., Class A		28,154		5,025,770
Laboratory Corp. of America Holdings (B)		67,300		8,320,972
MEDNAX, Inc. (A) (B)		58,500		4,192,110
Universal Health Services, Inc., Class B		20,382		2,435,445
				37,470,451
Hotels, Restaurants & Leisure - 0.4%
Marriott International, Inc., Class A (A)		42,111		2,823,122
Starwood Hotels & Resorts Worldwide, Inc.		7,819		541,700
				3,364,822
Household Durables - 1.5%
Jarden Corp. (B)		95,144		5,434,625
Mohawk Industries, Inc. (B)		36,832		6,975,613
				12,410,238

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

Transamerica Partners Portfolios Annual Report 2015

Page    74

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Household Products - 0.2%
Energizer Holdings, Inc.		41,126		$  1,400,752
Independent Power and Renewable Electricity Producers - 0.8%
Talen Energy Corp. (A) (B)		1,074,855		6,696,347
Industrial Conglomerates - 0.6%
Carlisle Cos., Inc.		50,491		4,478,047
Insurance - 12.1%
Alleghany Corp. (B)		26,948		12,879,258
Allstate Corp.		171,800		10,667,062
Assured Guaranty, Ltd.		167,300		4,421,739
Chubb Corp., Class A		32,384		4,295,414
Fairfax Financial Holdings, Ltd.		18,900		8,901,900
FNF Group		213,400		7,398,578
Hartford Financial Services Group, Inc.		109,642		4,765,041
Loews Corp.		422,631		16,229,030
Marsh & McLennan Cos., Inc.		98,786		5,477,684
Progressive Corp.		320,095		10,179,021
Unum Group		111,290		3,704,844
Willis Group Holdings PLC		44,100		2,141,937
WR Berkley Corp.		30,681		1,679,785
XL Group PLC, Class A		119,390		4,677,700
				97,418,993
Internet & Catalog Retail - 1.0%
Expedia, Inc.		44,912		5,582,562
Liberty Ventures, Series A (B)		46,400		2,093,104
				7,675,666
Internet Software & Services - 0.0% (C)
Match Group, Inc. (A) (B)		16,800		227,640
IT Services - 2.9%
Amdocs, Ltd.		113,000		6,166,410
Computer Sciences Corp.		124,700		4,075,196
Jack Henry & Associates, Inc.		95,588		7,461,599
Western Union Co. (A)		301,600		5,401,656
				23,104,861
Life Sciences Tools & Services - 0.8%
Bio-Rad Laboratories, Inc., Class A (B)		45,444		6,301,265
Machinery - 1.3%
IDEX Corp.		58,459		4,478,544
Rexnord Corp. (B)		104,301		1,889,934
Snap-on, Inc. (A)		22,124		3,792,717
				10,161,195
Media - 6.9%
AMC Networks, Inc., Class A (A) (B)		37,300		2,785,564
CBS Corp., Class B		49,901		2,351,834
Discovery Communications, Inc., Class C (B)		358,900		9,051,458
DISH Network Corp., Class A (B)		67,636		3,867,426
Liberty Media Corp., Class C (B)		178,400		6,793,472
Madison Square Garden Co., Class A (A) (B)		49,500		8,009,100
MSG Networks, Inc., Class A (B)		106,800		2,221,440
News Corp., Class B		660,300		9,217,788
Shaw Communications, Inc., Class B (A)		368,000		6,325,920
TEGNA, Inc.		122,361		3,122,653
Time, Inc.		92,110		1,443,364
				55,190,019
Multi-Utilities - 5.8%
Alliant Energy Corp.		174,800		10,916,260
CenterPoint Energy, Inc.		279,981		5,140,451

	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities (continued)
CMS Energy Corp. (A)		362,518		$  13,079,649
SCANA Corp. (A)		61,400		3,714,086
Sempra Energy		25,547		2,401,674
WEC Energy Group, Inc. (A)		222,417		11,412,216
				46,664,336
Multiline Retail - 1.0%
Kohl’s Corp. (A)		118,080		5,624,150
Nordstrom, Inc. (A)		53,449		2,662,295
				8,286,445
Oil, Gas & Consumable Fuels - 2.9%
Chesapeake Energy Corp. (A)		412,300		1,855,350
Columbia Pipeline Group, Inc.		235,670		4,713,400
Energen Corp. (A)		144,590		5,926,744
EQT Corp.		99,025		5,162,173
Marathon Petroleum Corp.		35,700		1,850,688
PBF Energy, Inc., Class A		65,977		2,428,614
Southwestern Energy Co. (A) (B)		187,239		1,331,269
				23,268,238
Personal Products - 0.4%
Edgewell Personal Care Co.		39,177		3,070,302
Professional Services - 0.4%
Equifax, Inc.		30,585		3,406,251
Real Estate Investment Trusts - 7.7%
American Campus Communities, Inc. (A)		69,547		2,875,073
American Homes 4 Rent, Class A		97,973		1,632,230
Annaly Capital Management, Inc.		1,455,100		13,648,838
AvalonBay Communities, Inc.		27,037		4,978,323
Boston Properties, Inc.		23,325		2,974,870
Brixmor Property Group, Inc.		140,705		3,633,003
Equinix, Inc. (A)		14,384		4,349,722
General Growth Properties, Inc.		136,512		3,714,491
HCP, Inc.		58,116		2,222,356
Kimco Realty Corp.		179,648		4,753,486
LaSalle Hotel Properties		44,900		1,129,684
Outfront Media, Inc.		93,960		2,051,147
Rayonier, Inc. (A)		100,031		2,220,688
Regency Centers Corp.		40,529		2,760,835
Vornado Realty Trust, Class A		45,384		4,536,585
Weyerhaeuser Co.		105,366		3,158,873
WP Carey, Inc. (A)		19,249		1,135,691
				61,775,895
Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc., Class A		66,741		3,692,112
KLA-Tencor Corp.		37,373		2,591,817
Micron Technology, Inc. (B)		346,100		4,900,776
NVIDIA Corp. (A)		61,500		2,027,040
Xilinx, Inc.		90,181		4,235,802
				17,447,547
Software - 2.2%
CA, Inc.		188,700		5,389,272
Citrix Systems, Inc. (B)		24,800		1,876,120
Synopsys, Inc. (B)		218,689		9,974,405
				17,239,797
Specialty Retail - 3.6%
Abercrombie & Fitch Co., Class A (A)		149,400		4,033,800
AutoZone, Inc. (B)		6,290		4,666,614

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

Transamerica Partners Portfolios Annual Report 2015

Page    75

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Bed Bath & Beyond, Inc. (A) (B)		175,794		$  8,482,061
Best Buy Co., Inc. (A)		135,741		4,133,313
Gap, Inc., Class A (A)		145,798		3,601,211
Tiffany & Co. (A)		53,081		4,049,549
				28,966,548
Technology Hardware, Storage & Peripherals - 1.8%
NetApp, Inc. (A)		266,500		7,070,245
Western Digital Corp.		121,500		7,296,075
				14,366,320
Textiles, Apparel & Luxury Goods - 1.6%
Fossil Group, Inc. (A) (B)		136,100		4,975,816
Michael Kors Holdings, Ltd. (B)		78,100		3,128,686
PVH Corp.		40,599		2,990,116
VF Corp.		28,318		1,762,796
				12,857,414
Thrifts & Mortgage Finance - 0.3%
Ocwen Financial Corp., Class B (A) (B)		333,451		2,324,153
Trading Companies & Distributors - 0.4%
MSC Industrial Direct Co., Inc., Class A (A)		60,812		3,421,891
Water Utilities - 0.8%
American Water Works Co., Inc.		102,100		6,100,475
Total Common Stocks (Cost $703,553,715)				776,733,314

	Shares		Value
SECURITIES LENDING COLLATERAL - 17.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (D)		143,733,430		$  143,733,430
Total Securities Lending Collateral (Cost $143,733,430)				143,733,430
	Principal		Value
REPURCHASE AGREEMENT - 3.0%
State Street Bank & Trust Co. 0.03% (D), dated 12/31/2015, to be repurchased at $24,030,759 on 01/04/2016. Collateralized by U.S. Government Agency Obligations, 1.00%, due 09/20/2017 - 09/27/2017, and with a total value of $24,513,944.		$  24,030,679		24,030,679
Total Repurchase Agreement (Cost $24,030,679)				24,030,679
Total Investments (Cost $871,317,824) (E)				944,497,423
Net Other Assets (Liabilities) - (17.8)%				(142,643,731	)
Net Assets - 100.0%				$  801,853,692

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	776,733,314	$	—	$	—	$	776,733,314
Securities Lending Collateral		143,733,430		—		—		143,733,430
Repurchase Agreement		—		24,030,679		—		24,030,679
Total Investments	$	920,466,744	$	24,030,679	$	—	$	944,497,423

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The total value of all securities on loan is $140,152,439. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

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

^(D)  Rate disclosed reflects the yield at December 31, 2015.

^(E)  Aggregate cost for federal income tax purposes is $883,731,976. Aggregate gross unrealized appreciation and depreciation for all securities is $118,184,179 and $57,418,732, respectively. Net unrealized appreciation for tax purposes is $60,765,447.

^(F)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Annual Report 2015

Page    76

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 99.4%
Aerospace & Defense - 2.8%
Spirit Aerosystems Holdings, Inc., Class A (A)		60,487		$  3,028,584
Airlines - 1.8%
JetBlue Airways Corp. (A)		83,640		1,894,446
Auto Components - 3.7%
BorgWarner, Inc.		91,602		3,959,954
Banks - 6.9%
CIT Group, Inc.		81,363		3,230,111
Comerica, Inc., Class A		62,309		2,606,385
First Republic Bank, Class A		24,414		1,612,789
				7,449,285
Beverages - 1.2%
Boston Beer Co., Inc., Class A (A)		6,539		1,320,289
Biotechnology - 1.4%
BioMarin Pharmaceutical, Inc. (A)		14,101		1,477,221
Chemicals - 1.5%
RPM International, Inc.		35,914		1,582,371
Communications Equipment - 3.8%
F5 Networks, Inc., Class B (A)		27,745		2,690,155
Harris Corp.		16,828		1,462,353
				4,152,508
Construction Materials - 3.1%
Eagle Materials, Inc.		55,585		3,359,002
Consumer Finance - 2.5%
Ally Financial, Inc. (A)		83,104		1,549,058
Discover Financial Services		21,982		1,178,675
				2,727,733
Diversified Consumer Services - 3.0%
ServiceMaster Global Holdings, Inc. (A)		82,930		3,254,173
Food & Staples Retailing - 2.1%
Rite Aid Corp. (A)		288,238		2,259,786
Food Products - 2.3%
WhiteWave Foods Co., Class A (A)		63,828		2,483,547
Health Care Equipment & Supplies - 4.4%
Align Technology, Inc. (A) (B)		34,241		2,254,770
Boston Scientific Corp. (A)		133,429		2,460,431
				4,715,201
Health Care Providers & Services - 9.7%
Cardinal Health, Inc.		35,761		3,192,385
Laboratory Corp. of America Holdings (A)		23,849		2,948,690
Team Health Holdings, Inc. (A)		25,334		1,111,909
Universal Health Services, Inc., Class B		26,815		3,204,124
				10,457,108
Hotels, Restaurants & Leisure - 2.5%
Wyndham Worldwide Corp. (B)		36,703		2,666,473
Household Durables - 4.3%
Mohawk Industries, Inc. (A)		13,662		2,587,446
Whirlpool Corp.		13,996		2,055,593
				4,643,039
Insurance - 2.8%
Hartford Financial Services Group, Inc.		69,033		3,000,174
Internet Software & Services - 3.0%
IAC/InterActiveCorp		53,437		3,208,892

	Shares		Value
COMMON STOCKS (continued)
IT Services - 3.1%
Sabre Corp.		118,840		$  3,323,955
Life Sciences Tools & Services - 1.9%
Bio-Techne Corp. (B)		23,396		2,105,640
Machinery - 1.5%
WABCO Holdings, Inc. (A)		15,530		1,588,098
Media - 2.4%
Starz, Class A (A)		77,179		2,585,497
Multiline Retail - 2.9%
Dollar General Corp.		43,008		3,090,985
Oil, Gas & Consumable Fuels - 3.0%
EQT Corp. (B)		62,507		3,258,490
Pharmaceuticals - 3.4%
Mylan NV (A)		67,095		3,627,827
Professional Services - 2.2%
Equifax, Inc.		21,760		2,423,411
Semiconductors & Semiconductor Equipment - 2.8%
NXP Semiconductors NV (A)		35,759		3,012,696
Software - 2.3%
Fortinet, Inc. (A) (B)		80,849		2,520,063
Specialty Retail - 4.4%
Foot Locker, Inc. (B)		48,840		3,178,996
Signet Jewelers, Ltd.		12,841		1,588,303
				4,767,299
Textiles, Apparel & Luxury Goods - 3.0%
Gildan Activewear, Inc., Class A		113,941		3,238,203
Trading Companies & Distributors - 3.7%
Air Lease Corp., Class A (B)		118,887		3,980,337
Total Common Stocks (Cost $106,792,403)				107,162,287
SECURITIES LENDING COLLATERAL - 11.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (C)		12,835,455		12,835,455
Total Securities Lending Collateral (Cost $12,835,455)				12,835,455
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
State Street Bank and Trust Co. 0.03% (C), dated 12/31/2015, to be repurchased at $598,776 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $612,250.		$  598,774		598,774
Total Repurchase Agreement (Cost $598,774)				598,774
Total Investments (Cost $120,226,632) (D)				120,596,516
Net Other Assets (Liabilities) - (11.9)%				(12,851,849	)
Net Assets - 100.0%				$  107,744,667

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

Transamerica Partners Portfolios Annual Report 2015

Page    77

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	107,162,287	$	—	$	—	$	107,162,287
Securities Lending Collateral		12,835,455		—		—		12,835,455
Repurchase Agreement		—		598,774		—		598,774
Total Investments	$	119,997,742	$	598,774	$	—	$	120,596,516

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The total value of all securities on loan is $12,545,269. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at December 31, 2015.

^(D)  Aggregate cost for federal income tax purposes is $120,344,473. Aggregate gross unrealized appreciation and depreciation for all securities is $7,355,033 and $7,102,990, respectively. Net unrealized appreciation for tax purposes is $252,043.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Annual Report 2015

Page    78

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 98.1%
Airlines - 1.3%
Hawaiian Holdings, Inc. (A)		25,260		$  892,436
Auto Components - 1.4%
American Axle & Manufacturing Holdings, Inc. (A)		49,297		933,685
Banks - 14.4%
Ameris Bancorp (B)		21,800		740,982
Banc of California, Inc. (B)		66,400		970,768
Banner Corp.		21,960		1,007,086
CenterState Banks, Inc.		58,544		916,214
Glacier Bancorp, Inc.		42,730		1,133,627
Great Southern Bancorp, Inc. (B)		16,802		760,458
International Bancshares Corp.		34,343		882,615
Investors Bancorp, Inc. (B)		92,400		1,149,456
Southwest Bancorp, Inc.		36,349		635,381
TriCo Bancshares		34,543		947,860
Triumph Bancorp, Inc. (A) (B)		37,777		623,320
				9,767,767
Building Products - 1.6%
Griffon Corp. (B)		59,280		1,055,184
Capital Markets - 1.4%
Evercore Partners, Inc., Class A		17,350		938,115
Chemicals - 1.2%
Cabot Corp.		20,390		833,543
Commercial Services & Supplies - 2.9%
Deluxe Corp. (B)		17,550		957,177
Multi-Color Corp.		16,800		1,004,808
				1,961,985
Communications Equipment - 2.8%
Ciena Corp. (A) (B)		44,700		924,843
Ixia (A)		78,200		972,026
				1,896,869
Construction & Engineering - 1.9%
EMCOR Group, Inc.		27,300		1,311,492
Diversified Financial Services - 0.9%
Gain Capital Holdings, Inc., Class A (B)		73,800		598,518
Electric Utilities - 2.0%
PNM Resources, Inc.		44,600		1,363,422
Electronic Equipment, Instruments & Components - 2.1%
ePlus, Inc. (A)		11,899		1,109,701
InvenSense, Inc., Class A (A) (B)		33,287		340,526
				1,450,227
Energy Equipment & Services - 1.1%
Atwood Oceanics, Inc. (B)		28,900		295,647
Rowan Cos. PLC, Class A (B)		26,860		455,277
				750,924
Food & Staples Retailing - 1.2%
Ingles Markets, Inc., Class A (B)		18,215		802,917
Gas Utilities - 3.7%
ONE Gas, Inc. (B)		27,552		1,382,284
Southwest Gas Corp.		21,000		1,158,360
				2,540,644
Health Care Equipment & Supplies - 1.1%
Merit Medical Systems, Inc. (A)		40,130		746,017

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services - 2.3%
HealthSouth Corp. (B)		18,610		$  647,814
LHC Group, Inc. (A)		19,790		896,289
				1,544,103
Hotels, Restaurants & Leisure - 1.6%
Jack in the Box, Inc.		13,970		1,071,639
Household Durables - 3.7%
Helen of Troy, Ltd. (A)		9,770		920,823
Taylor Morrison Home Corp., Class A (A) (B)		46,600		745,600
WCI Communities, Inc. (A)		38,844		865,444
				2,531,867
Household Products - 0.9%
Central Garden & Pet Co., Class A (A)		46,219		628,578
Insurance - 6.1%
American Equity Investment Life Holding Co. (B)		45,600		1,095,768
Employers Holdings, Inc.		40,581		1,107,861
Selective Insurance Group, Inc.		28,593		960,153
Stewart Information Services Corp.		26,844		1,002,087
				4,165,869
Internet & Catalog Retail - 0.1%
1-800-Flowers.com, Inc., Class A (A)		11,543		84,033
Internet Software & Services - 1.8%
j2 Global, Inc. (B)		14,920		1,228,214
IT Services - 1.6%
Convergys Corp. (B)		44,600		1,110,094
Leisure Products - 1.5%
Nautilus, Inc., Class A (A)		62,088		1,038,111
Life Sciences Tools & Services - 1.9%
INC Research Holdings, Inc., Class A (A)		26,560		1,288,426
Machinery - 1.4%
Timken Co.		33,960		970,916
Media - 1.1%
Entravision Communications Corp., Class A		99,168		764,585
Metals & Mining - 1.1%
Materion Corp.		26,582		744,296
Multi-Utilities - 1.1%
Black Hills Corp.		15,330		711,772
Oil, Gas & Consumable Fuels - 1.1%
Alon USA Energy, Inc. (B)		48,000		712,320
Paper & Forest Products - 1.1%
Neenah Paper, Inc.		12,100		755,403
Pharmaceuticals - 1.0%
Prestige Brands Holdings, Inc. (A)		13,440		691,891
Professional Services - 1.7%
TrueBlue, Inc. (A)		44,147		1,137,227
Real Estate Investment Trusts - 16.3%
DCT Industrial Trust, Inc. (B)		35,200		1,315,424
DuPont Fabros Technology, Inc. (B)		41,120		1,307,205
First Industrial Realty Trust, Inc.		45,290		1,002,268
Highwoods Properties, Inc.		19,740		860,664
Mack-Cali Realty Corp.		43,280		1,010,588
Monogram Residential Trust, Inc.		129,271		1,261,685
Ryman Hospitality Properties, Inc.		13,570		700,755
STORE Capital Corp. (B)		51,730		1,200,136
Sun Communities, Inc.		17,800		1,219,834

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

Transamerica Partners Portfolios Annual Report 2015

Page    79

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Urban Edge Properties		50,330		$  1,180,238
				11,058,797
Semiconductors & Semiconductor Equipment - 1.2%
Rudolph Technologies, Inc. (A)		55,997		796,277
Software - 1.1%
VASCO Data Security International, Inc. (A) (B)		42,630		713,200
Specialty Retail - 1.6%
Caleres, Inc.		16,488		442,208
Kirkland’s, Inc.		41,961		608,435
				1,050,643
Thrifts & Mortgage Finance - 3.7%
First Defiance Financial Corp., Class A		18,613		703,199
Northwest Bancshares, Inc.		77,300		1,035,047
WSFS Financial Corp. (B)		22,703		734,669
				2,472,915
Trading Companies & Distributors - 2.1%
Aircastle, Ltd.		28,369		592,628
MRC Global, Inc. (A) (B)		64,740		835,146
				1,427,774
Total Common Stocks (Cost $65,273,600)				66,542,695

	Shares		Value
SECURITIES LENDING COLLATERAL - 21.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (C)		14,799,186		$  14,799,186
Total Securities Lending Collateral (Cost $14,799,186)				14,799,186
	Principal		Value
REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co. 0.03% (C), dated 12/31/2015, to be repurchased at $513,592 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $528,313.		$  513,591		513,591
Total Repurchase Agreement (Cost $513,591)				513,591
Total Investments (Cost $80,586,377) (D)				81,855,472
Net Other Assets (Liabilities) - (20.7)%				(14,034,034	)
Net Assets - 100.0%				$  67,821,438

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	66,542,695	$	—	$	—	$	66,542,695
Securities Lending Collateral		14,799,186		—		—		14,799,186
Repurchase Agreement		—		513,591		—		513,591
Total Investments	$	81,341,881	$	513,591	$	—	$	81,855,472

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The total value of all securities on loan is $14,443,765. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at December 31, 2015.

^(D)  Aggregate cost for federal income tax purposes is $80,644,087. Aggregate gross unrealized appreciation and depreciation for all securities is $3,799,004 and $2,587,619, respectively. Net unrealized appreciation for tax purposes is $1,211,385.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Annual Report 2015

Page    80

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 0.6%
Ducommun, Inc. (A)		37,110		$  601,924
Triumph Group, Inc.		20,420		811,695
				1,413,619
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. (A)		21,000		868,140
Hub Group, Inc., Class A (A)		23,100		761,145
				1,629,285
Auto Components - 0.5%
Modine Manufacturing Co. (A)		75,105		679,700
Superior Industries International, Inc.		31,475		579,770
				1,259,470
Banks - 4.5%
BBCN Bancorp, Inc.		46,040		792,809
Cardinal Financial Corp.		31,685		720,834
Cathay General Bancorp		27,560		863,455
Central Pacific Financial Corp.		39,075		860,432
Eagle Bancorp, Inc. (A) (B)		15,490		781,780
Enterprise Financial Services Corp.		23,320		661,122
First BanCorp (A)		199,535		648,489
First Merchants Corp.		26,815		681,637
First NBC Bank Holding Co. (A)		21,800		815,102
Hanmi Financial Corp., Class B		31,300		742,436
National Bank Holdings Corp., Class A		39,000		833,430
Popular, Inc.		25,465		721,678
Preferred Bank/Los Angeles CA		19,395		640,423
TriCo Bancshares		24,135		662,264
				10,425,891
Biotechnology - 0.7%
AMAG Pharmaceuticals, Inc. (A) (B)		28,865		871,434
PDL Biopharma, Inc.		219,385		776,623
				1,648,057
Building Products - 0.3%
Universal Forest Products, Inc.		11,500		786,255
Capital Markets - 1.0%
Cowen Group, Inc., Class A (A) (B)		205,270		786,184
Janus Capital Group, Inc. (B)		53,603		755,266
Legg Mason, Inc.		18,525		726,736
				2,268,186
Chemicals - 1.6%
Cabot Corp.		19,610		801,657
Koppers Holdings, Inc. (A)		41,625		759,656
Kronos Worldwide, Inc. (B)		123,600		697,104
Minerals Technologies, Inc.		14,415		661,072
Stepan Co.		17,560		872,556
				3,792,045
Commercial Services & Supplies - 3.1%
ABM Industries, Inc.		27,155		773,103
ACCO Brands Corp. (A)		103,255		736,208
Brink’s Co.		28,000		808,080
Ennis, Inc.		38,245		736,216
Essendant, Inc. (B)		23,525		764,798
Pitney Bowes, Inc. (B)		40,570		837,771
Quad/Graphics, Inc.		91,625		852,112
R.R. Donnelley & Sons Co. (B)		49,525		729,008
Tetra Tech, Inc.		32,095		835,112
				7,072,408

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment - 2.3%
Brocade Communications Systems, Inc.		91,411		$  839,153
Ciena Corp. (A) (B)		36,560		756,426
Comtech Telecommunications Corp.		35,799		719,202
Harmonic, Inc. (A) (B)		133,138		541,872
Ixia (A)		62,500		776,875
NETGEAR, Inc. (A)		18,995		796,081
Polycom, Inc. (A)		65,277		821,837
				5,251,446
Construction & Engineering - 2.9%
AECOM (A) (B)		28,690		861,561
Aegion Corp., Class A (A)		42,610		822,799
Comfort Systems USA, Inc., Class A		27,275		775,155
EMCOR Group, Inc.		17,440		837,818
Jacobs Engineering Group, Inc. (A)		19,940		836,483
KBR, Inc.		45,900		776,628
Quanta Services, Inc. (A) (B)		40,045		810,911
Tutor Perini Corp. (A) (B)		52,870		885,044
				6,606,399
Consumer Finance - 1.1%
Cash America International, Inc. (B)		27,130		812,544
Navient Corp. (B)		69,580		796,691
Nelnet, Inc., Class A		26,395		886,080
				2,495,315
Containers & Packaging - 1.0%
Avery Dennison Corp.		13,440		842,151
Greif, Inc., Class A (B)		24,340		749,915
Sonoco Products Co. (B)		20,355		831,909
				2,423,975
Diversified Consumer Services - 2.0%
Apollo Education Group, Inc., Class A (A)		112,242		860,896
Capella Education Co. (B)		17,723		819,157
DeVry Education Group, Inc. (B)		35,400		895,974
K12, Inc. (A)		53,922		474,514
Regis Corp. (A)		55,120		779,948
Strayer Education, Inc. (A) (B)		14,709		884,305
				4,714,794
Diversified Telecommunication Services - 1.0%
Atlantic Tele-Network, Inc.		10,740		840,190
Inteliquent, Inc.		40,050		711,689
Vonage Holdings Corp. (A)		138,680		796,023
				2,347,902
Electrical Equipment - 0.7%
General Cable Corp. (B)		63,765		856,364
Regal Beloit Corp.		14,045		821,913
				1,678,277
Electronic Equipment, Instruments & Components - 6.2%
Anixter International, Inc. (A)		13,080		789,901
AVX Corp.		45,300		549,942
Benchmark Electronics, Inc. (A)		36,385		752,078
Celestica, Inc. (A)		56,650		624,850
Checkpoint Systems, Inc.		93,765		587,907
Coherent, Inc. (A)		12,550		817,131
CTS Corp.		31,360		553,190
DTS, Inc. (A)		29,400		663,852
II-VI, Inc. (A)		47,815		887,446

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

Transamerica Partners Portfolios Annual Report 2015

Page    81

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Ingram Micro, Inc., Class A		28,425		$  863,552
Insight Enterprises, Inc. (A)		27,150		682,008
Jabil Circuit, Inc. (B)		36,890		859,168
Methode Electronics, Inc.		25,080		798,296
Orbotech, Ltd. (A)		38,685		856,099
Plexus Corp. (A)		21,050		735,066
Rofin-Sinar Technologies, Inc. (A)		30,875		826,833
SYNNEX Corp. (B)		8,690		781,492
Tech Data Corp. (A)		11,730		778,637
Vishay Intertechnology, Inc. (B)		78,030		940,261
				14,347,709
Energy Equipment & Services - 2.4%
Ensco PLC, Class A (B)		53,100		817,209
Hornbeck Offshore Services, Inc. (A) (B)		83,855		833,519
McDermott International, Inc. (A)		215,315		721,305
Nabors Industries, Ltd.		90,090		766,666
Parker Drilling Co. (A) (B)		199,610		363,290
Pioneer Energy Services Corp. (A)		246,685		535,306
Rowan Cos. PLC, Class A (B)		44,200		749,190
Superior Energy Services, Inc. (B)		58,440		787,187
				5,573,672
Food & Staples Retailing - 1.0%
Fresh Market, Inc. (A)		34,000		796,280
SpartanNash Co.		38,010		822,536
SUPERVALU, Inc. (A)		109,025		739,190
				2,358,006
Food Products - 0.7%
Dean Foods Co. (B)		47,390		812,739
Lancaster Colony Corp.		7,320		845,167
				1,657,906
Gas Utilities - 0.7%
South Jersey Industries, Inc.		37,200		874,944
Southwest Gas Corp.		15,500		854,980
				1,729,924
Health Care Equipment & Supplies - 3.9%
Alere, Inc. (A)		18,130		708,702
Analogic Corp. (B)		9,465		781,809
AngioDynamics, Inc. (A)		50,805		616,773
Anika Therapeutics, Inc. (A)		19,225		733,626
CONMED Corp.		19,465		857,433
ICU Medical, Inc., Class B (A)		7,935		894,909
LeMaitre Vascular, Inc.		36,825		635,231
Meridian Bioscience, Inc. (B)		40,815		837,524
Merit Medical Systems, Inc. (A)		44,090		819,633
Natus Medical, Inc. (A)		16,670		800,993
OraSure Technologies, Inc. (A) (B)		110,945		714,486
SurModics, Inc. (A)		25,655		520,027
				8,921,146
Health Care Providers & Services - 6.7%
Addus HomeCare Corp. (A) (B)		21,095		491,092
Almost Family, Inc. (A)		20,600		787,538
Amedisys, Inc. (A) (B)		19,650		772,638
Amsurg Corp., Class A (A)		10,680		811,680
Chemed Corp. (B)		5,237		784,503
Cross Country Healthcare, Inc. (A)		46,900		768,691

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
Healthways, Inc. (A) (B)		64,630		$  831,788
Kindred Healthcare, Inc. (B)		60,390		719,245
Landauer, Inc. (B)		15,830		521,124
LHC Group, Inc. (A)		17,300		783,517
LifePoint Health, Inc. (A)		11,720		860,248
Magellan Health, Inc. (A)		16,985		1,047,295
Molina Healthcare, Inc. (A) (B)		12,345		742,305
Owens & Minor, Inc. (B)		22,895		823,762
PharMerica Corp. (A)		25,055		876,925
Select Medical Holdings Corp. (B)		67,250		800,947
Triple-S Management Corp., Class B (A) (B)		31,272		747,713
US Physical Therapy, Inc. (B)		16,200		869,616
VCA, Inc. (A)		14,310		787,050
WellCare Health Plans, Inc. (A)		10,170		795,396
				15,623,073
Health Care Technology - 1.9%
Allscripts Healthcare Solutions, Inc. (A)		54,950		845,131
Computer Programs & Systems, Inc. (B)		17,210		856,198
HMS Holdings Corp. (A)		63,415		782,541
Omnicell, Inc. (A)		27,725		861,693
Quality Systems, Inc. (B)		58,175		937,781
				4,283,344
Hotels, Restaurants & Leisure - 1.3%
Bob Evans Farms, Inc.		20,000		777,000
Cheesecake Factory, Inc. (B)		17,465		805,311
Isle of Capri Casinos, Inc. (A)		54,185		754,797
Ruby Tuesday, Inc. (A) (B)		108,820		599,598
				2,936,706
Household Durables - 1.1%
Ethan Allen Interiors, Inc. (B)		30,865		858,664
Tupperware Brands Corp. (B)		15,065		838,367
ZAGG, Inc. (A)		67,925		743,100
				2,440,131
Household Products - 0.3%
Central Garden & Pet Co., Class A (A)		46,615		633,964
Independent Power and Renewable Electricity Producers - 0.4%
NRG Energy, Inc.		76,940		905,584
Insurance - 3.5%
Argo Group International Holdings, Ltd.		13,390		801,258
Aspen Insurance Holdings, Ltd.		17,380		839,454
Assurant, Inc. (B)		9,655		777,614
Assured Guaranty, Ltd.		30,440		804,529
Employers Holdings, Inc.		30,060		820,638
Hanover Insurance Group, Inc.		9,980		811,773
Horace Mann Educators Corp.		24,935		827,343
Maiden Holdings, Ltd. (B)		54,645		814,757
Old Republic International Corp.		44,315		825,588
Selective Insurance Group, Inc.		24,025		806,760
				8,129,714
Internet & Catalog Retail - 0.7%
Blue Nile, Inc. (A) (B)		23,995		890,934
Nutrisystem, Inc.		35,180		761,295
				1,652,229

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

Transamerica Partners Portfolios Annual Report 2015

Page    82

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Internet Software & Services - 1.4%
DHI Group, Inc. (A)		78,505		$  719,891
Liquidity Services, Inc. (A) (B)		105,860		688,090
Monster Worldwide, Inc. (A) (B)		136,885		784,351
WebMD Health Corp., Class A (A) (B)		19,815		957,064
				3,149,396
IT Services - 3.0%
CACI International, Inc., Class A (A)		8,310		771,002
Convergys Corp. (B)		33,450		832,570
CSG Systems International, Inc. (B)		26,053		937,387
Hackett Group, Inc.		49,040		788,073
ManTech International Corp., Class A		25,630		775,051
Sykes Enterprises, Inc. (A)		25,633		788,984
TeleTech Holdings, Inc.		21,330		595,320
Teradata Corp. (A) (B)		27,095		715,850
VeriFone Systems, Inc. (A) (B)		30,110		843,682
				7,047,919
Life Sciences Tools & Services - 3.0%
Affymetrix, Inc. (A) (B)		90,765		915,819
Bio-Rad Laboratories, Inc., Class A (A)		5,740		795,908
Bruker Corp. (A)		37,865		918,984
Cambrex Corp. (A)		15,790		743,551
Charles River Laboratories International, Inc. (A)		10,905		876,653
ICON PLC (A) (B)		11,890		923,853
Luminex Corp. (A) (B)		37,805		808,649
PAREXEL International Corp. (A)		13,575		924,729
				6,908,146
Machinery - 2.7%
AGCO Corp. (B)		16,150		733,049
Briggs & Stratton Corp. (B)		46,415		802,980
Federal Signal Corp.		56,710		898,853
Harsco Corp.		91,300		719,444
Kadant, Inc.		17,330		703,771
Kennametal, Inc. (B)		32,365		621,408
Timken Co.		29,760		850,838
Wabash National Corp. (A) (B)		78,875		933,091
				6,263,434
Media - 0.2%
Harte-Hanks, Inc.		147,340		477,382
Metals & Mining - 2.3%
Commercial Metals Co.		51,805		709,210
Haynes International, Inc.		19,545		717,106
Kaiser Aluminum Corp.		9,635		806,064
Materion Corp.		25,635		717,780
Reliance Steel & Aluminum Co.		13,660		791,051
Schnitzer Steel Industries, Inc., Class A (B)		49,465		710,812
Steel Dynamics, Inc.		47,835		854,812
				5,306,835
Multi-Utilities - 0.7%
Avista Corp. (B)		24,560		868,687
MDU Resources Group, Inc. (B)		46,840		858,109
				1,726,796
Multiline Retail - 0.4%
Big Lots, Inc. (B)		20,945		807,220
Oil, Gas & Consumable Fuels - 1.8%
Aegean Marine Petroleum Network, Inc.		69,885		584,239

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Alon USA Energy, Inc. (B)		53,035		$  787,039
Cloud Peak Energy, Inc. (A) (B)		349,695		727,366
Denbury Resources, Inc. (B)		295,120		596,142
DHT Holdings, Inc. (B)		98,575		797,472
Tsakos Energy Navigation, Ltd.		96,145		761,468
				4,253,726
Paper & Forest Products - 0.7%
Domtar Corp.		19,765		730,317
Schweitzer-Mauduit International, Inc.		20,220		849,038
				1,579,355
Personal Products - 1.4%
Avon Products, Inc. (B)		191,900		777,195
Medifast, Inc. (B)		25,735		781,829
Nu Skin Enterprises, Inc., Class A (B)		22,510		852,904
USANA Health Sciences, Inc. (A)		6,135		783,746
				3,195,674
Pharmaceuticals - 0.7%
SciClone Pharmaceuticals, Inc. (A)		76,960		708,032
Sucampo Pharmaceuticals, Inc., Class A (A) (B)		48,180		833,032
				1,541,064
Professional Services - 1.0%
Insperity, Inc.		18,015		867,422
Resources Connection, Inc.		41,200		673,208
TrueBlue, Inc. (A)		29,690		764,815
				2,305,445
Real Estate Investment Trusts - 8.4%
Agree Realty Corp.		23,780		808,282
ARMOUR Residential REIT, Inc. (B)		38,900		846,464
Ashford Hospitality Trust, Inc.		118,140		745,463
Corporate Office Properties Trust (B)		35,667		778,611
Corrections Corp. of America (B)		28,560		756,554
Cousins Properties, Inc.		88,875		838,091
DuPont Fabros Technology, Inc. (B)		25,679		816,336
Dynex Capital, Inc. (B)		89,035		565,372
EPR Properties (B)		15,130		884,349
First Potomac Realty Trust		63,150		719,910
Geo Group, Inc.		28,800		832,608
Gladstone Commercial Corp. (B)		39,660		578,639
Government Properties Income Trust (B)		47,745		757,713
Hersha Hospitality Trust, Class A (B)		35,800		779,008
Hospitality Properties Trust		30,880		807,512
Investors Real Estate Trust		105,935		736,248
Lexington Realty Trust (B)		98,085		784,680
Liberty Property Trust, Series C		25,570		793,949
Mack-Cali Realty Corp.		39,195		915,203
MFA Financial, Inc.		110,835		731,511
PS Business Parks, Inc.		10,120		884,792
RLJ Lodging Trust		35,300		763,539
Select Income REIT		41,085		814,305
Senior Housing Properties Trust		57,010		846,028
Two Harbors Investment Corp.		96,050		778,005
				19,563,172
Road & Rail - 1.0%
ArcBest Corp.		37,545		803,088
Landstar System, Inc. (B)		14,150		829,897
YRC Worldwide, Inc. (A)		51,240		726,583
				2,359,568

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

Transamerica Partners Portfolios Annual Report 2015

Page    83

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 3.0%
Cabot Microelectronics Corp., Class A (A)		18,289		$  800,693
Cohu, Inc.		45,247		546,131
FormFactor, Inc., Class A (A)		67,345		606,105
MKS Instruments, Inc.		23,260		837,360
NeoPhotonics Corp. (A)		85,355		926,955
Rudolph Technologies, Inc. (A)		55,000		782,100
Sigma Designs, Inc. (A)		134,905		852,600
Silicon Laboratories, Inc. (A)		15,200		737,808
Teradyne, Inc.		39,900		824,733
				6,914,485
Software - 0.6%
Rovi Corp. (A) (B)		76,920		1,281,487
Specialty Retail - 6.7%
Aaron’s, Inc.		35,965		805,256
Abercrombie & Fitch Co., Class A (B)		30,725		829,575
American Eagle Outfitters, Inc. (B)		48,895		757,873
Build-A-Bear Workshop, Inc. (A)		56,970		697,313
Caleres, Inc. (B)		28,200		756,324
Chico’s FAS, Inc. (B)		68,845		734,576
Children’s Place, Inc. (B)		13,710		756,792
Citi Trends, Inc.		41,620		884,425
DSW, Inc., Class A (B)		32,575		777,240
Express, Inc. (A)		41,475		716,688
Finish Line, Inc., Class A (B)		44,955		812,786
Guess?, Inc. (B)		41,901		791,091
Hibbett Sports, Inc. (A) (B)		23,705		716,839
Kirkland’s, Inc. (B)		59,640		864,780
Rent-A-Center, Inc. (B)		51,570		772,003
Select Comfort Corp. (A)		37,440		801,590
Shoe Carnival, Inc.		31,670		734,744
Urban Outfitters, Inc. (A) (B)		36,375		827,531
Vitamin Shoppe, Inc. (A) (B)		22,840		746,868
Zumiez, Inc. (A) (B)		55,165		834,095
				15,618,389
Technology Hardware, Storage & Peripherals - 0.3%
QLogic Corp. (A)		64,410		785,802
Textiles, Apparel & Luxury Goods - 1.5%
Culp, Inc.		24,265		618,030
Movado Group, Inc.		29,465		757,545
Perry Ellis International, Inc. (A) (B)		29,355		540,719
Steven Madden, Ltd., Class B (A)		23,840		720,445
Wolverine World Wide, Inc.		43,355		724,462
				3,361,201
Thrifts & Mortgage Finance - 1.3%
Brookline Bancorp, Inc.		60,610		697,015
First Defiance Financial Corp., Class A		16,340		617,325
Flagstar Bancorp, Inc. (A)		33,570		775,803
Washington Federal, Inc. (B)		33,500		798,305
				2,888,448
Trading Companies & Distributors - 1.1%
Applied Industrial Technologies, Inc.		20,100		813,849
Kaman Corp. (B)		21,345		871,089
WESCO International, Inc. (A) (B)		18,910		825,989
				2,510,927

	Shares		Value
COMMON STOCKS (continued)
Wireless Telecommunication Services - 0.6%
Shenandoah Telecommunications Co. (B)		18,075		$  778,129
Spok Holdings, Inc.		37,220		681,870
				1,459,999
Total Common Stocks (Cost $239,687,508)				228,312,302
MASTER LIMITED PARTNERSHIP - 0.3%
Diversified Financial Services - 0.3%
Compass Diversified Holdings		40,350		641,162
Total Master Limited Partnership (Cost $620,350)				641,162
SECURITIES LENDING COLLATERAL - 28.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (C)		66,626,540		66,626,540
Total Securities Lending Collateral (Cost $66,626,540)				66,626,540
	Principal		Value
REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.03% (C), dated 12/31/2015, to be repurchased at $2,468,469 on 01/04/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 04/30/2018, and with a value of $2,518,125.		$  2,468,461		2,468,461
Total Repurchase Agreement (Cost $2,468,461)				2,468,461
Total Investments (Cost $309,402,859) (D)				298,048,465
Net Other Assets (Liabilities) - (28.7)%				(66,429,698	)
Net Assets - 100.0%				$  231,618,767

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

Transamerica Partners Portfolios Annual Report 2015

Page    84

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	228,312,302	$	—	$	—	$	228,312,302
Master Limited Partnership		641,162		—		—		641,162
Securities Lending Collateral		66,626,540		—		—		66,626,540
Repurchase Agreement		—		2,468,461		—		2,468,461
Total Investments	$	295,580,004	$	2,468,461	$	—	$	298,048,465

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The total value of all securities on loan is $64,771,030. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at December 31, 2015.

^(D)  Aggregate cost for federal income tax purposes is $309,892,691. Aggregate gross unrealized appreciation and depreciation for all securities is $15,444,972 and $27,289,198, respectively. Net unrealized depreciation for tax purposes is $11,844,226.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Annual Report 2015

Page    85

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 97.1%
Auto Components - 1.9%
Dorman Products, Inc. (A) (B)		13,860		$  657,934
Drew Industries, Inc. (A)		10,561		643,059
				1,300,993
Banks - 9.4%
BancorpSouth, Inc. (A)		29,250		701,708
Pinnacle Financial Partners, Inc. (A)		28,709		1,474,494
PrivateBancorp, Inc., Class A		61,600		2,526,832
South State Corp. (A)		21,803		1,568,726
				6,271,760
Biotechnology - 3.1%
Eagle Pharmaceuticals, Inc. (A) (B)		16,930		1,501,183
Repligen Corp. (A) (B)		21,290		602,294
				2,103,477
Building Products - 3.7%
AAON, Inc. (A)		29,429		683,341
Advanced Drainage Systems, Inc. (A)		46,310		1,112,829
Trex Co., Inc. (A) (B)		17,160		652,767
				2,448,937
Communications Equipment - 1.3%
Ruckus Wireless, Inc. (A) (B)		83,505		894,339
Diversified Financial Services - 4.0%
MarketAxess Holdings, Inc. (A)		23,830		2,659,190
Diversified Telecommunication Services - 2.3%
Cogent Communications Holdings, Inc. (A)		44,110		1,530,176
Electrical Equipment - 1.4%
EnerSys (A)		16,895		944,937
Food Products - 4.9%
Calavo Growers, Inc. (A)		13,790		675,710
J&J Snack Foods Corp. (A)		12,983		1,514,727
TreeHouse Foods, Inc. (A) (B)		13,950		1,094,517
				3,284,954
Health Care Equipment & Supplies - 4.0%
Cantel Medical Corp.		23,714		1,473,588
Neogen Corp. (A) (B)		21,886		1,236,997
				2,710,585
Health Care Providers & Services - 3.4%
Aceto Corp. (A)		48,289		1,302,837
Providence Service Corp. (A) (B)		20,561		964,722
				2,267,559
Health Care Technology - 2.3%
Medidata Solutions, Inc. (A) (B)		31,559		1,555,543
Hotels, Restaurants & Leisure - 5.5%
Popeyes Louisiana Kitchen, Inc. (B)		32,859		1,922,252
Sonic Corp. (A)		53,672		1,734,142
				3,656,394
Internet Software & Services - 3.1%
LogMeIn, Inc. (A) (B)		16,670		1,118,557
SPS Commerce, Inc. (A) (B)		13,354		937,584
				2,056,141
IT Services - 4.8%
Luxoft Holding, Inc., Class A (B)		11,118		857,531
MAXIMUS, Inc., Class A (A)		41,370		2,327,063
				3,184,594

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services - 8.0%
Cambrex Corp. (A) (B)		39,539		$  1,861,891
ICON PLC (A) (B)		25,780		2,003,106
PRA Health Sciences, Inc. (A) (B)		32,770		1,483,498
				5,348,495
Machinery - 1.5%
Proto Labs, Inc. (A) (B)		16,350		1,041,332
Oil, Gas & Consumable Fuels - 4.1%
Callon Petroleum Co. (A) (B)		79,845		665,907
Matador Resources Co. (A) (B)		40,390		798,511
PDC Energy, Inc. (A) (B)		24,540		1,309,945
				2,774,363
Pharmaceuticals - 5.9%
Prestige Brands Holdings, Inc. (B)		39,025		2,009,007
Supernus Pharmaceuticals, Inc. (A) (B)		84,214		1,131,836
Teligent, Inc. (A) (B)		89,629		797,698
				3,938,541
Professional Services - 3.3%
WageWorks, Inc. (B)		49,330		2,238,102
Road & Rail - 2.6%
Knight Transportation, Inc. (A)		41,479		1,005,036
Saia, Inc. (A) (B)		31,750		706,438
				1,711,474
Semiconductors & Semiconductor Equipment - 2.7%
CEVA, Inc. (A) (B)		15,174		354,465
Silicon Laboratories, Inc. (A) (B)		29,780		1,445,521
				1,799,986
Software - 5.2%
Callidus Software, Inc. (A) (B)		34,760		645,493
Ellie Mae, Inc. (A) (B)		31,892		1,920,855
Qualys, Inc. (A) (B)		27,910		923,542
				3,489,890
Specialty Retail - 3.9%
Asbury Automotive Group, Inc. (A) (B)		16,615		1,120,515
Monro Muffler Brake, Inc. (A)		23,004		1,523,325
				2,643,840
Textiles, Apparel & Luxury Goods - 4.8%
G-III Apparel Group, Ltd. (A) (B)		37,284		1,650,190
Steven Madden, Ltd., Class B (A) (B)		50,900		1,538,198
				3,188,388
Total Common Stocks (Cost $56,536,127)				65,043,990
SECURITIES LENDING COLLATERAL - 28.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (C)		19,128,528		19,128,528
Total Securities Lending Collateral (Cost $19,128,528)				19,128,528

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

Transamerica Partners Portfolios Annual Report 2015

Page    86

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Principal		Value
REPURCHASE AGREEMENT - 3.1%
State Street Bank & Trust Co. 0.03% (C), dated 12/31/2015, to be repurchased at $2,058,400 on 01/04/2016. Collateralized by a U.S. Government Agency Obligation, 0.88%, due 08/15/2017, and with a value of $2,102,625.		$  2,058,393		$  2,058,393
Total Repurchase Agreement (Cost $2,058,393)				2,058,393
Total Investments (Cost $77,723,048) (D)				86,230,911
Net Other Assets (Liabilities) - (28.8)%				(19,288,756	)
Net Assets - 100.0%				$  66,942,155

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	65,043,990	$	—	$	—	$	65,043,990
Securities Lending Collateral		19,128,528		—		—		19,128,528
Repurchase Agreement		—		2,058,393		—		2,058,393
Total Investments	$	84,172,518	$	2,058,393	$	—	$	86,230,911

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The total value of all securities on loan is $18,685,130. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate disclosed reflects the yield at December 31, 2015.

^(D)  Aggregate cost for federal income tax purposes is $77,821,596. Aggregate gross unrealized appreciation and depreciation for all securities is $10,989,550 and $2,580,235, respectively. Net unrealized appreciation for tax purposes is $8,409,315.

^(E)  The Portfolio recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Partners Portfolios Annual Report 2015

Page    87

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2015

	Shares		Value
COMMON STOCKS - 95.0%
Argentina - 0.5%
Arcos Dorados Holdings, Inc., Class A (A) (B)		597,900		$  1,859,469
Australia - 2.6%
APA Group		285,641		1,806,713
Asciano, Ltd. (A)		415,213		2,644,424
BHP Billiton PLC, ADR (A)		84,700		1,918,455
Challenger, Ltd.		663,239		4,214,395
				10,583,987
Brazil - 1.3%
Localiza Rent a Car SA (C)		330,400		2,062,669
Marfrig Global Foods SA (B)		2,060,000		3,294,365
				5,357,034
Canada - 4.4%
Canadian National Railway Co.		73,300		4,097,532
Fairfax Financial Holdings, Ltd.		9,700		4,605,064
Hudson’s Bay Co.		262,200		3,429,804
Newalta Corp. (A)		178,300		449,713
Suncor Energy, Inc.		201,300		5,196,528
				17,778,641
Chile - 0.6%
Banco Santander Chile, ADR		137,000		2,416,680
China - 2.9%
Fosun International, Ltd.		3,028,536		4,744,025
Minth Group, Ltd.		300,000		596,125
Shenzhen Expressway Co., Ltd., Class H		2,226,000		1,958,867
Sinotrans, Ltd., Class H		3,050,000		1,641,086
Universal Health International Group Holding, Ltd. (A)		6,700,000		2,593,532
				11,533,635
Denmark - 1.1%
Carlsberg A/S, Class B		51,977		4,604,729
France - 6.4%
Arkema SA		46,495		3,263,632
Bollore SA		826,900		3,861,428
Cie Generale des Etablissements Michelin, Class B		31,538		3,012,677
Engie SA		211,000		3,743,391
Rexel SA		190,024		2,535,925
Sanofi		56,201		4,800,607
Veolia Environnement SA		200,070		4,754,020
				25,971,680
Germany - 6.0%
Allianz SE, Class A		19,302		3,402,518
Bayer AG		25,031		3,126,130
Merck KGaA		34,200		3,311,270
METRO AG (A)		100,524		3,202,424
SAP SE		23,200		1,840,992
Siemens AG, Class A		41,787		4,042,718
Talanx AG (B)		95,000		2,921,679
TUI AG		137,400		2,482,053
				24,329,784
Greece - 0.7%
OPAP SA		323,500		2,847,665
Piraeus Bank SA (B)		22,282		6,732
				2,854,397

	Shares		Value
COMMON STOCKS (continued)
Hong Kong - 5.5%
Cheung Kong Property Holdings, Ltd.		308,000		$  2,016,890
China Mobile, Ltd.		425,000		4,798,356
China Resources Beer Holdings Co., Ltd.		600,000		1,286,702
CK Hutchison Holdings, Ltd.		308,000		4,149,031
First Pacific Co., Ltd.		4,200,000		2,785,531
Guangdong Investment, Ltd.		2,322,000		3,277,744
Noble Group, Ltd. (A)		6,990,500		1,972,071
Shun Tak Holdings, Ltd.		4,726,000		1,780,623
				22,066,948
India - 1.1%
Cairn India, Ltd.		1,617,457		3,372,745
Hindustan Zinc, Ltd.		500,000		1,107,983
				4,480,728
Indonesia - 0.5%
AKR Corporindo Tbk PT		3,600,000		1,861,609
Ireland - 2.5%
DCC PLC		21,000		1,752,234
Ryanair Holdings PLC, ADR		40,060		3,463,587
Smurfit Kappa Group PLC, Class B		195,215		4,994,008
				10,209,829
Israel - 1.4%
Teva Pharmaceutical Industries, Ltd., ADR (A)		85,200		5,592,528
Italy - 2.8%
Eni SpA, Class B		324,215		4,817,246
Mediobanca SpA		256,200		2,455,948
Prysmian SpA		190,138		4,154,347
				11,427,541
Japan - 18.8%
Aisin Seiki Co., Ltd.		92,700		3,989,656
Daiichi Sankyo Co., Ltd.		136,700		2,821,446
Denka Co., Ltd.		362,000		1,604,042
Electric Power Development Co., Ltd.		62,200		2,215,354
FANUC Corp.		10,400		1,791,815
FUJIFILM Holdings Corp.		142,200		5,934,361
Hitachi, Ltd.		833,800		4,724,620
Japan Airlines Co., Ltd.		99,500		3,561,391
Komatsu, Ltd.		128,900		2,109,119
Kuraray Co., Ltd.		334,700		4,054,153
Mitsubishi Heavy Industries, Ltd.		615,000		2,689,088
MS&AD Insurance Group Holdings, Inc.		168,700		4,947,072
NEC Corp.		1,533,000		4,857,339
Nippon Telegraph & Telephone Corp.		129,000		5,133,957
Nitori Holdings Co., Ltd.		52,800		4,434,241
ORIX Corp.		374,200		5,249,451
Resona Holdings, Inc.		928,400		4,508,530
SoftBank Group Corp.		81,900		4,133,526
Sony Corp. (A)		189,400		4,654,844
Sumitomo Mitsui Financial Group, Inc.		66,500		2,509,779
				75,923,784
Korea, Republic of - 1.2%
Korean Reinsurance Co.		134,102		1,612,390
SK Telecom Co., Ltd.		18,600		3,404,137
				5,016,527

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

Transamerica Partners Portfolios Annual Report 2015

Page    88

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

	Shares		Value
COMMON STOCKS (continued)
Macau - 0.4%
MGM China Holdings, Ltd.		1,359,572		$  1,701,647
Mexico - 2.4%
Alpek SAB de CV, Class A		1,563,400		2,186,193
Credito Real SAB de CV SOFOM ENR		987,813		2,505,283
Fomento Economico Mexicano SAB de CV, ADR		7,000		646,450
Grupo Aeroportuario del Centro Norte SAB de CV, Class B (A) (B)		311,320		1,516,273
Grupo Televisa SAB, ADR		103,000		2,802,630
				9,656,829
Netherlands - 3.7%
Boskalis Westminster		63,294		2,588,370
Delta Lloyd NV (A)		148,334		877,745
Heineken Holding NV, Class A		40,044		3,089,764
Koninklijke Philips NV (A)		175,571		4,495,289
Steinhoff International Holdings NV (A)		782,600		4,065,344
				15,116,512
Nigeria - 0.4%
Guaranty Trust Bank PLC		16,340,000		1,492,395
Panama - 0.4%
Copa Holdings SA, Class A (A)		29,800		1,438,148
Russian Federation - 0.9%
Lukoil PJSC, ADR		114,980		3,735,125
Singapore - 0.6%
DBS Group Holdings, Ltd.		212,000		2,495,437
Spain - 0.8%
Aena SA (B) (D)		28,700		3,287,396
Sweden - 3.0%
Investor AB, Class B		164,281		6,037,351
Svenska Cellulosa AB SCA, Class B		75,297		2,182,114
Telefonaktiebolaget LM Ericsson, Class B		412,800		3,979,929
				12,199,394
Switzerland - 4.4%
GAM Holding AG (B)		231,177		3,826,582
Nestle SA		60,764		4,510,830
Novartis AG		45,115		3,880,759
UBS Group AG		291,474		5,654,439
				17,872,610
Taiwan - 1.8%
ChipMOS TECHNOLOGIES Bermuda, Ltd.		176,100		3,486,780
Yuanta Financial Holding Co., Ltd.		10,065,510		3,723,200
				7,209,980
Thailand - 0.8%
Thai Union Group PCL		6,985,000		3,317,982
Turkey - 0.8%
Tofas Turk Otomobil Fabrikasi AS		511,535		3,323,820
United Kingdom - 13.1%
Admiral Group PLC		98,039		2,397,738
Aviva PLC		626,375		4,764,755
Barclays PLC		879,600		2,838,490
BGEO Group PLC (A)		40,305		1,131,312
GKN PLC		550,200		2,501,447
HSBC Holdings PLC		597,200		4,762,158

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
IG Group Holdings PLC		271,100		$  3,207,236
Imperial Tobacco Group PLC		97,194		5,138,859
Inchcape PLC		317,788		3,677,592
Johnson Matthey PLC		77,532		3,036,889
Kingfisher PLC		781,120		3,794,282
National Grid PLC, Class B		369,084		5,100,972
Sky PLC		324,060		5,312,349
Unilever PLC		118,358		5,106,256
				52,770,335
United States - 1.2%
Flextronics International, Ltd. (B)		430,700		4,828,147
Total Common Stocks (Cost $415,568,111)				384,315,287
PREFERRED STOCKS - 2.9%
Brazil - 0.5%
Itausa - Investimentos Itau SA
7.60% (C) (E)		1,179,748		2,038,595
Germany - 0.5%
Porsche Automobil Holding SE
4.59% (E)		38,900		2,093,496
Korea, Republic of - 1.9%
Hyundai Motor Co.
1.05% (E)		34,900		3,051,585
Samsung Electronics Co., Ltd.
2.03% (E)		4,886		4,516,559
				7,568,144
Total Preferred Stocks (Cost $15,703,395)				11,700,235
SECURITIES LENDING COLLATERAL - 6.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% (E)		24,568,890		24,568,890
Total Securities Lending Collateral (Cost $24,568,890)				24,568,890
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.03% (E), dated 12/31/2015, to be repurchased at $6,041,427 on 01/04/2016. Collateralized by a U.S. Government Obligation, 1.00%, due 09/15/2017, and with a value of $6,163,281.		$  6,041,407		6,041,407
Total Repurchase Agreement (Cost $6,041,407)				6,041,407
Total Investments (Cost $461,881,803) (F)				426,625,819
Net Other Assets (Liabilities) - (5.5)%				(22,350,172	)
Net Assets - 100.0%				$  404,275,647

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

Transamerica Partners Portfolios Annual Report 2015

Page    89

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Insurance		6.0	%	$	25,528,961
Banks		5.7			24,200,108
Pharmaceuticals		5.5			23,532,740
Diversified Financial Services		5.0			21,493,964
Industrial Conglomerates		4.9			20,963,920
Oil, Gas & Consumable Fuels		4.0			17,121,644
Capital Markets		3.7			15,660,169
Technology Hardware, Storage & Peripherals		3.6			15,308,259
Chemicals		3.3			14,144,909
Multi-Utilities		3.2			13,598,383
Wireless Telecommunication Services		2.9			12,336,019
Food Products		2.6			11,123,177
Auto Components		2.4			10,099,905
Electronic Equipment, Instruments & Components		2.2			9,552,767
Hotels, Restaurants & Leisure		2.1			8,890,834
Road & Rail		2.1			8,804,625
Household Durables		2.0			8,720,188
Automobiles		2.0			8,468,901
Airlines		2.0			8,463,126
Beverages		2.0			8,340,943
Specialty Retail		1.9			8,228,523
Media		1.9			8,114,979
Transportation Infrastructure		1.6			6,762,536
Machinery		1.5			6,590,022
Trading Companies & Distributors		1.5			6,369,605
Air Freight & Logistics		1.3			5,502,514
Tobacco		1.2			5,138,859
Diversified Telecommunication Services		1.2			5,133,957
Personal Products		1.2			5,106,256
Containers & Packaging		1.2			4,994,008
Food & Staples Retailing		1.0			4,489,126
Electrical Equipment		1.0			4,154,347
Communications Equipment		0.9			3,979,929
Distributors		0.9			3,677,592
Semiconductors & Semiconductor Equipment		0.8			3,486,780
Multiline Retail		0.8			3,429,804
Water Utilities		0.8			3,277,744
Metals & Mining		0.7			3,026,438
Health Care Providers & Services		0.6			2,593,532
Construction & Engineering		0.6			2,588,370
Consumer Finance		0.6			2,505,283
Independent Power and Renewable Electricity Producers		0.5			2,215,354
Household Products		0.5			2,182,114
Real Estate Management & Development		0.5			2,016,890
Software		0.4			1,840,992
Gas Utilities		0.4			1,806,713
Energy Equipment & Services		0.1			449,713
Investments, at Value		92.8			396,015,522
Short-Term Investments		7.2			30,610,297
Total Investments		100.0	%	$	426,625,819

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

Transamerica Partners Portfolios Annual Report 2015

Page    90

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2015

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at December 31, 2015
ASSETS
Investments
Common Stocks	$	56,174,389	$	328,140,898	$	—	$	384,315,287
Preferred Stocks		—		11,700,235		—		11,700,235
Securities Lending Collateral		24,568,890		—		—		24,568,890
Repurchase Agreement		—		6,041,407		—		6,041,407
Total Investments	$	80,743,279	$	345,882,540	$	—	$	426,625,819
Transfers (G)
Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Common Stocks (C)	$	2,062,669	$	—	$	—	$	—
Preferred Stocks (C)		2,038,595		—		—		—
Total	$	4,101,264	$	—	$	—	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The total value of all securities on loan is $23,264,626. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Transferred from Level 1 to 2 due to the application of fair value factors to the quotation from the primary market to reflect events that occured after the close of the primary market at December 31, 2015.

^(D)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, the total aggregate value of 144A securities is $3,287,396, representing 0.8% of the Portfolio’s net assets.

^(E)  Rate disclosed reflects the yield at December 31, 2015.

^(F)  Aggregate cost for federal income tax purposes is $463,033,557. Aggregate gross unrealized appreciation and depreciation for all securities is $38,565,579 and $74,973,317, respectively. Net unrealized depreciation for tax purposes is $36,407,738.

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

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Annual Report 2015

Page    91

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2015

	Money Market		High Quality Bond		Inflation- Protected Securities			Core Bond		High Yield Bond
Assets:
Investments, at value (A) (B)	$	749,791,995	$	340,552,964	$	267,923,938		$	1,481,355,524	$	714,083,213
Repurchase agreements, at value (C)		123,406,027		10,845,130		—			9,127,979		21,380,330
Cash		—		—		—			739,071		—
Cash on deposit with broker		—		—		585,220			478,184		—
Foreign currency, at value (D)		—		—		2,547,338			—		—
Unrealized appreciation on forward foreign currency contracts		—		—		274,212			—		—
Receivables:
Investments sold		—		121,634		2,449,901			392,475		623,243
When-issued, delayed-delivery, and forward commitment securities sold		—		—		—			12,491,603		—
Interest		98,928		1,407,686		1,043,842			8,057,588		13,311,059
Net income from securities lending		—		853		3			11,051		—
Total assets		873,296,950		352,928,267		274,824,454			1,512,653,475		749,397,845
Liabilities:
Due to custodian		—		—		3,715			—		—
Cash deposit due to broker		—		—		—			75,765		—
Payables and other liabilities:
Investments purchased		—		—		3,801,956			—		—
When-issued, delayed-delivery, and forward commitment securities purchased		—		—		—			187,739,655		—
Investment advisory fees		178,819		103,446		60,353			380,208		351,137
Trustees, CCO and deferred compensation fees		2,216		680		485			2,296		1,192
Audit and tax fees		10,058		11,555		12,188			14,997		12,874
Custody and accounting fees		36,807		15,710		53,751			48,325		32,466
Legal fees		5,941		2,717		2,149			10,186		6,639
Printing and shareholder reports fees		3,904		1,677		1,325			6,325		4,127
Variation margin payable		—		—		25,474			—		—
Other		2,469		1,072		832			3,959		2,531
Collateral for securities on loan		—		2,281,740		1,233,750			41,423,590		—
Written options and swaptions, at value (E)		—		—		901,934			—		—
Unrealized depreciation on forward foreign currency contracts		—		—		621,128			—		—
Total liabilities		240,214		2,418,597		6,719,040			229,705,306		410,966
Net assets	$	873,056,736	$	350,509,670	$	268,105,414		$	1,282,948,169	$	748,986,879
(A) Investments, at cost	$	749,791,995	$	345,091,782	$	275,503,674		$	1,495,230,846	$	803,385,790
(B) Securities on loan, at value	$	—	$	2,234,812	$	1,208,791		$	40,577,293	$	—
(C) Repurchase agreements, at cost	$	123,406,027	$	10,845,130	$	—		$	9,127,979	$	21,380,330
(D) Foreign currency, at cost	$	—	$	—	$	2,535,298		$	—	$	—
(E) Premium received on written options and swaptions	$	—	$	—	$	(1,406,313	)	$	—	$	—

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

Transamerica Partners Portfolios Annual Report 2015

Page    92

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At December 31, 2015

	Balanced		Large Value		Large Core		Large Growth		Mid Value
Assets:
Investments, at value (A) (B)	$	166,489,814	$	901,219,294	$	351,818,259	$	1,009,798,903	$	920,466,744
Repurchase agreements, at value (C)		801,413		13,234,284		4,307,112		8,883,912		24,030,679
Cash		30,776		3,865		—		—		39,823
Receivables:
Investments sold		272,064		—		—		469,022		—
When-issued, delayed-delivery, and forward commitment securities sold		603,321		—		—		—		—
Interest		375,284		11		4		7		20
Dividends		123,009		513,393		365,018		531,692		1,517,043
Tax reclaims		—		—		690		140,357		—
Net income from securities lending		2,301		113,767		13,358		44,802		65,577
Total assets		168,697,982		915,084,614		356,504,441		1,019,868,695		946,119,886
Liabilities:
Payables and other liabilities:
Investments purchased		256,304		—		—		451,932		20,418
When-issued, delayed-delivery, and forward commitment securities purchased		8,975,375		—		—		—		—
Investment advisory fees		47,076		319,739		166,398		491,091		458,350
Trustees, CCO and deferred compensation fees		276		1,462		620		2,120		1,336
Audit and tax fees		13,342		10,934		11,847		11,811		10,255
Custody and accounting fees		29,592		24,769		11,014		30,377		26,871
Legal fees		1,142		6,744		2,531		6,828		7,808
Printing and shareholder reports fees		674		4,307		1,615		4,350		4,467
Variation margin payable		5,760		—		—		—		—
Other		1,262		2,963		3,127		2,864		3,259
Collateral for securities on loan		7,774,676		88,291,614		32,938,081		93,409,717		143,733,430
Total liabilities		17,105,479		88,662,532		33,135,233		94,411,090		144,266,194
Net assets	$	151,592,503	$	826,422,082	$	323,369,208	$	925,457,605	$	801,853,692
(A) Investments, at cost	$	157,108,295	$	855,134,981	$	327,252,563	$	796,399,604	$	847,287,145
(B) Securities on loan, at value	$	7,606,822	$	85,984,911	$	32,125,166	$	91,440,969	$	140,152,439
(C) Repurchase agreements, at cost	$	801,413	$	13,234,284	$	4,307,112	$	8,883,912	$	24,030,679

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

Transamerica Partners Portfolios Annual Report 2015

Page    93

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At December 31, 2015

	Mid Growth		Small Value		Small Core		Small Growth		International Equity
Assets:
Investments, at value (A) (B)	$	119,997,742	$	81,341,881	$	295,580,004	$	84,172,518	$	420,584,412
Repurchase agreements, at value (C)		598,774		513,591		2,468,461		2,058,393		6,041,407
Cash		—		—		—		—		632
Foreign currency, at value (D)		—		—		—		—		74,385
Receivables:
Investments sold		—		1,271,577		—		189,489		1,819,330
Interest		1		1		2		2		5
Dividends		62,524		197,580		368,786		7,989		313,612
Tax reclaims		—		—		—		—		641,247
Net income from securities lending		3,919		15,482		19,175		7,445		46,129
Total assets		120,662,960		83,340,112		298,436,428		86,435,836		429,521,159
Liabilities:
Payables and other liabilities:
Investments purchased		—		662,567		—		299,539		323,445
Investment advisory fees		64,621		37,555		159,790		48,999		254,479
Trustees, CCO and deferred compensation fees		168		106		366		131		665
Audit and tax fees		10,243		10,242		10,328		10,240		16,999
Custody and accounting fees		5,486		7,877		15,151		5,088		72,350
Legal fees		977		—		2,264		505		3,708
Printing and shareholder reports fees		605		350		1,438		305		2,419
Other		738		791		1,784		346		2,557
Collateral for securities on loan		12,835,455		14,799,186		66,626,540		19,128,528		24,568,890
Total liabilities		12,918,293		15,518,674		66,817,661		19,493,681		25,245,512
Net assets	$	107,744,667	$	67,821,438	$	231,618,767	$	66,942,155	$	404,275,647
(A) Investments, at cost	$	119,627,858	$	80,072,786	$	306,934,398	$	75,664,655	$	455,840,396
(B) Securities on loan, at value	$	12,545,269	$	14,443,765	$	64,771,030	$	18,685,130	$	23,264,626
(C) Repurchase agreements, at cost	$	598,774	$	513,591	$	2,468,461	$	2,058,393	$	6,041,407
(D) Foreign currency, at cost	$	—	$	—	$	—	$	—	$	74,804

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

Transamerica Partners Portfolios Annual Report 2015

Page    94

STATEMENTS OF OPERATIONS

For the year ended December 31, 2015

	Money Market		High Quality Bond			Inflation- Protected Securities			Core Bond			High Yield Bond
Investment Income:
Dividend income	$	—	$	—		$	—		$	164,591		$	418,930
Interest income		2,431,472		6,101,445			1,730,161			35,484,376			52,855,997
Net income from securities lending		—		19,837			1,257			157,803			—
Withholding taxes on foreign income		—		(651	)		—			998			—
Total investment income		2,431,472		6,120,631			1,731,418			35,807,768			53,274,927
Expenses:
Investment advisory fees		2,084,241		1,285,871			997,939			4,738,736			4,655,240
Trustees, CCO and deferred compensation fees		15,297		6,453			5,002			23,716			14,627
Audit and tax fees		20,679		22,208			23,046			27,484			24,537
Custody and accounting fees		142,359		62,965			194,773			187,214			135,249
Legal fees		25,673		13,428			10,814			51,929			30,531
Printing and shareholder reports fees		3,336		129			1,056			7,140			4,608
Other		16,967		7,485			5,763			27,240			17,189
Total expenses before waiver and/or reimbursement		2,308,552		1,398,539			1,238,393			5,063,459			4,881,981
Expenses waived and/or reimbursed		—		—			(97,863	)		—			—
Net expenses		2,308,552		1,398,539			1,140,530			5,063,459			4,881,981
Net investment income (loss)		122,920		4,722,092			590,888			30,744,309			48,392,946
Net realized gain (loss) on:
Investments		3,909		(836,409	)		(5,942,718	)		2,912,066			(13,293,618	)
Written options and swaptions		—		—			2,654,877			—			—
Swap agreements		—		—			(332,290	)		—			—
Futures contracts		—		—			(774,188	)		—			—
Foreign currency transactions		—		—			3,557,339			—			—
Net realized gain (loss)		3,909		(836,409	)		(836,980	)		2,912,066			(13,293,618	)
Net change in unrealized appreciation (depreciation) on:
Investments		—		(1,252,420	)		(5,680,420	)		(26,836,815	)		(67,991,992	)
Written options and swaptions		—		—			482,978			—			—
Swap agreements		—		—			(49,386	)		—			—
Futures contracts		—		—			944,770			—			—
Translation of assets and liabilities denominated in foreign currencies		—		—			(958,275	)		—			—
Net change in unrealized appreciation (depreciation)		—		(1,252,420	)		(5,260,333	)		(26,836,815	)		(67,991,992	)
Net realized and change in unrealized gain (loss)		3,909		(2,088,829	)		(6,097,313	)		(23,924,749	)		(81,285,610	)
Net increase (decrease) in net assets resulting from operations	$	126,829	$	2,633,263		$	(5,506,425	)	$	6,819,560		$	(32,892,664	)

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

Transamerica Partners Portfolios Annual Report 2015

Page    95

STATEMENTS OF OPERATIONS (continued)

For the year ended December 31, 2015

	Balanced			Large Value			Large Core			Large Growth			Mid Value
Investment Income:
Dividend income	$	1,766,817		$	17,063,495		$	6,461,889		$	9,084,028		$	16,831,540
Interest income		1,565,491			918			354			5,189			3,293
Net income from securities lending		16,646			417,590			85,331			267,336			409,050
Withholding taxes on foreign income		(11,581	)		(3,729	)		(11,544	)		(67,056	)		(152,160	)
Total investment income		3,337,373			17,478,274			6,536,030			9,289,497			17,091,723
Expenses:
Investment advisory fees		716,565			4,024,083			2,063,959			5,918,183			5,808,430
Trustees, CCO and deferred compensation fees		2,805			15,447			6,002			17,118			14,937
Audit and tax fees		27,159			23,704			24,406			24,782			24,564
Custody and accounting fees		109,972			101,078			44,660			111,089			106,432
Legal fees		5,548			34,196			11,859			36,226			36,444
Printing and shareholder reports fees		788			4,826			1,821			4,642			4,216
Other		3,043			17,971			6,745			18,812			17,681
Total expenses before waiver and/or reimbursement		865,880			4,221,305			2,159,452			6,130,852			6,012,704
Expenses waived and/or reimbursed		(69,684	)		—			—			—			—
Net expenses		796,196			4,221,305			2,159,452			6,130,852			6,012,704
Net investment income (loss)		2,541,177			13,256,969			4,376,578			3,158,645			11,079,019
Net realized gain (loss) on:
Investments		7,531,892			88,003,967			37,746,692			57,295,520			60,081,715
Futures contracts		105,267			—			—			—			—
Foreign currency transactions		(21	)		—			—			(945	)		(1,929	)
Net realized gain (loss)		7,637,138			88,003,967			37,746,692			57,294,575			60,079,786
Net change in unrealized appreciation (depreciation) on:
Investments		(9,530,652	)		(103,060,022	)		(44,445,169	)		22,397,523			(73,933,778	)
Futures contracts		10,180			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(6	)		—			(131	)		(2,114	)		—
Net change in unrealized appreciation (depreciation)		(9,520,478	)		(103,060,022	)		(44,445,300	)		22,395,409			(73,933,778	)
Net realized and change in unrealized gain (loss)		(1,883,340	)		(15,056,055	)		(6,698,608	)		79,689,984			(13,853,992	)
Net increase (decrease) in net assets resulting from operations	$	657,837		$	(1,799,086	)	$	(2,322,030	)	$	82,848,629		$	(2,774,973	)

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

Transamerica Partners Portfolios Annual Report 2015

Page    96

STATEMENTS OF OPERATIONS (continued)

For the year ended December 31, 2015

	Mid Growth			Small Value			Small Core			Small Growth			International Equity
Investment Income:
Dividend income	$	751,084		$	1,341,802		$	4,905,892		$	550,455		$	16,219,372
Interest income		76			271			302			233			67,905
Net income from securities lending		44,964			45,235			389,701			93,807			613,627
Withholding taxes on foreign income		(15,341	)		(4,346	)		(22,276	)		—			(2,622,779	)
Total investment income		780,783			1,382,962			5,273,619			644,495			14,278,125
Expenses:
Investment advisory fees		891,430			621,966			2,196,290			591,754			3,369,059
Trustees, CCO and deferred compensation fees		2,119			1,304			4,639			1,248			7,705
Audit and tax fees		22,398			22,448			23,833			20,863			45,193
Custody and accounting fees		22,267			28,354			58,549			22,093			288,673
Legal fees		4,877			6,827			10,637			248			13,009
Printing and shareholder reports fees		—			283			871			203			2,425
Other		2,560			1,511			5,673			1,378			10,375
Total expenses before waiver and/or reimbursement		945,651			682,693			2,300,492			637,787			3,736,439
Expenses waived and/or reimbursed		(17,064	)		(37,965	)		—			(3,759	)		—
Net expenses		928,587			644,728			2,300,492			634,028			3,736,439
Net investment income (loss)		(147,804	)		738,234			2,973,127			10,467			10,541,686
Net realized gain (loss) on:
Investments		18,401,108			16,651,660			2,718,927			3,668,577			(11,471,642	)
Foreign currency transactions		—			(9,383	)		(144	)		—			(284,133	)
Net realized gain (loss)		18,401,108			16,642,277			2,718,783			3,668,577			(11,755,775	)
Net change in unrealized appreciation (depreciation) on:
Investments		(18,808,529	)		(21,880,137	)		(31,373,612	)		(1,411,721	)		(5,802,833	)
Translation of assets and liabilities denominated in foreign currencies		—			47			—			—			(113,456	)
Net change in unrealized appreciation (depreciation)		(18,808,529	)		(21,880,090	)		(31,373,612	)		(1,411,721	)		(5,916,289	)
Net realized and change in unrealized gain (loss)		(407,421	)		(5,237,813	)		(28,654,829	)		2,256,856			(17,672,064	)
Net increase (decrease) in net assets resulting from operations	$	(555,225	)	$	(4,499,579	)	$	(25,681,702	)	$	2,267,323		$	(7,130,378	)

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

Transamerica Partners Portfolios Annual Report 2015

Page    97

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Money Market						High Quality Bond						Inflation-Protected Securities
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
From operations:
Net investment income (loss)	$	122,920		$	(405,088	)	$	4,722,092		$	5,557,003		$	590,888		$	3,295,015
Net realized gain (loss)		3,909			10,182			(836,409	)		37,515			(836,980	)		(2,026,292	)
Net change in unrealized appreciation (depreciation)		—			—			(1,252,420	)		(2,422,845	)		(5,260,333	)		6,620,161
Net increase (decrease) in net assets resulting from operations		126,829			(394,906	)		2,633,263			3,171,673			(5,506,425	)		7,888,884
From transactions in investors’ beneficial interests:
Contributions		681,666,419			604,412,830			178,165,153			168,879,564			41,488,372			44,535,342
Withdrawals		(671,104,556	)		(728,511,842	)		(201,443,124	)		(200,754,741	)		(50,802,329	)		(44,286,154	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		10,561,863			(124,099,012	)		(23,277,971	)		(31,875,177	)		(9,313,957	)		249,188
Net increase (decrease) in net assets		10,688,692			(124,493,918	)		(20,644,708	)		(28,703,504	)		(14,820,382	)		8,138,072
Net assets:
Beginning of year		862,368,044			986,861,962			371,154,378			399,857,882			282,925,796			274,787,724
End of year	$	873,056,736		$	862,368,044		$	350,509,670		$	371,154,378		$	268,105,414		$	282,925,796
	Core Bond						High Yield Bond						Balanced
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
From operations:
Net investment income (loss)	$	30,744,309		$	34,907,805		$	48,392,946		$	52,214,684		$	2,541,177		$	2,261,478
Net realized gain (loss)		2,912,066			28,880,767			(13,293,618	)		25,943,110			7,637,138			7,008,505
Net change in unrealized appreciation (depreciation)		(26,836,815	)		19,066,627			(67,991,992	)		(50,739,572	)		(9,520,478	)		4,682,230
Net increase (decrease) in net assets resulting from operations		6,819,560			82,855,199			(32,892,664	)		27,418,222			657,837			13,952,213
From transactions in investors’ beneficial interests:
Contributions		206,524,514			243,239,709			88,025,013			112,116,324			31,301,309			27,672,670
Withdrawals		(284,871,593	)		(307,830,084	)		(182,920,525	)		(119,665,792	)		(27,931,083	)		(17,330,758	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(78,347,079	)		(64,590,375	)		(94,895,512	)		(7,549,468	)		3,370,226			10,341,912
Net increase (decrease) in net assets		(71,527,519	)		18,264,824			(127,788,176	)		19,868,754			4,028,063			24,294,125
Net assets:
Beginning of year		1,354,475,688			1,336,210,864			876,775,055			856,906,301			147,564,440			123,270,315
End of year	$	1,282,948,169		$	1,354,475,688		$	748,986,879		$	876,775,055		$	151,592,503		$	147,564,440

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

Transamerica Partners Portfolios Annual Report 2015

Page    98

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Large Value						Large Core						Large Growth
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
From operations:
Net investment income (loss)	$	13,256,969		$	11,285,487		$	4,376,578		$	3,319,424		$	3,158,645		$	3,799,693
Net realized gain (loss)		88,003,967			108,717,853			37,746,692			33,339,747			57,294,575			172,880,474
Net change in unrealized appreciation (depreciation)		(103,060,022	)		(35,341,767	)		(44,445,300	)		9,785,542			22,395,409			(84,671,004	)
Net increase (decrease) in net assets resulting from operations		(1,799,086	)		84,661,573			(2,322,030	)		46,444,713			82,848,629			92,009,163
From transactions in investors’ beneficial interests:
Contributions		75,369,693			67,987,946			30,264,680			29,197,760			75,723,926			62,275,027
Withdrawals		(167,401,036	)		(156,673,532	)		(51,955,709	)		(37,995,285	)		(159,696,818	)		(169,720,555	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(92,031,343	)		(88,685,586	)		(21,691,029	)		(8,797,525	)		(83,972,892	)		(107,445,528	)
Net increase (decrease) in net assets		(93,830,429	)		(4,024,013	)		(24,013,059	)		37,647,188			(1,124,263	)		(15,436,365	)
Net assets:
Beginning of year		920,252,511			924,276,524			347,382,267			309,735,079			926,581,868			942,018,233
End of year	$	826,422,082		$	920,252,511		$	323,369,208		$	347,382,267		$	925,457,605		$	926,581,868
	Mid Value						Mid Growth						Small Value
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
From operations:
Net investment income (loss)	$	11,079,019		$	12,714,125		$	(147,804	)	$	798,940		$	738,234		$	752,806
Net realized gain (loss)		60,079,786			205,832,321			18,401,108			10,596,128			16,642,277			9,659,760
Net change in unrealized appreciation (depreciation)		(73,933,778	)		(100,147,711	)		(18,808,529	)		(1,341,660	)		(21,880,090	)		(5,124,496	)
Net increase (decrease) in net assets resulting from operations		(2,774,973	)		118,398,735			(555,225	)		10,053,408			(4,499,579	)		5,288,070
From transactions in investors’ beneficial interests:
Contributions		78,244,993			60,667,605			16,866,894			16,339,479			7,541,849			9,733,013
Withdrawals		(142,550,405	)		(285,213,427	)		(34,696,316	)		(50,406,635	)		(11,813,901	)		(20,725,556	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(64,305,412	)		(224,545,822	)		(17,829,422	)		(34,067,156	)		(4,272,052	)		(10,992,543	)
Net increase (decrease) in net assets		(67,080,385	)		(106,147,087	)		(18,384,647	)		(24,013,748	)		(8,771,631	)		(5,704,473	)
Net assets:
Beginning of year		868,934,077			975,081,164			126,129,314			150,143,062			76,593,069			82,297,542
End of year	$	801,853,692		$	868,934,077		$	107,744,667		$	126,129,314		$	67,821,438		$	76,593,069

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

Transamerica Partners Portfolios Annual Report 2015

Page    99

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Small Core						Small Growth						International Equity
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
From operations:
Net investment income (loss)	$	2,973,127		$	3,359,210		$	10,467		$	(249,719	)	$	10,541,686		$	16,095,155
Net realized gain (loss)		2,718,783			23,328,860			3,668,577			8,927,234			(11,755,775	)		7,181,699
Net change in unrealized appreciation (depreciation)		(31,373,612	)		(13,556,343	)		(1,411,721	)		(6,868,899	)		(5,916,289	)		(62,059,763	)
Net increase (decrease) in net assets resulting from operations		(25,681,702	)		13,131,727			2,267,323			1,808,616			(7,130,378	)		(38,782,909	)
From transactions in investors’ beneficial interests:
Contributions		25,637,900			20,707,866			10,940,976			9,958,737			58,103,998			81,284,021
Withdrawals		(74,628,736	)		(61,729,892	)		(12,727,271	)		(18,370,607	)		(145,878,162	)		(155,426,237	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(48,990,836	)		(41,022,026	)		(1,786,295	)		(8,411,870	)		(87,774,164	)		(74,142,216	)
Net increase (decrease) in net assets		(74,672,538	)		(27,890,299	)		481,028			(6,603,254	)		(94,904,542	)		(112,925,125	)
Net assets:
Beginning of year		306,291,305			334,181,604			66,461,127			73,064,381			499,180,189			612,105,314
End of year	$	231,618,767		$	306,291,305		$	66,942,155		$	66,461,127		$	404,275,647		$	499,180,189

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

Transamerica Partners Portfolios Annual Report 2015

Page    100

FINANCIAL HIGHLIGHTS

For the years ended:

	Money Market
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		0.01%		(0.05)%		(0.07)%		(0.11)%		(0.04)%
Ratio and supplemental data:
Net assets end of year (000’s)		$  873,057		$  862,368		$  986,862		$  948,358		$  995,629
Expenses to average net assets		0.28%		0.28%		0.29%		0.28%		0.28%
Net investment income (loss) to average net assets		0.01%		(0.05)%		(0.07)%		(0.11)%		(0.04)%

^(A)  Total return reflects all Portfolio expenses.

	High Quality Bond
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		0.69%		0.81%		0.41%		2.95%		2.16%
Ratio and supplemental data:
Net assets end of year (000’s)		$  350,510		$  371,154		$  399,858		$  386,046		$  458,228
Expenses to average net assets		0.38%		0.38%		0.39%		0.38%		0.38%
Net investment income (loss) to average net assets		1.29%		1.47%		1.81%		2.10%		2.43%
Portfolio turnover rate		70%		92%		77%		68%		84%

^(A)  Total return reflects all Portfolio expenses.

	Inflation-Protected Securities
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		(1.94)%		3.00%		(8.26)%		7.06%		12.33%
Ratio and supplemental data:
Net assets end of year (000’s)		$  268,105		$  282,926		$  274,788		$  341,136		$  358,544
Expenses to average net assets
Excluding waiver and/or reimbursement		0.43%		0.42%		0.41%		0.40%		0.40%
Including waiver and/or reimbursement		0.40%		0.40%		0.40%		0.40%		0.40%
Net investment income (loss) to average net assets		0.21%		1.17%		0.48%		1.43%		3.30%
Portfolio turnover rate		54%		81%		99%		103%		134%

^(A)  Total return reflects all Portfolio expenses.

	Core Bond
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		0.46%		6.32%		(0.96)%		8.28%		6.20%
Ratio and supplemental data:
Net assets end of year (000’s)		$  1,282,948		$  1,354,476		$  1,336,211		$  1,470,033		$  1,588,591
Expenses to average net assets		0.37%		0.38%		0.39%		0.39%		0.39%
Net investment income (loss) to average net assets		2.27%		2.58%		2.64%		3.03%		3.54%
Portfolio turnover rate		46%		184%		200%		297%		406%

^(A)  Total return reflects all Portfolio expenses.

	High Yield Bond
	December 31, 2015		December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return (A)		(4.13)%		3.16%			7.48%			15.14%			4.93%
Ratio and supplemental data:
Net assets end of year (000’s)		$  748,987		$  876,775			$  856,906			$  819,993			$  729,276
Expenses to average net assets		0.58%		0.58%	(B)		0.59%	(B)		0.59%	(B)		0.59%	(B)
Net investment income (loss) to average net assets		5.72%		5.87%	(C)		6.37%	(C)		7.23%	(C)		8.04%	(C)
Portfolio turnover rate		44%		97%	(D)		51%	(D)		102%	(D)		81%	(D)

^(A)  Total return reflects all Portfolio expenses.

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

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

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    101

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

	Balanced
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		0.57%		10.99%		18.33%		13.47%		3.60%
Ratio and supplemental data:
Net assets end of year (000’s)		$  151,593		$  147,564		$  123,270		$  109,602		$  104,111
Expenses to average net assets
Excluding waiver and/or reimbursement		0.54%		0.58%		0.63%		0.61%		0.62%
Including waiver and/or reimbursement		0.50%		0.50%		0.50%		0.50%		0.50%
Net investment income (loss) to average net assets		1.60%		1.69%		1.44%		1.82%		2.26%
Portfolio turnover rate		50%		92%		123%		150%		245%

^(A)  Total return reflects all Portfolio expenses.

	Large Value
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012			December 31, 2011
Total return (A)		(0.36)%		9.82%		38.08%		17.39%			2.32%
Ratio and supplemental data:
Net assets end of year (000’s)		$  826,422		$  920,253		$  924,277		$  785,039			$  877,766
Expenses to average net assets (B)		0.47%		0.47%		0.48%		0.48%			0.47%
Net investment income (loss) to average net assets (C)		1.48%		1.24%		1.69%		2.08%	(D)		1.70%
Portfolio turnover rate (E)		65%		69%		99%		48%			55%

^(A)  Total return reflects all Portfolio expenses.

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

^(C)  Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying Master Portfolio in which the Portfolio invests.

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

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

	Large Core
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		(0.78)%		15.16%		37.28%		17.30%		3.51%
Ratio and supplemental data:
Net assets end of year (000’s)		$  323,369		$  347,382		$  309,735		$  244,984		$  235,204
Expenses to average net assets		0.63%		0.63%		0.64%		0.64%		0.63%
Net investment income (loss) to average net assets		1.27%		1.02%		1.41%		1.68%		1.37%
Portfolio turnover rate		64%		70%		116%		54%		63%

^(A)  Total return reflects all Portfolio expenses.

	Large Growth
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		9.17%		10.75%		35.32%		14.91%		(1.78)%
Ratio and supplemental data:
Net assets end of year (000’s)		$  925,458		$  926,582		$  942,018		$  825,014		$  1,016,307
Expenses to average net assets (B)
Excluding waiver and/or reimbursement		0.64%		0.65%		0.66%		0.66%		0.65%
Including waiver and/or reimbursement		0.64%		0.65%		0.65%		0.65%		0.65%
Net investment income (loss) to average net assets (C)		0.33%		0.42%		0.57%		0.75%		0.34%
Portfolio turnover rate (D)		33%		73%		49%		53%		53%

^(A)  Total return reflects all Portfolio expenses.

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

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

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    102

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

	Mid Value
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		(0.46)%		12.97%		32.99%		19.50%		(2.19)%
Ratio and supplemental data:
Net assets end of year (000’s)		$  801,854		$  868,934		$  975,081		$  777,964		$  748,835
Expenses to average net assets
Excluding waiver and/or reimbursement		0.69%		0.70%		0.70%		0.70%		0.70%
Including waiver and/or reimbursement		0.69%		0.70%		0.70%		0.70%		0.70%
Net investment income (loss) to average net assets		1.28%		1.32%		0.93%		1.36%		1.08%
Portfolio turnover rate		37%		92%		53%		71%		69%

^(A)  Total return reflects all Portfolio expenses.

	Mid Growth
	December 31, 2015		December 31, 2014		December 31, 2013			December 31, 2012		December 31, 2011
Total return (A)		(1.37)%		8.04%		30.35%			13.93%		(6.90)%
Ratio and supplemental data:
Net assets end of year (000’s)		$  107,745		$  126,129		$  150,143			$  164,933		$  206,602
Expenses to average net assets
Excluding waiver and/or reimbursement		0.76%		0.76%		0.77%			0.76%		0.75%
Including waiver and/or reimbursement		0.75%		0.75%		0.75%			0.75%		0.75%
Net investment income (loss) to average net assets		(0.12)%		0.60%		(0.00)%	(B)		0.10%		(0.33)%
Portfolio turnover rate		70%		60%		234%			178%		135%

^(A)  Total return reflects all Portfolio expenses.

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

	Small Value
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		(6.12)%		7.38%		34.10%		16.11%		1.35%
Ratio and supplemental data:
Net assets end of year (000’s)		$  67,821		$  76,593		$  82,298		$  70,183		$  103,958
Expenses to average net assets
Excluding waiver and/or reimbursement		0.90%		0.88%		0.88%		0.88%		0.87%
Including waiver and/or reimbursement		0.85%		0.85%		0.85%		0.85%		0.85%
Net investment income (loss) to average net assets		0.97%		0.99%		0.57%		1.41%		0.63%
Portfolio turnover rate		133%		18%		16%		15%		16%

^(A)  Total return reflects all Portfolio expenses.

	Small Core
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		(9.47)%		4.21%		33.62%		15.04%		(2.19)%
Ratio and supplemental data:
Net assets end of year (000’s)		$  231,619		$  306,291		$  334,182		$  296,936		$  296,060
Expenses to average net assets		0.84%		0.83%		0.84%		0.84%		0.84%
Net investment income (loss) to average net assets		1.08%		1.05%		0.74%		1.07%		0.32%
Portfolio turnover rate		132%		148%		195%		59%		59%

^(A)  Total return reflects all Portfolio expenses.

	Small Growth
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		3.55%		3.13%		37.97%		1.30%		(6.45)%
Ratio and supplemental data:
Net assets end of year (000’s)		$  66,942		$  66,461		$  73,064		$  58,300		$  108,124
Expenses to average net assets
Excluding waiver and/or reimbursement		0.91%		0.91%		0.93%		0.94%		0.94%
Including waiver and/or reimbursement		0.90%		0.90%		0.90%		0.90%		0.90%
Net investment income (loss) to average net assets		0.01%		(0.37)%		(0.46)%		(0.20)%		(0.37)%
Portfolio turnover rate		53%		78%		72%		209%		120%

^(A)  Total return reflects all Portfolio expenses.

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

Transamerica Partners Portfolios Annual Report 2015

Page    103

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

	International Equity
	December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011
Total return (A)		(2.47)%		(7.74)%		13.92%		17.35%		(13.51)%
Ratio and supplemental data:
Net assets end of year (000’s)		$  404,276		$  499,180		$  612,105		$  614,432		$  680,170
Expenses to average net assets		0.82%		0.83%		0.85%		0.82%		0.82%
Net investment income (loss) to average net assets		2.32%		2.80%		1.31%		1.65%		1.70%
Portfolio turnover rate		23%		28%		116%		23%		24%

^(A)  Total return reflects all Portfolio expenses.

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

Transamerica Partners Portfolios Annual Report 2015

Page    104

NOTES TO FINANCIAL STATEMENTS

At December 31, 2015

1. ORGANIZATION

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

Portfolio

Transamerica Partners Money Market Portfolio (“Money Market”)

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

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

Transamerica Partners Core Bond Portfolio (“Core Bond”)

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

Transamerica Partners Balanced Portfolio (“Balanced”)

Transamerica Partners Large Value Portfolio (“Large Value”)

Transamerica Partners Large Core Portfolio (“Large Core”)

Transamerica Partners Large Growth Portfolio (“Large Growth”)

Transamerica Partners Mid Value Portfolio (“Mid Value”)

Transamerica Partners Mid Growth Portfolio (“Mid Growth”)

Transamerica Partners Small Value Portfolio (“Small Value”)

Transamerica Partners Small Core Portfolio (“Small Core”)

Transamerica Partners Small Growth Portfolio (“Small Growth”)

Transamerica Partners International Equity Portfolio (“International Equity”)

Transamerica Asset Management, Inc. (“TAM”) provides continuous and regular investment management services to the Portfolios. TAM acts as a “manager of managers”, providing management services that include, without limitation, the design and development of each Portfolio and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending and implementing fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Portfolios’ investments; regular review of sub-adviser performance and holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation of portfolio holdings; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Portfolios’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and filings; and oversight of other service providers to the Portfolios, such as the custodian, the transfer agent, the Portfolios’ independent registered public accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations for the Portfolios; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. Where TAM employs sub-advisers, the sub-advisers carry out and effectuate the investment strategy designed for the Portfolios by TAM and are responsible, subject to TAM’s and the Board’s oversight, among other things, for making decisions to buy, hold or sell a particular security. TAM’s investment management services include the provision of supervisory and administrative services to the Portfolios. Payment of any fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of the Portfolios.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Transamerica Partners Portfolios Annual Report 2015

Page    105

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

Cash overdraft: Throughout the 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, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Interest income within the Statements of Operations.

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

Commissions recaptured are included in Net realized gain (loss) within the Statements of Operations. For the year ended December 31, 2015, commissions recaptured are as follows:

Portfolio	Commissions Recaptured
Large Growth	$	22,831
Mid Value		41,399
Small Value		637
Small Growth		2,513
International Equity		2,363

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

3. SECURITY VALUATION

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

Transamerica Partners Portfolios Annual Report 2015

Page    106

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

3. SECURITY VALUATION (continued)

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The hierarchy classification of inputs used to value the Portfolios’ investments, at December 31, 2015, is disclosed in the Security Valuation section of each Portfolio’s Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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

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

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

Equity securities (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

Transamerica Partners Portfolios Annual Report 2015

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

3. SECURITY VALUATION (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

3. SECURITY VALUATION (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

The Portfolios held no unsecured loan participations at December 31, 2015. Open secured loan participations and assignments at December 31, 2015, if any, are included within the Schedule of Investments.

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

PIKs held at December 31, 2015, if any, are identified in the Schedule of Investments.

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

REITs held at December 31, 2015, if any, are identified in the Schedule of Investments.

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

Restricted and illiquid securities held at December 31, 2015, if any, are identified in the Schedule of Investments.

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

4. SECURITIES AND OTHER INVESTMENTS (continued)

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

TBA commitments held at December 31, 2015, if any, are identified in the Schedule of Investments. Open balances at December 31, 2015, if any, are included in When-issued, delayed-delivery, and forward commitment purchased or sold in the Statements of Assets and Liabilities.

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

TIPS held at December 31, 2015, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations with a corresponding adjustment to cost.

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

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

When-issued, delayed-delivery, and forward commitment transactions held at December 31, 2015, if any, are identified in the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, and forward commitment securities purchased or sold in the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Portfolios pursuant to a Securities Lending Agreement. The lending of securities exposes the Portfolios to risks such as, the

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolios may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Portfolios in the case of default of any securities borrower.

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

The value of loaned securities and related collateral outstanding at December 31, 2015, if any, are shown on a gross basis in the Schedule of Investments and Statements of Assets and Liabilities.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolios and their counterparties that provide for the net settlement of all transactions and collateral with the Portfolios, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected in the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2015.

Open repurchase agreements at December 31, 2015, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2015.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
High Quality Bond
Securities Lending Transactions
Corporate Debt Securities	$	2,281,740	$	—	$	—	$	—	$	2,281,740
Total Borrowings	$	2,281,740	$	—	$	—	$	—	$	2,281,740
Gross amount of recognized liabilities for securities lending transactions									$	2,281,740
Inflation-Protected Securities
Securities Lending Transactions
U.S. Government Obligations	$	1,233,750	$	—	$	—	$	—	$	1,233,750
Total Borrowings	$	1,233,750	$	—	$	—	$	—	$	1,233,750
Gross amount of recognized liabilities for securities lending transactions									$	1,233,750
Core Bond
Securities Lending Transactions
Corporate Debt Securities	$	17,724,574	$	—	$	—	$	—	$	17,724,574
Foreign Government Obligations		1,773,070		—		—		—		1,773,070
U.S. Government Obligations		15,784,459		—		—		—		15,784,459
Preferred Stocks		980,567		—		—		—		980,567
Short-Term U.S. Government Obligations		5,160,920		—		—		—		5,160,920
Total	$	41,423,590	$	—	$	—	$	—	$	41,423,590
Total Borrowings	$	41,423,590	$	—	$	—	$	—	$	41,423,590
Gross amount of recognized liabilities for securities lending transactions									$	41,423,590

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Balanced
Securities Lending Transactions
Common Stocks	$	7,421,872	$	—	$	—	$	—	$	7,421,872
Preferred Stocks		43,475		—		—		—		43,475
Corporate Debt Securities		309,329		—		—		—		309,329
Total	$	7,774,676	$	—	$	—	$	—	$	7,774,676
Total Borrowings	$	7,774,676	$	—	$	—	$	—	$	7,774,676
Gross amount of recognized liabilities for securities lending transactions									$	7,774,676
Large Value
Securities Lending Transactions
Common Stocks	$	88,291,614	$	—	$	—	$	—	$	88,291,614
Total Borrowings	$	88,291,614	$	—	$	—	$	—	$	88,291,614
Gross amount of recognized liabilities for securities lending transactions									$	88,291,614
Large Core
Securities Lending Transactions
Common Stocks	$	32,938,081	$	—	$	—	$	—	$	32,938,081
Total Borrowings	$	32,938,081	$	—	$	—	$	—	$	32,938,081
Gross amount of recognized liabilities for securities lending transactions									$	32,938,081
Large Growth
Securities Lending Transactions
Common Stocks	$	93,409,717	$	—	$	—	$	—	$	93,409,717
Total Borrowings	$	93,409,717	$	—	$	—	$	—	$	93,409,717
Gross amount of recognized liabilities for securities lending transactions									$	93,409,717
Mid Value
Securities Lending Transactions
Common Stocks	$	143,733,430	$	—	$	—	$	—	$	143,733,430
Total Borrowings	$	143,733,430	$	—	$	—	$	—	$	143,733,430
Gross amount of recognized liabilities for securities lending transactions									$	143,733,430
Mid Growth
Securities Lending Transactions
Common Stocks	$	12,835,455	$	—	$	—	$	—	$	12,835,455
Total Borrowings	$	12,835,455	$	—	$	—	$	—	$	12,835,455
Gross amount of recognized liabilities for securities lending transactions									$	12,835,455
Small Value
Securities Lending Transactions
Common Stocks	$	14,799,186	$	—	$	—	$	—	$	14,799,186
Total Borrowings	$	14,799,186	$	—	$	—	$	—	$	14,799,186
Gross amount of recognized liabilities for securities lending transactions									$	14,799,186
Small Core
Securities Lending Transactions
Common Stocks	$	66,626,540	$	—	$	—	$	—	$	66,626,540
Total Borrowings	$	66,626,540	$	—	$	—	$	—	$	66,626,540
Gross amount of recognized liabilities for securities lending transactions									$	66,626,540

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Small Growth
Securities Lending Transactions
Common Stocks	$	19,128,528	$	—	$	—	$	—	$	19,128,528
Total Borrowings	$	19,128,528	$	—	$	—	$	—	$	19,128,528
Gross amount of recognized liabilities for securities lending transactions									$	19,128,528
International Equity
Securities Lending Transactions
Common Stocks	$	24,568,890	$	—	$	—	$	—	$	24,568,890
Total Borrowings	$	24,568,890	$	—	$	—	$	—	$	24,568,890
Gross amount of recognized liabilities for securities lending transactions									$	24,568,890

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

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

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

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

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

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

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

The Portfolios are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolios will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolios. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

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

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

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

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

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

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

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

As of December 31, 2015, transactions in written options are as follows:

	Call Options						Put Options
Inflation-Protected Securities	Amount of Premiums			Number of Contracts			Amount of Premiums			Number of Contracts
Balance at December 31, 2014	$	114,227			140		$	—			—
Options written		120,463			278			158,121			740
Options closed		(193,328	)		(312	)		(26,870	)		(69	)
Options expired		(41,362	)		(106	)		(74,802	)		(371	)
Options exercised		—			—			(56,449	)		(300	)
Balance at December 31, 2015	$	—			—		$	—			—

As of December 31, 2015, transactions in written foreign exchange options, inflation-capped options and swaptions are as follows:

	Call Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount
Balance at December 31, 2014	$	232,837		AUD	9,850,000		CHF	—		EUR	1,070,000		GBP	—		NZD	—		USD	8,900,000
Options written		1,656,672			7,520,000			6,375,625			37,555,000			7,355,000			8,440,000			86,405,000
Options closed		(482,038	)		—			—			(32,595,000	)		(1,820,000	)		—			(2,945,000	)
Options expired		(550,210	)		(17,370,000	)		(3,425,625	)		(2,485,000	)		(3,715,000	)		(4,335,000	)		(27,545,000	)
Options exercised		(132,306	)		—			—			—			—			—			(11,675,000	)
Balance at December 31, 2015	$	724,955		AUD	—		CHF	2,950,000		EUR	3,545,000		GBP	1,820,000		NZD	4,105,000		USD	53,140,000

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

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

	Put Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount
Balance at December 31, 2014	$	564,166		AUD	16,405,000		CAD	—		EUR	3,200,000		GBP	—		NZD	—		USD	22,760,000
Options written		2,248,554			49,430,000			28,900,000			27,010,000			2,910,000			8,440,000			58,405,000
Options closed		(829,938	)		(7,880,000	)		(7,225,000	)		(8,190,000	)		—			—			(35,085,000	)
Options expired		(1,213,870	)		(54,120,000	)		—			(13,860,000	)		(2,910,000	)		(8,440,000	)		(26,060,000	)
Options exercised		(87,554	)		(3,835,000	)		—			(2,485,000	)		—			—			—
Balance at December 31, 2015	$	681,358		AUD	—		CAD	21,675,000		EUR	5,675,000		GBP	—		NZD	—		USD	20,020,000

Open option contracts at December 31, 2015, if any, are included within the Schedule of Investments.

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

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

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

Open centrally cleared swap agreements at December 31, 2015, if any, are listed in the Schedule of Investments. Centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded, if applicable, and is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities.

Open OTC swap agreements at December 31, 2015, if any, are listed in the Schedule of Investments. The value, as applicable, is shown in OTC Swap agreements, at value within the Statements of Assets and Liabilities.

Futures contracts: The Portfolios are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract

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

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

Open futures contracts at December 31, 2015, if any, are listed in the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities.

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

Open forward foreign currency contracts at December 31, 2015, if any, are listed in the Schedule of Investments.

The following is a summary of the location and each Portfolio’s fair values of derivative investments disclosed, if any, in the Statements of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2015.

Asset Derivatives
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions (A) (B)	$	365,028		$	635,432		$	—	$	—	$	—	$	1,000,460
Centrally cleared swap agreements, at value (B) (C)		60,361			—			—		—		—		60,361
Net unrealized appreciation on futures contracts (B) (D)		250,745			—			—		—		—		250,745
Unrealized appreciation on forward foreign currency contracts		—			274,212			—		—		—		274,212
Total (E)	$	676,134		$	909,644		$	—	$	—	$	—	$	1,585,778
Balanced
Net unrealized appreciation on futures contracts (B) (D)	$	—		$	—		$	8,968	$	—	$	—	$	8,968
Total (E)	$	—		$	—		$	8,968	$	—	$	—	$	8,968
Liability Derivatives
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Written options and swaptions, at value (B)	$	(552,931	)	$	(349,003	)	$	—	$	—	$	—	$	(901,934	)
Centrally cleared swap agreements, at value (B) (C)		(446,173	)		—			—		—		—		(446,173	)
Net unrealized depreciation on futures contracts (B) (D)		(228,639	)		—			—		—		—		(228,639	)
Unrealized depreciation on forward foreign currency contracts		—			(621,128	)		—		—		—		(621,128	)
Total (E)	$	(1,227,743	)	$	(970,131	)	$	—	$	—	$	—	$	(2,197,874	)

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

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

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

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

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

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At December 31, 2015

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

The following is a summary of the location and the effect of derivative investments, if any, on the Statements of Operations, categorized by primary market risk exposure as of December 31, 2015.

Realized Gain (Loss) on Derivative Instruments
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions (A)	$	(989,387	)	$	(2,356,014	)	$	—	$	—	$	—	$	(3,345,401	)
Written options and swaptions		775,916			1,878,961			—		—		—		2,654,877
Swap agreements		(332,290	)		—			—		—		—		(332,290	)
Futures contracts		(774,188	)		—			—		—		—		(774,188	)
Forward foreign currency contracts (B)		—			1,767,195			—		—		—		1,767,195
Total	$	(1,319,949	)	$	1,290,142		$	—	$	—	$	—	$	(29,807	)
Balanced
Futures contracts	$	—		$	—		$	105,267	$	—	$	—	$	105,267
Total	$	—		$	—		$	105,267	$	—	$	—	$	105,267
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions (C)	$	(130,148	)	$	(209,329	)	$	—	$	—	$	—	$	(339,477	)
Written options and swaptions		322,350			160,628			—		—		—		482,978
Swap agreements		(49,386	)		—			—		—		—		(49,386	)
Futures contracts		944,770			—			—		—		—		944,770
Forward foreign currency contracts (D)		—			(964,010	)		—		—		—		(964,010	)
Total	$	1,087,586		$	(1,012,711	)	$	—	$	—	$	—	$	74,875
Balanced
Futures contracts	$	—		$	—		$	10,180	$	—	$	—	$	10,180
Total	$	—		$	—		$	10,180	$	—	$	—	$	10,180

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

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

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

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

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2015.

	Purchased Options and Swaptions at Value				Written Options and Swaptions at Value						Swap Agreements at Notional Amount		Futures Contracts at Notional Amount					Forward Foreign Currency Contracts at Contract Amount
Portfolio	Calls		Puts		Calls			Puts					Long		Short			Purchased		Sold		Cross Currency
Inflation- Protected Securities	$	308,310	$	906,192	$	(549,129	)	$	(721,686	)	$	16,224,227		42,330,769		(1,271,788,462	)		$  19,353,828	$	35,229,886	$	5,828,911
Balanced		—		—		—			—			—		438		—			—		—		—

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

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

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

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

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

The following is a summary of the Portfolios’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolios as of December 31, 2015. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities							Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)		Net Amount				Financial Instruments			Collateral Pledged (B)			Net Amount
	Assets									Liabilities
Inflation-Protected Securities
BNP Paribas	$	169,297	$	—		$	—	$	169,297	$	—	$	—		$	—		$	—
Bank of America, N.A.		3,889		—			—		3,889		—		—			—			—
Barclays Bank PLC		180,315		(68,946	)		—		111,369		68,946		(68,946	)		—			—
Canadian Imperial Bank of Commerce		19,253		—			—		19,253		—		—			—			—
Citibank, N.A.		13,056		(13,056	)		—		—		26,427		(13,056	)		—			13,371
Deutsche Bank AG		617,530		(617,530	)		—		—		766,602		(617,530	)		(149,072	)		—
Goldman Sachs Bank		87,224		(87,224	)		—		—		90,654		(87,224	)		—			3,430
HSBC Bank USA		134,668		(97,971	)		—		36,697		97,971		(97,971	)		—			—
JPMorgan Chase Bank, N.A.		22,234		(22,234	)		—		—		33,165		(22,234	)		—			10,931
Morgan Stanley Capital Services, Inc.		10,939		(10,939	)		—		—		25,438		(10,939	)		—			14,499
Royal Bank of Scotland PLC		—		—			—		—		6,256		—			—			6,256
Societe Generale		—		—			—		—		51,547		—			—			51,547
Standard Chartered Bank		—		—			—		—		97,848		—			—			97,848
State Street Bank & Trust Co.		7,868		(7,868	)		—		—		8,917		(7,868	)		—			1,049
UBS AG		8,399		(8,399	)		—		—		249,291		(8,399	)		—			240,892
Other Derivatives (C)		311,106		—			—		311,106		674,812		—			—			674,812
Total	$	1,585,778	$	(934,167	)	$	—	$	651,611	$	2,197,874	$	(934,167	)	$	(149,072	)	$	1,114,635

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

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

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

7. RISK FACTORS

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

Fixed income risk: The market prices of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of

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At December 31, 2015

7. RISK FACTORS (continued)

liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of investments may decline because of factors affecting a particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

High-yield debt risk: High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.

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

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

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

8. AFFILIATES AND AFFILIATED TRANSACTIONS

As of December 31, 2015, the affiliates and affiliated transactions of the Portfolios are as follows:

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

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

TFS is the Portfolios’ administrator and transfer agent. TAM and TFS are affiliates of Aegon NV.

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

As of December 31, 2015, the percentage of each Portfolio owned by an affiliated investment company or subsidiary is reflected below.

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8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)

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

TPFG	Investments in Portfolio
Money Market		62.37	%
High Quality Bond		31.09
Inflation-Protected Securities		45.02
Core Bond		29.88
High Yield Bond		15.68
Balanced		59.97
Large Value		29.84
Stock Index		4.58
Large Core		26.11
Large Growth		28.83
Mid Value		16.90
Mid Growth		50.12
Small Value		53.79
Small Core		26.84
Small Growth		60.09
International Equity		37.43

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

TPFG II	Investments in Portfolio
Money Market		25.89	%
High Quality Bond		16.32
Inflation-Protected Securities		28.51
Core Bond		29.08
High Yield Bond		40.74
Balanced		3.48
Large Value		12.03
Stock Index		9.83
Large Core		3.72
Large Growth		11.60
Mid Value		46.83
Mid Growth		15.86
Small Value		9.90
Small Core		5.50
Small Growth		15.26
International Equity		10.68

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		3.26	%
High Quality Bond		13.62
Inflation-Protected Securities		9.82
Core Bond		11.94
High Yield Bond		5.40
Balanced		34.95
Large Value		39.34
Large Core		54.20

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8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)

TFLIC Sub-accounts	Investments in Portfolio
Large Growth		43.46	%
Mid Value		7.71
Mid Growth		0.71
Small Value		0.75
Small Core		55.69
Small Growth		0.77
International Equity		27.98

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

CIT Sub-accounts	Investments in Portfolio
Money Market		8.45	%
High Quality Bond		30.43
Inflation-Protected Securities		11.97
Core Bond		24.33
High Yield Bond		19.30
Balanced		1.28
Large Value		14.05
Large Core		12.39
Large Growth		13.54
Mid Value		5.36
Mid Growth		17.33
Small Value		28.12
Small Core		10.41
Small Growth		16.51
International Equity		17.90

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		0.03	%
High Quality Bond		8.54
Inflation-Protected Securities		4.67
Core Bond		4.76
High Yield Bond		18.88
Large Value		4.57
Large Core		3.58
Large Growth		2.49
Mid Value		23.20
Mid Growth		15.98
Small Value		7.44
Small Core		1.56
Small Growth		7.37
International Equity		6.01

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, each Portfolio pays management fees to TAM accrued daily and payable monthly, at an annual rate equal to the percentages specified in the table below corresponding to the Portfolios’ daily Average Net Assets (“ANA”).

Transamerica Partners Portfolios Annual Report 2015

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)

Portfolio	Rate
Money Market		0.2500	%
High Quality Bond		0.3500
Inflation-Protected Securities		0.3500
Core Bond
First $2 billion		0.3500
Over $2 billion		0.3350
High Yield Bond
First $1.25 billion		0.5500
Over $1.25 billion up to $2 billion		0.5250
Over $2 billion		0.5000
Balanced		0.4500
Large Value		0.4500
Large Core		0.6000
Large Growth
First $2 billion		0.6200
Over $2 billion up to $3 billion		0.6100
Over $3 billion up to $4 billion		0.6000
Over $4 billion		0.5800
Mid Value
First $750 million		0.6700
Over $750 million up to $1.5 billion		0.6650
Over $1.5 billion up to $2 billion		0.6550
Over $2 billion		0.6475
Mid Growth		0.7200
Small Value
Effective September 28, 2015
First $250 Million		0.8200
Over $250 million up to $500 million		0.7800
Over $500 million up to $750 million		0.7500
Over $750 million		0.7250
Prior to September 28, 2015		0.8200
Small Core
First $300 million		0.8000
Over $300 million		0.7700
Small Growth
First $300 million		0.8400
Over $300 million		0.8000
International Equity
First $500 million		0.7400
Over $500 million up to $1 billion		0.7200
Over $1 billion up to $2 billion		0.6900
Over $2 billion		0.6600

TAM has contractually agreed to waive and/or reimburse Portfolio expenses to the extent that the total operating expenses of the Portfolio exceed the following stated annual limit percentages to the Portfolio’s daily ANA.

Portfolio	Operating Expense Limit			Operating Expense Limit Effective Through
Money Market		0.30	%	May 1, 2017
High Quality Bond		0.40		May 1, 2017
Inflation-Protected Securities		0.40		May 1, 2017

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)

Portfolio	Operating Expense Limit			Operating Expense Limit Effective Through
Core Bond		0.40	%	May 1, 2017
High Yield Bond		0.60		May 1, 2017
Balanced		0.50		May 1, 2017
Large Value		0.50		May 1, 2017
Large Core		0.65		May 1, 2017
Large Growth		0.65		May 1, 2017
Mid Value		0.70		May 1, 2017
Mid Growth		0.75		May 1, 2017
Small Value		0.85		May 1, 2017
Small Core		0.85		May 1, 2017
Small Growth		0.90		May 1, 2017
International Equity		0.90		May 1, 2017

The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations. Fee waivers and/or reimbursements are not subject to recapture by TAM in future years.

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

Administration and transfer agent fees: TFS receives no separate compensation for providing administration and transfer agent services.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Separate Account to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended December 31, 2015, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Portfolios incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the year ended December 31, 2015.

9. PURCHASES AND SALES OF SECURITIES

For the year ended December 31, 2015, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Portfolio	Long-Term		U.S. Government		Long-Term		U.S. Government
High Quality Bond	$	138,831,478	$	114,260,058	$	126,814,161	$	137,484,827
Inflation-Protected Securities		9,936,311		143,460,727		13,203,703		142,714,749
Core Bond		294,023,311		238,930,901		266,769,969		295,279,471
High Yield Bond		360,839,708		—		381,571,460		—
Balanced		68,665,000		13,534,536		58,455,371		15,250,023
Large Value		572,607,667		—		645,136,504		—
Large Core		216,529,313		—		233,518,891		—
Large Growth		311,128,516		—		396,334,983		—
Mid Value		308,095,580		—		349,739,230		—
Mid Growth		85,271,823		—		102,352,904		—
Small Value		98,327,619		—		97,288,122		—
Small Core		356,008,347		—		400,527,254		—
Small Growth		35,746,135		—		37,640,318		—
International Equity		100,873,093		—		154,494,558		—

Transamerica Partners Portfolios Annual Report 2015

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2015

10. FEDERAL INCOME TAXES

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

11. NEW ACCOUNTING PRONOUNCEMENT

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

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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, 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, 2015, 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 five 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.

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, 2015, 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, 2015, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

February 25, 2016

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Management of the Trust

Board Members and Officers

(unaudited)

The Board Members and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of each 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 each Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Portfolio 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 Portfolio and the operation of each Portfolio by its officers. The Board also reviews the management of each Portfolio’s assets by the investment adviser and its respective sub-adviser.

The Portfolios are among the portfolios advised and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds, Transamerica Series Trust (“TST”), 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 176 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members of each Trust and each Portfolio Trust, their year of birth, their positions with the Trusts, 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 the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of either of the Trusts or Transamerica Partners Portfolios.

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
Marijn P. Smit (1973)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II, TAAVF and TIS (2014 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – present); Vice President, Transamerica Premier Life Insurance Company (2010 – present); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – present);	176	Director, Massachusetts Fidelity Trust Company (since 2014)

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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 MEMBERS — continued
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – present); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – present)
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); Board Member, TIS (2012 – 2015); 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).	176	First Allied Holdings Inc. (2013 – 2014)
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	176	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 (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010);	176	Ameris Bancorp (2013 – present); Ameris Bank (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)			Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); 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, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	176	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 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	176	N/A
Eugene M. Mannella (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present); Self-employed consultant (2006 – present);	176	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 (continued)			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 and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).
Patricia L. Sawyer (1950)	Board Member	Since 1993	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	176	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (1952)	Board Member	Since 2007	Attorney, Englander Fischer (2008 – present); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); 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);	176	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – 2013); Remember Honor Support, Inc. (non-profit organization) (2013-present) Board Member, WRH Income

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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 (continued)			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).		Properties, Inc. (real estate) (2014 – present)

* 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.

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Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. 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
Marijn P. Smit (1973)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Table Above.
Tané T. Tyler (1965)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005 – 2013).
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 and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015); Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), 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), and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Thomas R. Wald (1960)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present);

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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
Thomas R. Wald (continued)			Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (1970)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, OppenheimerFunds (2007 – 2010)
Matthew H. Huckman, Sr. (1968)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TIS (2014 – 2015); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007 – 2012).
Scott M. Lenhart (1961)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Compliance Officer and Anti-Money Laundering Officer, TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008 – 2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999 – 2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989 – 1998).

* Elected and serves at the pleasure of the Board of the Trust.

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TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

c/o Transamerica Retirement Solutions

440 Mamaroneck Avenue

Harrison, NY 10528

Item 2: Code of Ethics.

(a) The 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) The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The 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.

The 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.

		Fiscal Year Ended 12/31 (in thousands)
		2015		2014
(a)	Audit Fees	$	14	$	14
(b)	Audit Related Fees(1)	$	0	$	0
(c)	Tax Fees(2)	$	0	$	0
(d)	All Other Fees(3)	$	0	$	0

⁽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 funds comprising 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 review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the Registrant.

⁽³⁾ All Other Fees represent permissible non-audit services for the Registrant that it believes are routine and recurring services, and would not impair the independence of the accountant.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. Generally, the Registrant’s Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant’s independent accountant for the Registrant’s investment adviser, and certain of the adviser’s affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant’s treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions’ rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2014 and 2015 was zero.

(f) Not Applicable.

(g) Not Applicable.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant’s independence.

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, Patricia L. Sawyer and John W. Waechter.

Item 6: Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11: Controls and Procedures.

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

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

Item 12: Exhibits.

(a)(1) The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

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

(a)(3) Not applicable.

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

SIGNATURES

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

Transamerica Asset Allocation Variable Funds
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	March 4, 2016

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

By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	March 4, 2016
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
	(Principal Financial Officer)
Date:	March 4, 2016

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(1)	Code of Ethics for Principal Executive and Principal 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